Trading Corporation of Pakistan

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Trading Corporation of Pakistan
IndustryTrading Industry
GenreCorporation
FoundedJuly 1967
Headquarters
Karachi
,
Pakistan
PKR 1.4 billion (2020)[1]
OwnerGovernment of Pakistan
Number of employees
632 TCP
ParentMinistry of Commerce
Websitetcp.gov.pk

The Trading Corporation of Pakistan (TCP) (Urdu: مشارکتِ پاکستان برائے امورِ تجارت) is a Pakistani state-owned commodity trading company, mainly responsible for export and import of commodities. It also issues tenders for export and import of agricultural products. TCP has its offices across various cities of the country including Karachi, Islamabad, Lahore and Multan.[2][3]

Trading Corporation of Pakistan was established in 1967 as a premier international trading house fully owned by the Government of Pakistan.[4][5] From the year 1980-81, the government decided to remove the monopoly of TCP on imports of the country.[6] The Corporation has gone through substantial change over the years in its role from barter to commodity exchange arrangement and to trade in line with free market economy approach adopted by the Government of Pakistan. TCP's current role of import of essential commodities is for improving supplies to ensure availability of commodities to consumers at affordable prices and market intervention for ensuring fair price to farmers.[7][8][4] The shares of the Corporation are owned by the Ministry of Commerce, Government of Pakistan.[9]

TCP is one of Pakistan's most evident profit making public enterprise. Beginning rather modestly with a trade worth around Rs115.763 million in FY 1967–8, TCP registered a turnover of Rs45.16bn and booked after–tax profits worth Rs1.63bn in FY 2009–10.[4] During the period of July 2013 – May 2017, the Trading Corporation of Pakistan emerged as one of the most transparent organisation in the country's public sector with a record amount of Rs7.109bn saved and recovered in the FY 2014–15.[10][11] The total amount saved by TCP through its commodity financing operations in this near four-year time period was Rs7.8bn.[12]

A senior civil servant is appointed by the Prime Minister as Chairman of the Trading Corporation. Five directors are appointed for the oversight of finance, planning and procurement, sales and stores, port operations and logistics functions; each of whom reports directly to the Chairman. Besides these, general managers of internal audit, legal, general administration and human resources as well as the general manager of the regional office in Islamabad report directly to the Chairman TCP.[13] In all, the corporation employs 632 members, according to the official website of TCP, including 478 staffers.[14][15] In 2016, The Express Tribune, a major daily English-language newspaper based in Pakistan, reported that the Trading Corporation is one of the highest paid government departments in the country.[16]

See also

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References

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  1. ^ "TCP earns Rs1.5bn profit in 9 months". 17 April 2021.
  2. ^ imedia.com.pk, Interactive Media Pakistan -. "Trading Corporation of Pakistan Private Limited". tcp.gov.pk. Retrieved 23 March 2018.
  3. ^ imedia.com.pk, Interactive Media Pakistan -. "Trading Corporation of Pakistan Private Limited". tcp.gov.pk. Retrieved 23 March 2018.
  4. ^ a b c APP (8 January 2016). "Pakistan to export 1m tonnes rice to Indonesia".
  5. ^ imedia.com.pk, Interactive Media Pakistan -. "Trading Corporation of Pakistan Private Limited". tcp.gov.pk. Retrieved 24 March 2018.
  6. ^ imedia.com.pk, Interactive Media Pakistan-. "Trading Corporation of Pakistan Private Limited". tcp.gov.pk. Retrieved 2024-05-09.
  7. ^ "CCAC to revise cotton production estimates to 12.9m bales - Welcome to Marketbulletin.com.pk". marketbulletin.com.pk. Retrieved 23 March 2018.
  8. ^ "TCP plans projection study to verify country's five years' commodities need". The News International. January 23, 2020.
  9. ^ imedia.com.pk, Interactive Media Pakistan-. "Trading Corporation of Pakistan Private Limited". tcp.gov.pk. Retrieved 2024-04-16.
  10. ^ Reporter, The Newspaper's Staff (4 July 2014). "TCP initiates legal action against six sugar mills". dawn.com. Retrieved 23 March 2018.
  11. ^ "NA panel on Commerce satisfied with TCP performance". www.pstimes.com. Retrieved 23 March 2018.
  12. ^ "TCP saves Rs 7.8 billion in commodity financing - Pakistan Agriculture Research". par.com.pk. Retrieved 23 March 2018.
  13. ^ "TCP issues fresh tender for supply of rice to Sri Lanka". Business Recorder. March 9, 2017.
  14. ^ APP (10 December 2015). "Indonesia to import Pak rice".
  15. ^ https://www.fp.brecorder.com/2011/11/201111041248644/amp [dead link]
  16. ^ "Here are the highest paid govt departments - The Express Tribune". www.tribune.com.pk. 17 July 2016. Retrieved 23 March 2018.
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