Infant food imports slump by 7.27pc


ISLAMABAD (APP): The food imports for infants witnessed decline of 7.27 percent during the fiscal year 2016-17 when compared to the last year. The imports of the milk, cream and milk food for infants was recorded at $258.533 million during July-June (2016-17) compared to the imports of $278.797 million during July-June (2015-16), according to official data. Overall food imports into the country during the last fiscal year witnessed increase of 13.92 percent by growing from $5388.608 million to $6138.857 million, according to the data. Meanwhile, on year-on-year basis, the infant food imports during June 2017 witnessed decrease of 24.15 percent when compared to June 2016. The imports of the milk, cream and milk food for infants were recorded at $25.733 million in June 2017 compared to the imports of $33.925 million in June 2016, according to the figures of Pakistan Bureau of Statistics (PBS). On month-on-month basis, the infant food imports increased by 2.33 percent in June 2017 when compared to the imports of $25.148 million in May 2017, the data revealed.

 It is pertinent to mention here that total imports into Pakistan during June, 2017 amounted $ 4,534 million as compared to $ 5,092 million in May, 2017 showing a decrease of 10.96% but increased by 2.16% as compared to $ 4,438 million in June, 2016. Imports during July-June (2016 - 2017) totalled $ 53,026 million as against $44,685 million during the corresponding period of last year showing an increase of 18.67%.



PIAF welcomes new commerce minister


LAHORE (Staff Reporter): Pakistan Industrial & Traders Associations Front (PIAF) Chairman Irfan Iqbal Sheikh has welcomed Pervez Malik on his assuming charge as the commerce and textile minister, hoping that he will concentrate on the improvement of economy and take serious measures in this regard in consultation with the real stakeholders. In a joint statement along with senior vice chairman Tanveer Ahmed Sufi and vice chairman Khawaja Shahzeb Akram, he said that the commerce minister will make every effort to accomplish economic revitalization and an escape from deflation. He hoped that under a new minister a series of major measures will be adopted in an effort to further revitalize the slowing economy. He said that PIAF appreciates the decision of Prime Minister to appoint such experienced person on this important post to promote exports and earn the much needed foreign exchange. He expressed the optimism that Pervaiz Malik would work for promotion of export with consultation of trade and industry.

Irfan Iqbal Sheikh said the economy of every country is always based on its exports but unfortunately Pakistan’s exports are declining constantly which is not a good omen. He said that a stable government in would steer the country away from economic crisis and defuse tension in the region, paving the way for progress and prosperity. He urged leaders of all political parties to help strengthen the democratic system in the national interest, as political stability was a key factor for economic development. He also stressed the government to proactively deal with the ongoing crises to avert industrial closures and resultant economic downturn.


DV Global Link appoints regional advisor


LAHORE (Staff Reporter): DV Global Link, an Italian exhibition group holding jewellery exhibitions across Europe and UAE, has appointed the Gold & Gems Art Promotion Council of Pakistan (GGAPCP), as its regional advisor in Pakistan. Luca Veronesi, Show Director, VOD Dubai International Jewellery Show, announced appointment of GGAPCP as Regional Advisor at a roadshow arranged by the Council to create awareness among the jewellers’ community about its activities. Over 100 jewellers from different markets attended the briefing by Luca Veronesi, who said that premium and hosted buyers programme aims to create the best business environment for a very profitable business between buyers and exhibitors. He said that the Dubai show, going to be held from November 15 to 18, 2017, will be hosting 500 plus brands from over 25 countries. Dubai imports 350 tonnes of jewellery per year and 80 to 90 percent is re-exported. “We invite you to this prestigious show through our regional advisor GGAPCP to participate, visit, exhibit or buy and sell to maximize your profits,” LUCA concluded.





Meezan Bank’s Shariah Board holds meeting


LAHORE (Staff Reporter): The Shariah Supervisory Board of Meezan Bank met the Bank’s Board of Directors recently for a detailed meeting as well as a Shariah training session of the Bank’s Board of Directors at Jamia Dar-ul-Uloom, Korangi, Karachi. The meeting was attended by Justice (r) Muhammad Taqi Usmani - Chairman of the Bank’s Shariah Supervisory Board and Sheikh Esam Mohamed Ishaq, member Shariah Supervisory Board. Riyadh S.A.A. Edrees, Chairman Meezan Bank, and Faisal A.A.A. Al-Nassar, Vice Chairman Meezan Bank, were also present at the meeting along with the Bank’s President & CEO Irfan Siddiqui and Deputy CEO Ariful Islam. During the Shariah training session, Sheikh Esam Mohamed Ishaq spoke to the Board about the philosophy behind various aspects of Islamic finance. He also updated the Board members about the growth and developments in this field as well as the issues being faced by Islamic banking in today’s world. The training program was followed by an interactive Q&A session.