Migration of textile industry to Bangladesh
Minister for Textile Makhdoom Shahabuddin and top textile managers of the country believe that the prime reason behind migration of textile industry from Pakistan to Bangladesh is Preferential Trade Agreements (PTAs) signed with European Union (EU), United States and Bangladesh.
KESC, Textile City sign 50MW power supply agreement
Pakistan Textile City and Karachi Electric Supply Corporation (KESC) signed an agreement for 50 megawatts (MW) uninterrupted power supply. Pakistan Textile City would provide state of the art industrial infrastructure and environment protection compatible with the leading industrial zones in the world which in turn would provide support in helping the domestic textile industry to compete internationally.
SBP Credit Guarantee Scheme
The State Bank of Pakistan (SBP) has helped small enterprises and farmers to access Rs2.83 billion in bank financing over the last 18 months under the Credit Guarantee Scheme, the central bank reported on Wednesday. more... (TN)
Pak begins work on IP gas project
Iranian and Pakistani oil ministers inaugurated construction of the 781 km of Iran-Pakistan (IP) gas pipeline in Pakistan's soil on Wednesday.An Iranian-Pakistani joint contractor has been commissioned to begin construction of the IP gas pipeline. more... (TFD)
Budgetary support: ADB assistance hinges on broader reforms
The Asian Development Bank, while unveiling a two-year $2.5 billion lending programme for around two dozen development projects, has indicated that a resumption of budgetary support for Pakistan will hinge on the country’s agreement with the International Monetary Fund on undertaking broader economic reforms. more... (ET)
Iran refuses to slash gas export price
Iran has firmly stuck to its stance and refused to bring down the price for gas export to Pakistan to match the price agreed for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, officials say.Pakistan and Iran have already set the price at 78% of crude oil rate for 750 million cubic feet of gas per day. more... (ET)