GLOBELINK PAKISTAN have taken MEASURES to ride out the current gloomy period..

Like the rest of the world, Pakistan has not escaped the stimulation of the global slowdown and coupled with other internal and regional issues its economy has been under extreme pressure for the past few years.

Exports of non-food items have witnessed decline by almost 30% during last financial year and expectation are not high for the current year either. Though, at the same time, reduction in imports have given certain breathing space for the Government which has been trying very hard to manage current account insufficiency and have been scrambling here and there to IMF and other donors for foreign currency loans to manage the deficit.

Besides the effect of global slowdown, factors like energy crisis (mainly due to power shortage), security situation, double digit inflation and political instability have also been impeding economic growth in the country.

New Government has chalked out in various action plans and has announced major infrastructure and development programs to arrest the situation.

Though, looking at country's track record, it has always shown resilience and has always bounced back from crisis like situation. Even with current situation, we feel that as long as there is political stability, the country can get back on the track in a short time.

Globelink Pakistan has taken measures to ride out the current gloomy period to ensure that we are stronger when the situation turns around and we are at good footing to seize the opportunities then.

We have initiated cost cutting drive whereby we try to reduce direct cost as much as possible without affecting our service level. At the same time, we have tried to identify a business path, which still possess potential growth. For instance, we identified imports nomination as an area where we felt we could increase our market share. Even in such times we put in more resources in import sales and so far we have witnessed magnificent growth on our import nomination business.

Another business area where we are putting our resources is Afghan Transit Trade. We would like to invite our offices and agents to explore this area as this does offer growth opportunity. If any office/agent is interested, please write to us directly, and we can then furnish info pack on the services we offer to Afghanistan . Currently, movement of LCL Cargo is not possible, so we can cater to FCL, bulk and project cargo to Afghanistan .

Globelink Pakistan has presence in all the major cities with country head quarter at Karachi and branch offices at Lahore , Faislabad and Sialkot .

Business Strategy

With the current economic scenario, we will be looking at curtaining the expenses as much as we can without affecting the business and the service level. Secondly, we will manage the credit little more tightly. As with current economic troubles, generally there is a surge in bad debts or delays in payments.

Being aware, we foresee tough time ahead if the situation of the country does not improve. We will try to steer out this turbulent period without going too much in red.

That is the aim for the next year and that is looking at the current turmoil.

On the side, even our traditional business avenues are going down so we do not expect much other development. Though, we will try to push on the projects segment, which we had undertaken.

This year through without any additional expenses or without much involvement of credits, we will try to build to build on FCL, refer NVOCC local logistics and project cargo.

Due to political uncertainties and security situation, trade has been greatly affected. Coupled with rising fuel prices, electricity and gas shortages, production have also seen a downward trend. Exports of the traditional items have registered negative growth and country is now facing a severe current account deficit. To arrest the situation, Government has taken certain measures and the immediate step was to improve the balance of payment situation by restricting imports. Government has increased duty structure on many items, especially non-essential and also they have increased the L/C margin which is also a tool to discourage imports.

At this moment it is very difficult to forecast but what is indeed to be done, short term future do not look on that promising. We are now experiencing global recession looming over the horizon market outlook seems to be depressive.

•  Globelink Pakistan (Pvt) Ltd

36 Timber Pond, Keamari

Karachi - 756020