Pakistan economic snapshot 03-07 IMF data

Society Pakistan & World Affairs
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Foreign investment is flooding to Pakistan from all over the world, in amounts never seen before in our history.

http://asia.news.yahoo.com/070108/3/2vf2b.html

StanChart plans to double Pakistan network

Asia-focused bank Standard Chartered plans to more than double its network in Pakistan in five years to capture a sizable chunk of the country’s huge, untapped consumer market, a senior official said on Monday. **Last year, Standard Chartered Bank (Pakistan) Ltd, a subsidiary of Standard Chartered Plc. , acquired a 95.37 percent stake in Union Bank for $487 million, making it the fifth largest bank in the country. “We plan to have 250-plus branches in the next three to five years, meaning our network will more than double,” Mike DeNoma, Group Executive Director of Standard Chartered Plc told a news conference in Karachi. “We currently have a 6.5 percent share of the market in Pakistan, and we want to take that to 10-15 percent in the next five to six years.” **

The bank currently has a network of 115 branches in Pakistan’s 22 cities.
DeNoma said Pakistan had a huge untapped consumer market, and with the country’s economy growing steadily, there were was much to capture. “The product-innovation and service-innovation market is under-served, and we are committed to lead these areas,” he said. “We believe in Pakistan. We have been here for 143 years, and we expect to stay at least another 143 years.”
Major banking reforms pushed through by Shaukat Aziz, the finance minister President Pervez Musharraf poached from Citibank and then promoted to prime minister, have helped the economy’s rehabilitation. Banks’ profits grew 87 percent in 2005 and are expected to grow at about 44 percent this year, according to analysts.

Singapore state investor Temasek Holdings is set to take a controlling stake in Pakistan Industrial Credit Investment Corp. (PICIC) in a deal valued at around $300 million. Foreign banks, including Barclays Plc. , ABN AMRO and HSBC , are also eyeing investment opportunities in Pakistan, attracted by economic reforms that have laid the platform for rapid growth and rising incomes.

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yes yes yes yes

..lota, tinpot, Tranparency international, inflation..arghhhhhhhhhh
u pl sitting millions of miles from pakistan,
army brats, u dont know common man on gali ka kona, nd def not the common woman on gali ka kona,
.. islaaaam zindabaad, jamhuriaaat..mush-bush, isi, gwadar, baloch, Fata...ata daaal...petrol..hyper ventilating

tum log naheen samjho gaye!!!!

which celebrity are your friends?
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Re: Pakistan economic snapshot 03-07 IMF data

^:hehe:

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Emploment and literacy have apparently improved somewhat over the last year…

Survey finds decline in unemployment
http://www.dawn.com/2007/01/09/top10.htm

By Ihtasham ul Haque

ISLAMABAD, Jan 8: The rate of unemployment in Pakistan has gone down in the past two years. It was 7.7 per cent in 2003-04 but declined to 6.2 per cent in 2005-6. An official survey also claims that the strength of the country’s labour force increased from 45.5 million to 50.05 million during the period under review. The male employment rate receded a bit while the female employment rate recorded an increase of 2 per cent.

However, the employability of secondary and tertiary activities is generally on the rise, says the Labour Force Survey (LFS) 2005-06, a copy of which has been obtained by Dawn.

The survey also revealed that the literacy rate improved from 52 per cent in 2003-04 to 53 per cent in 2005-06.

The new labour force survey has been conducted by the Federal Bureau of Statistics with the help of International Labour Organisation (ILO).

Study on employment by major industries reveals that the share of agriculture and allied activities (43.4 per cent) in 2005-06 was slightly higher than that in 2003-04 (43.2 per cent).

The size of the informal sector accounts for 73 per cent of employment in main jobs outside agriculture. This is particularly true for rural areas than urban areas. Male workers are more numerous relatively.

The profiles of comparative survey are analogous which alludes to structural rigidities. Informal sector’s employment ascends from 70 per cent in 2003-04 to 73 per cent in 2005-06.

However, the survey showed that the generally masculine activity of transport and commutation is getting a bit riskier while community, social and personal services display improvement in the comparative periods solely for men and women on the flip side.The number of hours worked in the week finds more than 80 per cent of employed persons working beyond the watershed “35 hours a week”. Of these 30 per cent are reported to have worked “56 hours or more a week” in 2005-06 as compared to 31 per cent in 2003-04.

The employment status is denominated as employees, own-account workers, unpaid family workers and employers. The foremost category recedes from 38 per cent in 2003-04 to 37 per cent in 2005-06 due to women (31 per cent versus 26 per cent) exclusively.

Employment by major industry divisions apportions the largest slice (35 per cent) to wholesale and retail trade followed by manufacturing (21 per cent), community, social and personal services (18 per cent), construction (14 per cent) and transport (11 per cent). The other categories account for less than two per cent.

The comparative labour force survey indicates a mixed trend though ascents are more numerous than falls. Manufacturing and construction sectors register a relatively male-intense rise whereas that of wholesale and retail trade is female-driven. Services pare down more for females than males while transport remains nigh unchanged.

Estimates of the survey are based on the data of 32,744 sample households enumerated on quarterly basis through July 2005 to June 2006. Findings are presented in the form of proportions and percentages to provide for all purpose employability. The population of Pakistan as on January I, 2006 estimated at 155.37 million by extrapolating the population census 1998 with average growth rate of 1.90 per cent per annum.

The comparative labour force surveys present a mixed picture of marginal ascents and falls, though ascents are more numerous than falls. Of the ascending categories, legislators, senior officials and managers, service workers and shop and market sale workers and plant and machine operators and assemblers scale up for both genders whereas technicians and associate professors register male-driven increase.

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yeah the regime has killed so many unemployed youth in wana that the unemployment and illiteracy rate has dropped.

plus we all know ILO loves dictators

;)

Pakistan v Australia 1st Test Melbourne , Dec 26-30
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:omg:

and its gonna be in my journal now :smiley:

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Funny…:slight_smile:

Sex as a weapon
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I read that the literacy rate for 15-24's is 70 odd percent, is that true?

Just for that segment of the populace mind you.

is Cafe mey kuch khaaney ko kyun nahin milta*naraz*
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:rotfl: You ARMY brat! :stuck_out_tongue:

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24.95% rise takes place in workers’ remittances

The country received an amount of $2.568 billion as workers’ remittances in the first half of the current fiscal year, up by 24.95 percent or $512.82 million compared with the same period of last year. The country received an amount of $2.055 billion in the first half of 2005-06, data released by the State Bank of Pakistan (SBP) said here on Tuesday. In December 2006, Pakistani workers remitted an amount of $475.21 million as against $371.24 million in December 2005, depicting an increase of $103.97 million, or 28.01 percent. “The country would easily accomplish its target of $4 billion set by the government,” an analyst said. The amount of $2.568.02 million includes $1.34 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs).

The inflow of remittances during July-December 2006 from the USA, Saudi Arabia, the UAE, GCC countries (including Bahrain, Kuwait, Qatar and Oman), the UK and EU countries amounted to $659.27 million, $483.32 million, $397.03 million, $358.58 million, $218.67 million and $74.89 million, respectively, as compared with $586.04 million, $335.24 million, $301.79 million, $276.79 million, $201.68 million and $57.47 million. Remittances received from Canada, Australia, Norway, Switzerland, Japan and other countries during the first half amounted to $374.92 million as compared with $286.20 million in the corresponding period of the last fiscal year, the SBP said. The monthly average remittances for the period July-December, 2006 come out to $428.00 million as compared with $342.53 million during the same period of the last fiscal year, registering an increase of about 25 percent. The inflow of remittances into Pakistan from all countries of the world increased last month as compared with December 2005. The break-up shows Pakistan received workers’ remittances in December 2006 from the USA ($125.81 million), Saudi Arabia ($84.33 million), the UAE ($78.91 million), GCC countries - including Bahrain, Kuwait, Qatar and Oman ($67.11 million), the UK ($38.57 million) and EU countries ($12.32 million) as compared with the corresponding receipts from the respective countries during December 2005, ie, $104.50 million, $54.35 million, $58.53 million, $48.54 million, $28.90 million and $9.71 million. Remittances received from Canada, Switzerland, Australia, Norway, Japan and other countries in December 2006 amounted to $67.99 million as compared with $64.57 million in December 2005, the SBP said

http://www.dailytimes.com.pk/default.asp?page=2007\01\17\story_17-1-2007_pg5_1

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Yes yes we know we know its all because of 911…LOL…

http://www.atimes.com/atimes/South_Asia/IA17Df03.html

A five-year economic and trade cooperation framework aimed at increasing Chinese investment in Pakistani centers such as Karachi, Lahore, Islamabad and the future port city of Gwadar is making the acquisition and development of land in the South Asian country a very desirable proposition.

http://www.atimes.com/atimes/South_Asia/IA05Df03.html

ISLAMABAD - The Pakistani government has finalized an incentives package for the Chinese Special Economic Zone - with exemption of customs duty (on import of machinery equipment), income tax and sales tax expected to attract foreign investment and achieve balance in the country’s US$15 billion bilateral trade with China by 2011.

Sources told The Business Recorder on Wednesday that three different tax-incentive proposals have been finalized for the Chinese Special Economic Zone.

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Good post..And something that confirms what I've said all along. Trickle down works, and the less the Pakistani government interfere with the process the sooner Pakistan will be dragged into the developed world.

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$139 million agreement signed with another China company.

China Co Signs Deal To Build Pakistan Gas-Fired Pwr Plant

State-owned China National Chemical Engineering Group said Friday it signed a $139 million contract to build a gas-fired power facility in Pakistan as it actively seeks overseas engineering projects to boost its profits. The facility will have a capacity of 230 megawatts and construction will be completed in 25 months, the company said in a statement on its Web site, without disclosing its location or where the gas would be sourced from. The contract was signed Jan. 14. The plant will provide electricity to Pakistan’s national grid, it added. The company said its profits in 2006 were estimated at CNY340 million ($43.7 million), up 57% on year, while revenue was estimated at CNY15.3 billion, up 14% . Pakistan is suffering a shortage of electricity due to insufficient generation capacity.

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20070119\ACQDJON200701190317DOWJONESDJONLINE000391.htm&selected=9999&selecteddisplaysymbol=9999&StoryTargetFrame=_top&mkt=WORLD&chk=unchecked&lang=&link=&headlinereturnpage=http://www.international.na

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More good news..

http://money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-13712097.htm

Philip Morris buys Pakistan firm stake
January 19, 2007: 08:17 AM EST

NEW YORK, Jan. 19, 2007 (AFX International Focus) – Cigarette maker Philip Morris (NYSE:MO) International said Friday it will boost its stake in Pakistani cigarette maker Lakson Tobacco Co. by 50.21 percent for $10.96 per share, or about $338.9 million.

Philip Morris already has a 40 percent stake in the company and the deal will bring its stake to about 90 percent.

Philip Morris will make a tender offer to shareholders for all remaining shares at the same price. Lakson Tobacco in total is valued at about $674.9 million.

Philip Morris will pay cash for shares tendered and expects to complete the deal within three months.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Evil
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tobbaco is never good news....

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:k: :k:

Foreign investment surges to $2.5 billion - first 6 months of year

Inflow of total foreign investment in Pakistan has increased to$2.5 billion during first six months of the current fiscal year as compared to the last year corresponding period. During July-Dec 06, the total direct investment inflow stood at $1.869 billion against the $1.121 billion in the same period of last fiscal, which showed an increase of $748.3 million. The inflow of portfolio investment during July-Dec of current fiscal year registered at $627.1 as compared to last corresponding period recorded to US$359.3 million, which depicted an impressive growth of $267.8 million. The total investment poured during July-Dec of current fiscal year stood at $2.50 billion as compared to $1.48 billion in corresponding period of fiscal year 06. The contribution of developed countries in the investment during first six month of current fiscal amounted to $1.719 billion against $923.2 million during first six months of last fiscal showing increase of $795.9 million. Similarly, the inflow from Western Europe during July-Dec of current fiscal recorded at $880.4 million against $416.6 million during same period of last fiscal, showing $464.4 million increase this year.

Investment from the European Union countries was to the tune of $762.7 million in the first six months of year 06-07 against $221.2 million in same period of last fiscal, indicating an increase of $541.7 million. The UK made investment to the tune of $683.6 million during July-Dec of 06-07 as compared to $110.7 million during first six month of the last fiscal that showed an increase of $772.9 million. The inflow of investment from North America during July-Dec of current fiscal registered at $770.7 million against $470.1 million as compared to same period of last fiscal showing increase of $300.6million. The USA investment of $769.0 million came to Pakistan during first six months of current fiscal against $467.2 million registered an increase of 301.8 million dollar. The developing economies contributed $569.9 million during July-Dec of current fiscal compared to $488.4 million investment during same period of last fiscal increasing $81.5 million. Investment inflow from Asia recorded to $498.0 million in July-Dec 06-07 against $436.2 million in same period of last fiscal increasing to only $61.8 million. Officials said that the launching of the GDRs of the OGDCL played a key role in attracting more portfolio investment in six months of this financial year.

They said that the federal government had estimated the inflow of $4.5 billion to $5.0 billion in fiscal year, 2007 that seems achievable keeping in view the current trend of the inflow of foreign investment.

http://www.nation.com.pk/daily/jan-2007/23/bnews2.php

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http://thenews.jang.com.pk/daily_detail.asp?id=40097

Pak-UAE trade to reach $5bn

ISLAMABAD: Trade between Pakistan and the UAE is set for a major growth and to reach $5.1 billion by the end of June, a 20 per cent increase over $4.1 billion in 2005-06. Pakistan embassy commercial attache Bilal Khan Pasha is quoted to have said in a report in the Gulf News. The first six months of this financial year have yielded a strong performance. Exports to the UAE have risen to $700 million compared with $1.3 billion for full-year 2005-06, a private TV News channel reported. During the last fiscal year the UAE’s exports were $2.8billion and imports from Pakistan were $1.3 billion. Pakistan’s exports to the UAE were petroleum products worth $400 million, rice $250 million, textiles $200 million, engineering $60 million, leather $120 million and others. The growth trends in two-way trade are very encouraging and both governments are determined to work closely with the private sectors to enhance co-operation in trade, commerce, investments and other sectors.

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Injaz Mena $250m Pakistan deal

Abu Dhabi-based Injaz Mena Investment Company and UK-based Global Haly Investment have agreed to develop a $250m shopping mall and office complex in Karachi, Emirates Today reported. Injaz expects a return of more than 35% on the investment. It will handle the development through offshore subsidiary Injaz Pakistan Development Company.

http://www.ameinfo.com/109986.html

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Insha-Allah if all goes well as per IMF predictions we should pass the nominal GDP/capita barrier of $1000 in 2008/9.

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Merrill Lynch estimates that Pakistan’s economy is likely to grow by 7-7.5 per cent in 2006-07 - backed by robust domestic consumption.

http://www.dawn.com/2007/02/11/ebr12.htm