DAILY BUSINESS NEWS UPDATE: 23.09.2011

IMF sees Pakistan’s FY11 GDP at 3.8pc

KARACHI: Pakistan’s GDP growth rate will hover around 3.8 and inflation about 12 percent, Geo News reported.

International Monetary Funds’s recently released (IMF) Annual Report 2011 says Pakistan’s economy is likely to grow at 3.8 percent.

Report adds that country may chase a growth target of 4.2 percent, which is 0.4 percent short of the target fixed.

Moreover, Pakistan’s Current Account Balance is seen going down by 1.7 percent.

UAE to hold trade expo in Pakistan

KARACHI, Sept 22: The United Arab Emirates (UAE) is holding first ever single-country exhibition here with the hope to double $9 billion bilateral trade in shortest possible time.
UAE Consul General Suhail Bin Matar Al-Ketbi addressing a news briefing here on Thursday said that the UAE Expo 2011 would be held from Nov 30 to Dec 2 at Expo Centre and a large number of companies and investors from seven emirates
known as ‘Magnificent 7’ would participate.
The envoy said that the UAE was second largest investor in Pakistan with $21 billion investment in key sectors like energy, telecommunication, real estate, aviation and banking.
However, he said a lot of potential existed which would be explored and tapped by both the sides and hoped the bilateral trade at $9 billion between both the two countries could be doubled in a short period.Mr Suhail said that the UAE ministry of
foreign trade was working closely with the Board of Investment (BoI) and trade bodies for arranging meetings with investors and traders of both the sides on the sideline of the exhibition.
Responding to a question, he said that already around 60 per cent exhibition space had been booked and more UAE companies were coming up to participate in the expo. He further said that trade and investment agreements were expected during investment conference being held on second day of the exhibition.
Mohammad Intesar Uddin, commercial adviser UAE embassy, said that there was huge potential in agriculture sector particularly in Sindh and Punjab and UAE entrepreneurs can bring in new technology to conserve water as well as increase per acre yield. The commercial advisor further said that the UAE was the hub of food processing and could support Pakistan to expand its trade. He said that already UAE airlines were involved in export trade of Pakistani and were airlifting huge
quantity of Pakistani goods to other markets.

BRIEF NEWS:

·      US must stop accusing Pakistan: Hina

·      Oil rebounds on bargain hunting

·      Pak exportingterror in Afghanistan

·      Blast targets FC vehicle in Quetta

·      Now US should ‘do more’: Firdous

·      Sri Lankan dengue experts visit LGH

·      Worker rally to protest inflation

·      Protesters, police clash in Chile

·      PUC to stageprotest against US bullying

·      I had a good experience withPCB team :Waqar

·      Add Haqqani to terror list:US Senator

·      Kabul lockdown for Rabbani state funeral

·      US team visits Cotton Research Institute

·      IMF sees Pakistan’s FY11 GDP at 3.8pc

Mohammed Saleem Mansoori