Samsung opens world`s largest phone factory in India

on 18/07/2018

Samsung Electronics has formally opened a new factory in India, which the South Korean tech group says is the world`s biggest mobile phone manufacturing plant, part of its plans to expand production in the world`s fastest growing major mobile phone market.
The factory in Noida, on the outskirts of New Delhi, will allow Samsung to make phones at a lower cost due to its scale at a time when other phone male ing hubs such as China are getting more expensive, analysts tracking the sector said.
The factory, inaugurated jointly on Monday by Indian Prime Minister Narendra Modi and South Korean President Moon Jae-in, will also help Samsung to compete more effectively with rivals such as China`s Xiaomi, which became India`s biggest smartphone brand by shipments earlier this year.
`This 50 billion-rupee investment will not only strengthen Samsung`s business ties in India, it will also play a key role in India-Korea relations,` Modi said in a speech in Hindi at the inauguration of the plant.
Samsung said last year it would spend 49.2 billion rupees ($716.57 million) over three years to expand capacity at its Noida plant.
The new factory will help Samsung to double its current capacity for mobile phones in Noida to an annual 120 million units after the phased expansion plan is complete, the company said in a statement. India, the world`s second biggest smartphone market and home to more than a billion wireless subscribers, is a big opportunity for Samsung where sluggish smartphone earnings growth has fuelled concerns that its mobile business is running out of ideas to underpin sales of its premium Galaxy devices.
Samsung, which has been assembling phones in India since 2007, also plans to export India-made handsets.
`We `Make in India`, `Make for India` and now, we will `Make for the World`,` H C Hong, Chief Executive Officer at Samsung India said in the statement.
Prime Minister Narendra Modi`sgovernmenthasimposed taxes on imports of key smartphone components as part of a plan to encourage electronics manufacturing in India which would boost growth and create millions of new jobs.
While Modi`s flagship `Make in India` campaign is still a long way from delivering on ambitious job promises, the programme has had some success with the phased manufacturing of mobile devices and components. More than 120 local factories currently assemble mobile phones and accessories like chargers, batteries, power banks and earphones in India, according to tech research firm Counterpoint.- Courtesy Reuters

QMB to organize seminar in Lahore

on 18/07/2018

Technology is best when it brings people together – Matt Mullenweg
QMB is a dynamic organization, consistently gathering feedback from the industries hence staying alert and aware of the demands and trends of an ever-changing business landscape. They are going to arrange a seminar to spread awareness among their customers.
The seminar is being arranged in Lahore, where they are looking forward to providing beneficial knowledge about their environment-friendly products. They believe this is the best way to strengthen the relationship more efficiently with their clients. The clients will be invited from all over Pakistan.
The featured speakers will provide the abundance of information about technical specification of the three HVACR products branded ODE, CRANE COPPER & General Gas Kryon respectively.
ODE has a wide range of products for insulation and these are Star-Flex, R-Flex and ODE Membrane.
Crane Copper Tube has a range of Seamless Copper Tube for Water, ACR and Medical.
General Gas Kryon provides Refrigerant gases.

FIFA 2022’ to bring opportunity for Pakistan and Qatar

on 18/07/2018

FIFA 2022’ is bringing a big opportunity for increasing economic and trade relations between Qatar and Pakistan.
This is what Qatari Minister for Economy and Commerce Sheikh Ahmed Bin Jassim Bin Mohammed Al Thani believes.
He told Prime Minister retired Justice Nasir-ul-Mulk that areas for trade, investment and economic cooperation between Pakistan and Qatar included food processing, petrochemical and investment in special economic zones.
Jassim was on a short visit to Pakistan with senior officials and a 50-member high-powered Qatari business delegation representing food, agriculture, livestock, aviation, maritime and shipping sectors.
The delegation indicated keen interest in enhancing cooperation, and it was agreed that business-to-business contact will be increased amongst private companies of the two countries. Qatar will explore opportunities for increasing trade, investment and economic cooperation on the basis of specific projects.
The prime minister highlighted the importance of increasing trade and economic cooperation between the two countries. Rice export to Qatar, work visas for skilled, and semi-skilled labour force and investment in petrochemical and food processing came under discussion as priority areas.
Earlier, addressing a Pakistan-Qatar Business conference, which was co-chaired by Minister for Commerce and Textile Misbahur Rehman, the Qatari minister said that Pakistan is one of the six countries the Qatari government has prioritised to strengthen economic partnership with.
On the Pakistani side, over 150 businessmen and officials from Ministry of Commerce, Trade Development Authority of Pakistan, Pakistan Horticulture Development and Export Company as well as Board of Investment were present.
Jassim said the two countries should have joint ventures in food processing, petrochemicals and other sectors. He also informed the attendees that Qatar Airways is planning to increase the number of flights to Pakistan.
Leading Pakistani companies on the occasion also displayed their products to lure Qatari companies.
Qatar has positive trade balance with Pakistan. Its total exports to Pakistan in the last fiscal year have shown 44 per cent increase, while Pakistan`s exports to Qatar have indicated 75pc increase during the same period۔

China vows to keep providing financial help to SL under Belt and Road plan

on 18/07/2018

China vowed on Thursday to keep providing financial help, including loans, to Sri Lanka under its massive `Belt and Road` infrastructure plan despite warnings about the island nation’s debt mountain.
Dismissing `Western media` claims of a `debt trap`, China`s embassy in Colombo also rejected a recent New York Times report about alleged corruption in Chinese projects on the island.
Sri Lanka last year granted Beijing a 99-year lease on a new port on one of the world`s busiest shipping routes after being unable to afford to repay Chinese loans for the $1.4 billion project.
This stoked concerns, including in Western countries and India, about President Xi Jinping`s signature $1 trillion project of funding infrastructure projects across Asia and beyond.
The embassy statement put China`s Sri Lankan loan portfolio at $5.5bn, just over a tenth of Colombo`s total $51.82bn external debt. It did not disclose what other projects it aims to finance.
`China will continue to provide selfless support, including muchneeded funds for the development of Sri Lanka,` the statement said.
`The so-called `Debt Trap` is a false proposition created by the Western media, with a direct attempt to obstruct the joint development ofChina and other developing countries, including Sri Lanka,` it said.
The Hambantota port is not the only Sri Lankan project to hit difficulties.
A new international airport built with Chinese help is a flop with no airlines using it.
Both Mattala International airport and the deep-sea port in the south of the island were built during the tenure of former strongman president Mahinda Rajapakse in his home constituency.
The International Monetary Fund, which bailed out Sri Lanka in June 2016 with a $1.5bn staggered loan, has warned that Colombo could have to turn over more assets to Beijing.
The New York Times alleged in June that Rajapakse`s campaign got millions of dollars for his failed 2015 election bid from the Chinese company that built the Hambantota port.
Two Sri Lankan reporters who helped the US daily have faced intense personal abuse on social media and public criticism by MPs loyal to Rajapakse, prompting the paper to slam what it called an `intimidation campaign`.
The reporthas sparked afurore on the island. At the weekend Rajapakse, 72, denied receiving campaign funding from the Chinese and accused the New York Times of a smear campaign against him.-AFP

Inauguration of New Gwadar International Airport likely this year

on 18/07/2018

GAWADAR-Caretaker Minister for Finance, Planning and Development Dr Shamshad Akhtar said that substantive growth has been made in China-Pakistan Economic Corridor (CPEC) projects during the last five years whereas a total of 22 projects worth around $28.6 billion in CPEC portfolio were still under implementation.
Addressing the 55th CPEC Progress Review meeting on July 10 she said that after the significant achievements of the last five years, more projects are expected to be under operation including groundbreaking of New Gawadar International Airport this year, which in itself is a huge milestone for CPEC.
`Moreover, further cooperation under CPEC is expected in the future for the development of infrastructure projects such as ML-1 upgradation, Karachi Circular Railway, road projects as well as industrial cooperation,` she added.
Dr Shamshad Akhtar assured the participants that CPEC projects will not be impacted by the transition between governments underway in Pakistan these days.`It is our job to make sure that CPEC projects are completed according to the agreed timelines and terms,` she said.
She emphasised the deep ties of friendship that exist between Pakistan and China, saying that `China is the cornerstone of Pakistan`s foreign policy and strategic cooperative partnership is moving from strength to strength.
The minister emphasised to further expedite work on projects at Gawadar and the Special Economic Zones that are not only of vital importance in the portfolio of CPEC but for the local population as well.
She was of the view that one of the main gains from CPEC is the trade and industry development and cooperation to ensure sustainable economic growth and shape new industry clusters as well as taking the fruits of CPEC to lesser developed regions of Pakistan.
She pointed out that both countries need to aggressively pursue the mega initiative to shape a new international logistics network in the region and promote regional economic integration through international economic, trade and technological cooperation and people to people exchanges.
Dr Akhtar further said that the two countries will make full use of existing bilateral cooperation mechanisms to form synergy, give each other support and learn from each other so as to complement and fully display each other`s strengths.
The meeting was attended by Chinese Ambassador, Yao Jing, Secretary Planning and Development, Shoaib Ahmad Siddiqui, Project Director CPEC Hassan Daud and officials from line ministries and provincial governments as well as Chinese companies.
Officials from the Board of Investment, National Highway Authority, Ministry of Energy, Railway, Maritime Affairs and Gwadar Development Authority have presented detail progress on the CPEC projects.