Plan to buy two new ships
PAKISTAN has decided to buy two new ships from West Germany to augment its existing fleet.
Arrangements for buying these ships are now being finalised and orders will be placed in the near future.
Orders for two new ships were placed earlier with Yugoslavia, out of a 10-million-dollar loan. These ships are expected early next year, each costing about one million pounds.
Pakistan also proposes to buy about five second-hand ships from the United Kingdom. Arrangements for placing orders for these ships are also in hand.
At present, five Pakistani vessels are operating on international routes, while others have been chartered from foreign shipping lines to meet requirements.
Pakistani vessels, according to reliable sources, have shown savings in foreign exchange for the country. The five vessels, it is stated, completed 24 voyages last year and the average foreign exchange earning and saving by each vessel was 44.14 per cent of the total freight earned.
With the addition of four new ships and five second-hand ones, Pakistan, it is expected, will be able to meet its requirements of handling freight on international routes.—Staff Correspondent
Rs22-crore given as loan to industries
KARACHI: The Industrial Development Bank of Pakistan has given loans for the setting up of a complete cigarette-making unit in Karachi Division, a film studio in Lahore, and three first class hotels in Peshawar, Hyderabad and Dacca.
The cigarette factory is designed to produce 15 lakhs of cheap and medium-quality cigarettes per year. It will go into full production in July this year. And will consume tobacco grown in abundance in West Pakistan.
But the cigarette paper will be imported. It is estimated that by the end of the Second Plan period, the total demand for cigarettes in the country will be 1,500 crores per year.—Staff Correspondent