Pakistani economy on way to revival: Ishrat

[Naveed Yaseen]

KARACHI: Former Governor State Bank of Pakistan and Dean and Director Institute of Business Administration, Dr Ishrat Hussain has said that Pakistan is now on moving towards economic revival as recent indicators have shown easing of the crisis that the country was facing.

Pakistan France Business Alliance, the representative forum of Pakistani and French companies, organised the 5th Pakistan-France Trade Performance Awards 2006-07 to recognise and honour leading Pakistani manufacturers and exporters and importers from France here on Friday night.

Hussain said that the economic crisis in Pakistan was not due to the global recession instead it was the steep rise in inflation that had crippled the nation.

He further voiced that rising oil prices had fuelled the inflation in the country. A single barrel had risen from $50 to $150 threatening the country with hyperinflation.

The dean stated that the financial situation of Pakistan was far worst than 70s and 80s and the IMF aid was essential to control the dwindling economy. He further held that even on the international front, the global economy’s GDP this year was the worst in recent history.

Hussain in the presence of the Ambassador of France to Pakistan Daniel Jouanneau, gave away the trophies to the following: In the bedware export category, the 1st prize went to Mohammad Farooq Textile Mills for the 5th consecutive time and 2nd prize to Gul Ahmed Textile Mills. In fabric export 1st prize went to Naveena Industries and 2nd prize was given to Daiko Enterprises, Sialkot.

In garment export category 1st prize was given to Penna Overseas Corporation Sialkot and 2nd prize was awarded to Naveena Industries. In textile buying agents category Gia Export Marketing Services was awarded the 1st prize.

In surgical instruments 1st prize was given to Durrani and Company Sialkot and 2nd prize was warded to Elmed Instruments Sialkot. In leather garments category 1st prize was given to Mahr Garments Sialkot and 2nd prize was given to Nova Leathers.

In the imports category, a number of awards were given to two top winners. In the information technology sector, the 1st prize was awarded to Infotel. In Oil & Gas category 1st prize was given to Total Lubricants Pakistan and 2nd prize was given to Mas Associates, Lahore. In engineering category 1st prize was given to Greaves International and 2nd prize was given to Areva T&D Pakistan.

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