Tag: IKEA

  • IKEA might not really be coming to Pakistan

    Pakistan’s ambassador to Germany, Dr Mohammad Faisal, on Thursday tweeted claiming that IKEA, a multinational conglomerate that designs and sells ready-to-assemble furniture, is coming to Pakistan.

    But soon after the news was announced in the media, the ambassador deleted his tweet and did not reply to queries sent to him regarding the development either.

    To add to the surprise, Profit reported, relevant ministries in the country were also unaware of the development. Officials at Board of Investment (BoI), the premier investment promotion agency of Pakistan working under the administrative control of the Prime Minister’s Office, mandated to promote and facilitate both local and foreign investment was also unaware of the development.

    The official claimed that there was no development, not even at the initial stage, regarding investment by IKEA.

    Similarly, the Ministry of Commerce, and officials at both the offices of adviser to prime minister on commerce and investment as well as secretary commerce were also unaware about the development.

    The official spokesperson at Securities and Exchange Commission of Pakistan (SECP) said that no application for the registration of the company was received by the commission.

    However, SECP’s website shows the registration of a company IKEA TRADING (HONG KONG) LIMITED in 2006, at CRO Karachi. As per the SECP’s record, another firm in the name of IKEA SUPPLY AG SWITZERLAND was registered in Karachi in 2015.

  • International furniture brand ‘IKEA’ is coming to Pakistan

    IKEA, a multinational conglomerate that designs and sells ready-to-assemble furniture, is ready to launch its operations in Pakistan, Pakistan’s ambassador to Germany Dr Mohammad Faisal has announced.

    Dr Faisal said that he recently met with an official of IKEA, Dieter Mettke who will lead the launching of IKEA’s operations in Pakistan.

    “Met Dieter Mettke IKEA Deutschland. He is going to Pakistan to be in charge of Ikea operations,” Ambassador Faisal had written in a now-deleted tweet. “We look forward to Ikea opening up stores in major cities of Pakistan.”

    Read more – In a first, Hugo Boss places sportswear order with Pakistan

    Founded in Sweden in 1943 by 17-year-old Ingvar Kamprad, IKEA is one of the world’s largest furniture retailer since 2008. It has 271 stores in Europe, 65 in North America, 14 in the Middle East, 11 in Oceania, 2 in Africa and 82 in Asia. In August 2018, IKEA launched its sore in India. IKEA opened its first store in 1958 in Älmhult, Sweden.

  • Coronavirus causes fright for Indian phone, carmakers

    Coronavirus causes fright for Indian phone, carmakers

    Coronavirus outbreak in China could start to disrupt India’s production of smartphones. This spread can delay component shipments that are important for the production of smartphones, reports have said.

    India is the world’s biggest smartphone maker after China but is still largely dependent on China for supplies of parts such as cells, displays panels, camera modules and printed circuit boards.

    “Those disruptions were already planned but if it gets prolonged, for March and April, production will have serious trouble,” said S N Rai, the co-founder of homegrown smartphone maker Lava.

    China’s OnePlus said its Indian operations could manage, in the short term at least.

    “We are well covered because we have the entire production in India, we already have enough stock, and even going forward many of the components will anyway be coming directly from other markets,” said Vikas Agarwal, the India head of OnePlus.

    However, Beijing has expressed confidence in uprooting the “devil” virus that has been declared a global emergency by the World Health Organization (WHO).

    Giants like Alphabet Inc’s Google and Sweden’s IKEA have closed operations in China.

    India’s Tata Motors, which counts China as a major market for its luxury Jaguar Land Rover cars, said on Thursday it was worried about the coronavirus and warned that the outbreak could impact productions and profits.

    For now, the industry just hopes the outbreak can be contained within the next two weeks. “If the problem persists beyond February 10, we have a real problem at hand,” said Pankaj Mohindroo, head of the India Cellular & Electronics Association, an industry lobby group.