Month: June 2023

Pakistan must reduce its trade costs by enhancing productivity which would enable it to grow sustainably, according to World Bank (WB) Senior Economist, Gonzalo Varela.

On Pakistan’s state of trade, he said the country has a decent number of exporters but they’re small. He observed that the cash-strapped economy has limited integration in Global Value Chains (GVCs), and the cost of doing trade is high.

Underlining Pakistan’s profile compared to other economies in the region, he said the country fares well in terms of share of exporting firms, which stands at 14 percent. “Share of exports of these firms is at 5% comparable w/ region and world,” he pointed out.

Further addressing the matter at hand, Varela also highlighted that the main challenge faced by Pakistan is its exporting firms are small, resulting in small exports. “Average exporter ships 1.4M compared to BGD’s 3.8M!” he added.

Another challenge is Pakistani firms’ limited integration in GVCs, visible in the limited share of imported inputs used in production. Less than one in five firms use imported inputs, compared to one in three in South Asia (SAR), and more than one in two in the world.

Varela said the limited use of imported goods is a problem because they “help with technology transfers and boost productivity and growth”.

He pointed out that when the costs of importing inputs increase by 1 percent, then factors such as Total Factor Productivity (TFP), labor productivity, sales, and wages fall.

“Part of the limited integration of Pakistan in GVCs is a story of trade costs. One element of these – delays in customs are reported by firms as a challenge,” the researcher added.

In his final remarks, Varela emphasized that trade continues to be an important agenda for Pakistan to grow sustainably through productivity increases. Reducing trade costs is the way forward, he concluded.

Source: Pro Pakistani

The Etihad Group recently organized an extraordinary Property Sales Event for its prestigious real estate project, Etihad Garden.

This highly anticipated event took place on Sunday (June 11) at the prestigious Royal Desert Palm Hotel in Rahim Yar Khan.

The event was a great success, and the efforts of the organizers were commended by Etihad Group’s Managing Director Chaudry Munir, Group Directors Raheel Munir, Suhail Munir and Faisal Munir, Etihad Group’s Chief Executive Officer Chaudry Muhammad Shakeel, Etihad Group’s Chief Operating Officer Sheikh ShujaUllah Khan, and Project Head Sales Syed Adnan, along with other members of the Etihad Management.

At this exclusive event, attendees were provided with a sumptuous Hi-Tea, along with the chance to engage with expert consultants who provided in-depth analysis of the local property market and shed light on the incredible investment prospects offered by Etihad Garden. Attendees were also offered the chance to avail of exclusive event-only discounts.

On the occasion, Etihad Garden’s Project Head Sales, Syed Adnan Khalil, stated that the project was expected to be a groundbreaking residential and commercial development offering a unique opportunity for individuals seeking a vibrant, modern, and luxurious lifestyle in Rahim Yar Khan.

He added that with its prime location and state-of-the-art facilities, Etihad Garden promised to be the epitome of elegance, comfort, and convenience.

The Etihad Group is renowned for its commitment to excellence, innovation, and delivering projects that surpass expectations.

Etihad Garden is a testament to their vision, and this Property Sales Event presented yet another opportunity — after the group’s recent hugely successful Family Property Gala event — for potential customers to engage with the project developers.

Source: Pro Pakistani

Ride-hailing service Careem has announced a reduction in prices for Go Mini rides in Islamabad, Karachi, and Lahore. You can now expect to see slightly cheaper fares on Go Mini rides while traveling across these cities.

‘Go Mini’ is Careem’s most affordable ride tier which features older and smaller cars with no AC, but offers the cheapest rates after bikes.

Note that this is not a promo code or a limited-time offer as it is a permanent price reduction across the app. As a result of the price reduction, peak factor rates will also be reduced for Go Mini rides. We reached out to Careem for more details and here is what they had to say:

Source: Pro Pakistani