International Politics

Pakistan: Another Firm Shuts Down Due To Import Ban

pakistan

After Pak Suzuki Motor Company Limited, engineering services company KSB Pumps Company Limited also announced that the production plant would shut down due to an import ban

Islamabad [Pakistan]: After Pak Suzuki Motor Company Limited, engineering services company KSB Pumps Company Limited also announced that the production plant would shut down due to an import ban, ARY News reported.

KSB Pumps company announced that it will shut down its Hasanabdal production plant in Pakistan. The Frankenthal-based multinational engineering services company, KSBP, is a subsidiary of KSB SE and Co. KGaA is a manufacturer of industrial pumps, valves, castings and related parts and after-market services, according to ARY News.

The company, in the statement, said that this will be a temporary suspension till further notice, due to import restrictions. The company will resume operations as soon as the market situation improves and staff may be readily recalled on short notice, it read.
Earlier, an automobile company, Pak Suzuki Motor Company Limited, announced to shut down its production plant from January 2 to 6.
Pakistan Suzuki Motors wrote a letter to the Pakistan Stock Exchange (PSX) that the production process of cars and motorcycles will be completely shut down from January 2 to 6, according to ARY News.

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According to the automobile company, the management decided the shut down due to conditional permission for the imports of the auto parts and completely knocked down (CKD) kits. The firm stated that its supply chain is affected due to the State Bank of Pakistan (SBP) restriction.

The company further added that the restrictions are affecting the export consignments
In December, another automobile firm, Indus Motor Company (IMC), announced to shut down its manufacturing plant for 10 days due to the ban on imports of completely knocked down (CKD) kits by the central bank.

The Indus Motor Company, the maker of Toyota vehicles, has announced the ban on their manufacturing plant from December 20 to 30. It stated that the decision was taken after a ban on the imports of completely knocked down (CKD) kits by the State Bank of Pakistan (SBP), ARY News reported.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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Opting out of Regional Comprehensive Economic Partnership was courageous decision: Piyush Goyal

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New Delhi: Commerce Minister Piyush Goyal has said opting out of Regional Comprehensive Economic Partnership (RCEP) was a courageous decision made in the interest of our industry and our nation.
The commerce minister was speaking at a function organised by a media house in New Delhi on Saturday evening. Piyush Goyal said, “The government gives top priority to the interests of India while entering into FTAs (free trade agreements) with countries. India doesn’t enter into agreements just for the sake of doing it but only after extensive consultations with all the stakeholders and in-depth brainstorming covering all the issues.” Goyal informed the gathering that India negotiates from a position of strength but wants a fair and balanced deal, according to a statement released by the ministry of commerce and industry on Friday night.
During the event, he also said that the World today recognises that India has arrived.

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The commerce minister also said that both in the political world and the business world, everyone now acknowledges India’s story.
Elaborating on it, he said India’s story shows a lot of positive mindset, shows aspirations of a billion plus people desiring a better life for themselves. The story was not limited to economic growth only, it also shows political stability, which has a huge thrust on the corruption-free society, he added.
He also said India is the one bright spot in the world, which will not only improve the lives of a billion plus people, but would also lend a helping hand to the world economy. The world is dependent on India for not only its own economic growth and India’s market, but also for India’s demographic dividend and huge talent pool. Goyal said he believes India is going to be a global superpower in the next 25 years.
Goyal said that the new India had a bright tomorrow, a very powerful tomorrow and a very prosperous tomorrow. He termed India as an energetic youthful nation, which wants better things in life, which is willing to experiment, innovate, and take risks.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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