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| Saturday, 9 August 2003 |
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Famous Pacific Shipping appoints new agent in Pakistan Famous Pacific Shipping, the expanding Asian-based freight services and NVOCC operator, has appointed an new agent in Pakistan, which is experiencing an export boom. Interfreight Pakistan, based in Karachi, is well placed to help customers of Famous Pacific Shipping further expand their business links in this large market," said Benny Ling, Chairman of the FPS Group. "Pakistan's exports are growing strongly and look set to top 6.2 billion Sterling Pounds a year for the first time, according to government targets," he said. "It is only right that the FPS global network has strong links with Pakistan in order to support customers who trade there." Textile exports have been boosted by European Union (EU) tariff cuts, designed to bolster Pakistan's economy amid disruption caused by regional efforts to counter the Al-Qaeda terror network. The government's $10 billion export target is already half realised, with sales increasing to $5.1 billion in the six months to the end of 2002, a 16% rise over the corresponding period a year earlier. Export totalled $ 9.1 billion in the year to June 2002. Textiles make up 60% of Pakistan's exports, with cotton featuring largest, boosted by a 11.2% rise in cotton output and 16% increase in textile exports in the current financial year, on the back of increased order from the EU and the US. Pakistan's economy is expected to grow 4.6% in the current financial year, compared to 3.6% last year, due to a mix of lower debt, booming stock markets and rising foreign exchange. "The expert team at Interfreight Pakistan will help the FPS network to achieve one of our fundamental goals, increasing our global business," Ling said. FPS is well established in the key Asian markets and continues to expand its global presence and develop new business. It has recently announced enhanced service developments in China, Sri Lanka, the Philippines, Spain and Portugal. Famous Pacific Shipping network is represented in Sri Lanka by Famous Pacific Shipping Lanka (Pvt) Ltd., a founder member of the group. |
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