NEWS of MARCH 2006
31-03-2006
Pakistan expects to get about $3 billion in foreign direct investment (FDI) this year, which will be the highest ever in the history of the country. Prime Minister Shaukat Aziz stated this, while speaking as the chief guest at a dinner hosted for the delegates and participants of Expo Pakistan 2006 at the Governor House. The prime minister in his speech said: "This year we expect to get about $3 billion in foreign direct investment, which will be the highest ever in the history of Pakistan." He said it is still not at its full potential, as it can be much higher. (Business Recorder)
Foreign organisations and companies signed 17 memorandums of understanding (MoUs) with various local companies and trade bodies for promotion of bilateral trade and investment on the second day of Expo Pakistan 2006 being held at the Expo Centre here, The Karachi Chamber of Commerce and Industry (KCCI) signed seven MoUs with the trade bodies of Turkey, Sweden, India and the United Kingdom. Federal Commerce Minister Humayun Akhtar witnessed the signing ceremony. (Business Recorder)
The US ambassador, Rayan C Crocker has said that the social and economic development of Pakistan is the significant aspect of US-Pakistan strategic relationship. Speaking at the launching ceremony of US-funded project of "Mitigating Child Labour through Education" he said "earlier this month Bush and Musharraf committed themselves to the long-term strategic and significant partnership. The ambassador said that promotion of education is the only suitable and sustainable way to achieve social and economic goals and the US has been the major partner of Pakistan in education sector. (Business Recorder)
Global Credit Solutions (GCS Group) head office located in Melbourne, Australia, has advised a number of its clients in China, who have been exporting to India and Pakistan, to take care with regards to payments of accounts. A number of cases, placed for collection through GCS China Co Limited, for collection in both India and Pakistan, have resulted in investigations, which revealed an alarming trend in the both countries, a company release claimed. Chinese manufacturers, receiving orders for goods, were shipping the products out on a PoD or LC basis, and on arrival into India or Pakistan, the buyer was refusing to accept the delivery of the ordered goods on spurious grounds, usually related to some quality issues, it said. (Business Recorder)
All arrangements have been finalized to hold bidding for a 75% strategic Stake in Pakistan Steel Mills Corporation (PSMC) in Islamabad. Two bidder consortiums deposited earnest money of US $ 30 million each within the stipulated time. Nine parties had been pre-qualified out of which 8 conducted active due diligence. Out of these five parties attended the pre-bid meeting. Six pre-qualified parties have joined to form two strong bidding consortiums. The Participating consortiums include (i) M Magnitogorsk Iron & Steel Works Open JSC (Russia), TuwairqiSteel Mills (Saudi Arabia) and Arif Habib Securities and (ii) Noor Financial (Kuwait), Industrial Union of Donbass (Ukraine), Government of Ras Al Khaimah and Al-Jomaih Holdings (Saudi Arabia). (Daily Times)
Sui Southern Gas Company (SSGC) and Tuwairqi Steel Mills Limited signed a Head on Term (Hot) agreement that would lead to a General Sales Agreement (GSA) between the two companies, for the supply of natural gas over a 10 year period, with the option to extend the arrangement for another 10 years. The HOT was signed by Munawar B. Ahmad, MD SSGC and Dr. Helal Hussain, Chairman Al-Tuwairqi Group of Companies in the presence of Mr. Mohammad Tariq Barlas, Vice-Chairman and Mr. Zaigham Rizvi, Project Director Tuwairqi Steel Mills and SSGC Senior General Managers Mr. Azim Iqbal Siddiqui, Mr. Babar Ghanznavi and Mr. Aqeel Nasir, Company Secretary. (Observer)
Minister of State for Finance and Economic Affairs Omar Ayub Khan stressed the need for concentrating on development of knowledge based economy to attain the required pace of progress to meet the challenges of present age. "Pakistan needs to strengthen the conditions and institutions that will allow Pakistani economy and society to respond to the challenges and opportunities of the newly risen global knowledge-based competitive economy," he added. He said this while speaking at a dialogue on "Economic and Political Freedom Nexus" organized by the Friedrich Naumann Stiftung. (Dawn)
Senate Chairman Mohammedmian Soomro has underlined the need for enhanced and continuous interaction between the government and the business community, as this will help in making government’s policies more practical and targeted. Speaking to members of the Site Association of Industry (SAI), he assured that association’s suggestions would get due weight in policy and decision making by the government, says a SAI press release. The Senate chairman said that he knew that industrialists were facing many bottlenecks and obstacles in their way but they were going ahead and enabled the government to meet its revenue as well as export targets. (Dawn)
Ron Rimmer, Deputy Head of Mission, British Deputy High Commission, Karachi, has said that from UK’s perspective, Pakistan is an important country in the region, both strategically and economically, as well as a member of commonwealth. The U.K., he said, would like to see Pakistan growing both politically, economically, and deeply appreciate the achievement of 8.4% GDP growth rate last year; which is a very strong indicator of economic turnaround. He was of the view that there is a huge potential for expansion of economy and needs to be tapped properly. Referring to social development initiatives taken by Pakistan, he said that UK would provide 70 million pound for projects in primary education and poverty reduction. (Observer)
Pakistan's economy would remain robust this year with gross domestic production (GDP) growth rate at 6.5 percent, says the Economic and Social Survey of Asia and the Pacific-2006. However, there are concerns about the overall budgetary deficit in years ahead as it may rise again. Besides, weak buoyancy of tax revenue, unemployment and poverty still remain the big challenges. The survey launched points out that the economy of the Asian Pacific region grew strongly in 2005, aided by a buoyant global economy and the region should maintain its growth momentum in 2006, barring any unfavourable external events. (Business Recorder)
The 16th Vietnam international trade fair, Vietnam Expo-2006, will be held from April 5-9. More than 200 companies from 14 countries, including Pakistan, will participate in the fair. Special booths have been set up for Vietnam's big trading partners, including Germany, the Republic of Korea (ROK), China and Japan. In addition to that, there will be companies from potential markets like Saudi Arabia and Pakistan. Six countries, including Cuba, Malaysia, the Czech Republic, Myanmar and China, have said that they will have their national booths. (Business Recorder)
Karachi Chamber of Commerce and Industry (KCCI) President Haroon Farooki has impressed upon the European Union to provide a level playing field and an early grant of GSP plus status to Pakistan. He said this during a meeting with Deputy Head of British Deputy High Commission here Ron Rimmer; Desk Officer of Pakistan, South Asia Group, Foreign and Commonwealth Office Leo Tomlin, Pakistan Team and BDHC Political Officer in Karachi Shahryar Khan Niazi, who called on him. The KCCI President was of the view that under the World Trade Organisation (WTO) regime, economic relations between Pakistan and EU member countries had become more important. (Business Recorder)
The All Pakistan Textile Mills Association (APTMA) has expressed fears that incentives offered by Sri Lanka may allure textile units to relocate to that country. A Sri Lankan diplomat had visited the APTMA Punjab headquarters about a week ago. Talking about the diplomat’s visit, Akber Sheikh, Media Coordinator APTMA, elaborated Sri Lankan incentives. For example, he starts with: “Sri Lanka's exporters currently enjoy duty-free preference in the European Union market under its GSP Plus Scheme. This is enough to make it an attractive location for Pakistani and Indian apparel manufacturers.” (Daily Times)
Federal Minister for Food and Agriculture, Sikandar Hyat Khan Bosan, has said that great potential exist for further improving the trade volume between Pakistan and Bangladesh. The farming and business community in the two countries needs to play a proactive role in boosting the bilateral trade, he said while talking to a delegation of Bangladeshi traders and importers of agricultural products who met him here. Federal Secretary Agriculture, Muhammad Ismail Qureshi, Vice-President, Pakistan Central Cotton Committee, Director General, Federal Plant Protection Department and private sector representatives from Karachi cotton Association, Rice Exporters and Dairy and Poultry sectors were also present on the occasion. (The Nation)
30-03-2006
President General Pervez Musharraf said Pakistan is hoping to achieve $18 billion of exports this year and the target for next year would be 20 billion dollars. Inaugurating the Expo Pakistan-2006, he pointed out that in the first seven months of the current fiscal year from July to January, we have already hit $9.3 billion in terms of exports. "I am very reasonably sure that if we continue like this we will Insha-Allah cross 18 billion dollars," Musharraf remarked and hoped that next year we ought to be crossing $20 billion. He was of the view that exports amounting to 20 billion dollars were not even enough and we need to target much higher. (Business Recorder)
City Nazim Syed Mustafa Kamal has said the interest being shown by foreign investors in Pakistan and Karachi in particular, is reflective of their confidence in peaceful conditions and development activities in Karachi. He stated this in a briefing with regard to investment opportunities in the city in the presence of State Minister of Finance, Dubai, Kafan Bin Jarbash and Pakistan's State Minister for Privatisation Umer Ahmed Ghumman here at a local hotel. Nazim Karachi, while welcoming the visitors from Dubai, assured that foreign investment made in Karachi would not only be provided every protection, but all required facilities be given to investors. (Business Recorder)
Commerce Minis-ter Humayun Akhtar Khan has said there are great prospects of improving Pakistan's trade ties with other countries around the world. Talking to newsmen after meetings with visiting delegations of Canada, Turkey, Japan and Bosnia participating in Expo Pakistan 2006 in Karachi, he said these meetings enabled him to acquaint with the overall international trade scenario. "The main thrust is to try and get the pulse of what is happening on the global trade front, difficulties they (foreign investors and buyers) might be facing and future prospects," he said. (Daily Times)
Chairman Export Promotion Bureau, Tariq Ikram said that as a result of Pakistan’s economic turnaround a large number of trade and investment opportunities are emerging in the country, attracting foreign investors from many countries. Talking to the media after his meetings with the visiting foreign trade delegations, he said the areas of these opportunities include fisheries, telecommunication, textile and garments, surgical goods, automobiles, auto-parts and telephony. He informed almost all the visiting foreign delegates had said that they were watching Pakistan closely to explore investment areas of their interest. (Daily Times)
The World Bank and the Asian Development Bank (ADB) have urged the government to attract the much needed sizable foreign investment by implementing appropriate legal and regulatory frameworks for Intellectual Property Rights (IPRs). That both donors also wanted Pakistan to seek foreign industrial technology for achieving greater industrialization by ensuring fast, efficient and transparent dispute resolution mechanism (DRM) in the country. One of the major obstacles to signing of the much sought after Bilateral Investment Treaty (BIT) with the United States had been the non-existence of credible dispute resolution mechanism, in the absence of which the American investors would remain shy of investing substantially in Pakistan. (Dawn)
A strong Bangladesh trade delegation held a meeting on the sidelines of Expo Pakistan 2006, with Minister of Food, Agriculture and Livestock Sikandar Hayat Bosan and identified areas of interest for boosting bilateral trade. Officials of both the sides pointed out that the biggest hurdle in enhancing two-way trade was high freight charges which make their products uncompetitive. Around 50-member Bangladesh trade delegation is presently, on a visit to Pakistan to attend Expo 2006. Importers and distributors mostly dealing with essential commodities, including fresh fruits and vegetables, wheat, rice, cotton and dairy products held a meeting with the minister. (Dawn)
Industries and Production Minister Jahangir Khan Tareen directed National Industrial Parks (NIP) Development and Management Company to open regional offices throughout the country to set up industrial estates. Talking to APP after chairing a meeting of the Board of Directors of NIP here, the minister said the regional offices would set up industrial estates and parks near every city wherever these were needed. The setting up of industrial estates with all modern infrastructures and free from cumbersome procedures and formalities would help accelerate industrialization in the country, he added. (Dawn)
The State Bank of Pakistan (SBP) sold Rs 37.463 billion worth of treasury bills at unchanged rates in a regular three, six-month and one-year auction. The central bank has mopped up almost all amount offered by dealers (banks) for the long-term paper, which would create a liquidity crisis in the money market, market experts said. Banks may knock the discounting window from Thursday, as the market would be short of Rs 15 billion to Rs 20 billion. The SBP siphoned off Rs 37.46 billion against the maturity of Rs 22.7 billion on Thursday. The central bank has given a pre-auction target of Rs 14 billion. (Daily Times)
Pakistan has expressed willingness to enlarge the list of importable items from India, in consultation with the stakeholders, after completing legal requirements. The joint statement issued by the Ministry of Foreign Affairs after the conclusion of third round of Pak-India talks (on March, 28-29) on economic and commercial co-operation with the framework of the composite dialogue said that the two sides had recognised the satisfactory progress on the initiatives agreed during the second round of talks held in New Delhi on August 9-10, last year. (Business Recorder)
Pakistan is targeting up to $2.5 billion in asset sales and an equal amount of foreign direct investment each year to help bridge its growing current account deficit as the economy gathers pace, a government official said. The economy, projected to expand by 6.7 percent in the current financial year up to June, and by 7.0 percent next year, has seen an investment boom after sanctions were lifted and debts rescheduled as reward for joining the US-led war on terrorism. In 2005, portfolio inflows were estimated around $450 million, compared with an annual average of $150 million in previous three years, as Pakistan's stocks soared 51 percent. This year, they are up 21 percent. (Business Recorder)
Minister of State for Finance and Economic Affairs Omer Ayub Khan has said the government is focusing on infrastructure, energy and human resource development to sustain and further improve the gross domestic product (GDP) growth rate of 8.4 percent achieved in the previous financial year. He was talking to the members of 21st Century Club at a local hotel on Tuesday evening. Omer Ayub said the government had established a competitive support fund (CSF) in collaboration with the United States Agency for International Development (USAID) as a platform for innovation and competitiveness in Pakistan. (Business Recorder)
Four high-powered trade delegations from USA, Germany, Mauritius and Afghanistan held separate meetings with Federal Commerce Minister Humayun Akhtar Khan afternoon on the sidelines of the main event of Expo Pakistan-2006. The delegation from the USA, headed by Hillard Herzog, discussed the possibilities of trade co-operation in various areas, including textile, food, agriculture and information technology. The delegation pointed out that Pakistan had better marketing export policies for IT products as compared to India, and expressed interest in the investment in the IT sector. (Business Recorder)
The Sindh Chief Minister Dr. Arbab Ghulam Rahim announced that Sindh government has allocated 1200 acres of land to Mercedes Company and 400 acres to Prime Transport Company in Dhabeji on the instructions of Board of Investment. Presiding over a high profile investment meeting at the Chief Minister House he said the government plans to facilitate more industrial organization companies to invest in the province and comprehensive program of arrangements has been chalked out in that regard. (Observer)
Balochistan Governor Owais Ahmed Ghani has said that development projects worth Rs 140 billion are underway in the province. In an interview with BBC TV, he said after October 1999 special attention was given to the development of Balochistan. Many social sector development projects had been initiated in the province on the directives of President Pervez Musharraf, he added. To a question, he said tribal chieftains were not fighting for the rights of Baloch people. They had their own objectives, he added. (Business Recorder)
29-03-2006
President General Pervez Musharraf said he would chair all the future conferences on investment in Pakistan to ensure that problems being faced by the foreign investors are resolved then and there. "Pakistan is a good destination for foreign investment due to its inherent qualities and strategic location," he said. Speaking at the launching of operations of Dubai Islamic Bank, Pakistan at Mohatta Palace, the president reiterated that local and foreign investors are at par as they can get 100 percent ownership of business, repatriate the profit or capital amount and enjoy a win-win situation for them as well as for the country. (Business Recorder)
Commerce Minister Humayun Akhtar Khan said Expo Pakistan 2006 will help attract foreign buyers and boosting country's exports. "We want to make Expo Pakistan a world class annual show likeother international events", he said while addressing a press conference at a local hotel. State Minister for Commerce Raza Yar Hiraj and Chairman Export Promotion Bureau (EPB) Tariq Ikram and Vice Chairman EPB Zafar Mahmood were also present on the occasion. The minister said this year the government has focussed on attracting foreign buyers only and about 1000 CEOs of buying houses, top bosses of retail chains and government corporations from 57 countries will visit Expo Pakistan 2006. (Daily Times)
State Minister and Chairman, Export Promotion Bureau (EPB), Tariq Ikram said that main objective of the Expo-2006 was to project country's soft image and brief participants on improved industrial and economic growth. Speaking in a PTV programme, he said the Expo would provide an opportunity to participants from different countries to interact and work out arrangements for joint ventures. He said the Expo-2006 would help to project real image of Pakistan as a moderate, progressive and dynamic nation. (Business Recorder)
Punjab Chief Minister Chaudhry Pervaiz Elahi met outgoing Ambassador of Japan to Pakistan Nobuaki Tanaka. Bilateral relations, economic co-operation and development projects were discussed in the meeting. The chief minister briefed him of economic development endeavours in the province on the occasion. The Japanese envoy in the meeting said that economy of Pakistan was fast growing and confidence of international institutions had been restored in the country. Terming Lahore as historical city, he said he had been deeply impressed with friendship, brotherhood and generosity of the people of Pakistan. (Business Recorder)
Minister for States and Frontier Regions, Yar Muhammad Rind said that completion of mega projects in Balochistan would bring a silent revolution of development in the province. Speaking in a PTV programme, he said, most of the mega projects currently under progress would be completed during the next fiscal year. He said that Prime Minister Shaukat Aziz had given cheques worth Rs 100 million to each district nazim in the province for the improvement of basic civic facilities in their areas. This would help boost development activities at grassroots level, he said, adding the people of Balochistan would be the direct beneficiaries. (Business Recorder)
Prime Minister Shaukat Aziz emphasized the need to create linkages between the industry and academia to expedite the industrialization process. Talking to a delegation of Nobel laureates, including Professor Charles Hard Townes, Professor Ivar Giaever and Professor G.’t Hooft here at the Prime Minister’s House, the prime minister said his government had been consistently increasing the budgetary allocations to science and technology and higher education. (Dawn)
Pakistan will provide technical assistance to the Kingdom of Lesotho in setting up of textile industries in that country. The offer was made by Textile Industry Minister Mushtaq Ali Cheema in a meeting with Lesotho Foreign Minister Monyane Moleleki. The Lesotho minister has shown interest in the development of his country’s textile sector with the cooperation of Pakistan. Mr Cheema said that a Pakistani business delegation would soon visit Lesotho to review the situation and business opportunities there. The minister disclosed that a joint training programme for textile workers would also be under consideration to facilitate the workforce of both the countries.(Dawn)
Minister of Commerce Humayun Akhtar Khan said that exports were expected to cross over $18 billion this fiscal and foreign direct investment (FDI) would also touch an all-time record level of around $3 billion. He said that up to end February the FDI stood at $2 billion and hoped that if the current rate of flow was sustained by the close of current fiscal on June 30, it would rise to $3 billion. Similarly, the minister said that the current growth rate in exports strongly indicated that the country would manage to cross over $18 billion in exports by the close of current fiscal. (Dawn)
There are vast opportunities for the Pakistani businessmen to invest in Special Economic Zone (SEZ) “Outustik”, Kazakhstan, said Gali Shaimakov, commercial counsellor, embassy of Kazakhstan. During meeting with Ameen Bandukda, chairman SITE Association of Industry he said (SEZ) “Outustik” was established in July 2005 and is one of the initial steps towards creation of cotton-textile cluster in the South Kazakhstan oblast (region) (SKO). He said more than 15 spinning, weaving and sewing units are expected to be setup in the SEZ. (Daily Times)
Minister for Petroleum and Natural Resources Amanullah Khan Jadoon has said that Pakistan’s petroleum sector has attracted over US$ 1 billion direct and indirect foreign investment in the last few years owing to continuation of policies and deregulation and restructuring measures. He said this while addressing a two-day Caspian and Black Sea Oil and Gas Summit 2006 in Ankara. According to an official statement issued by the ministry of petroleum and natural resources, the conference is organized by the Turkish ministry of petroleum and being attended by the oil ministers and senior officials from Russia, Iran India, Pakistan, Afghanistan, Kazakhstan, Azerbaijan, Georgia and Ukraine. (Daily Times)
Bilateral Invest-ment Treaty (BIT) between Pakistan and United States will be signed in next few months, says Federal Minister for Commerce, Humayun Akhtar Khan. The minister, responding to a query at a press conference, said the two governments were moving right on this important issue and there were only two or three issues which would be resolved soon. About the Preferential Trade Agreement between Pakistan and Iran, he said Pakistan had already endorsed the PTA and Iran would hopefully do the same shortly to make it effective. (Daily Times)
More than 135 local and international exhibitors will participate in the third Pakistan Oil, Gas and Energy Exhibition (POGEE) to be held from May 17 to 20. According to a press release on Tuesday, Noman Sehgal, adviser to the Sindh chief minister, would chair the special session of the POGEE conference on “Renewable Technologies for Global Growth.” Exhibitors from 26 countries, mainly from Germany, the USA, UAE, UK, Saudi Arabia, Japan, Australia and Switzerland involved in upstream and downstream energy sectors, would exhibit their products. (Daily Times)
Minister of State for Finance Omar Ayub Khan has said that the Competitiveness Supportive Fund (CSF) will improve competitiveness and productivity of the domestic industry, thus increasing the share of Pakistani exports in the global market. He was speaking at a presentation of CSF at the FPCCI on Tuesday. Prof Michael Enright of Hong Kong University and CEO of CSF Arther Bayhan were also present on the occasion. The minister said the CSF is a venture between the ministry of finance and the USAID, and both Pakistan and the USAID have contributed $10 million each to this fund, which will be a window for venture capital match making. (Daily Times)
28-03-2006
Prime Minister Shaukat Aziz has said the government is focusing on building a network of roads in the country to improve the logistics chain. The first phase of M-1 extension will be completed by December this year, which will link Lahore with Charsadda, and work on Charsadda- Peshawar section is also in progress. Chairing a meeting at the Prime Minister’s House, Mr Aziz thoroughly reviewed the status of various road construction projects in the four provinces. The prime minister was informed that completion of M-1 up till Charsadda also involves construction of bridges on the River Indus and the River Kabul. It will contribute to improvement in the North-South corridor and facilitate trade. (Daily Times)
Nearly 100 Chinese businessmen are expected to participate in Expo-2006, scheduled to take place in Karachi from Wednesday. The participants will include vice chairman of China Council for the promotion of International Trade Wang Jinzen. The Chinese companies are interested in enhancing bilateral trade in sectors like textile, automobile, leather, handicrafts, marble and chemical. The exhibition would also help the two sides to undertake some joint ventures, said Shahid Mahmood, Commercial Counsellor in the Pakistan Embassy. (Business Recorder)
Pakistan and India finalised the roadmap to reach the Mutual Recognition Agreement (MRA), facilitating trade between the two countries. "We have finalised the roadmap in a daylong meeting of Joint Study Group (JSG) in which the trade officials of both countries negotiated on non-trade barriers and standards to facilitate bilateral trade," said Commerce Secretary Asif Shah and his India counterpart S N Menon while talking to the waiting journalists after the JSG meeting. Both the Secretaries said that they were satisfied with the outcome of the deliberations as both sides had taken concrete steps to remove hurdles in bilateral trade. (Business Recorder)
Credit Suisse is pursuing new opportunities in Vietnam and Pakistan while it keeps up its search for a securities joint venture partner in China, its top Asia Pacific executive said. Credit Suisse, which is hosting its annual Asian Investment Conference this week, is targeting state privatisations in Vietnam and providing client access to Pakistan’s booming stock market, said Paul Calello, Chief Executive Asia Pacific. "We have a really strong line up of speakers that can shed light on some of the lesser known investment opportunities, such as in Vietnam, Pakistan and in the private equity world," Calello, a Columbia MBA graduate, told Reuters in an interview. (The News)
The Integrated Cargo Container Control (IC3) Programme, a trade security agreement signed by Pakistan and United States of America, will be operational at Port Qasim in nine months from now. Shahid Rahim Sheikh, Member Customs, Central Board of Revenue (CBR), said the IC3 Programme would be implemented in nine-month time at Port Qasim to secure national trade interests. He said one scanner would be imported and installed at Port Qasim for scanning the cargo bound for the United States. A joint team of anti-smuggling and anti-narcotics agencies will monitor the scanning process to avoid re-opening and re-checking of cargo containers. It will save time and hassle at the port and will result in clearance of cargo containers in minimum possible time, he added. (Daily Times)
Foreign Minister of the Kingdom of Lesotho, Monyane Moleleki called on Commerce Minister, Humayun Akhtar Khan to discuss ways and means of enhancing trade and commercial relations between the two countries. Both the ministers apprised each other of their country’s economic profiles and recent improvements in their respective economies. Moleleki invited textile manufacturers and investors from Pakistan to take full advantage of the facilities and concessions granted by Lesotho in the textile sector as Lesotho is the member of Southern African Development Committee (SADC), South African Customs Union and African Growth Opportunity Act (AGOA). (The News)
An impressive ceremony was held at Precision Engineering Complex (PEC) of Pakistan International Airlines to inaugurate the production of Boeing 777 parts at PEC. Speaking on the occasion Chairman & Chief Executive Officer Pakistan International Airlines, Mr. Tariq Kirmani congratulated Air Vice Marshal Muhammad Rafi, Senior Vice President PEC and his team of Engineers for attaining a global recognition of manufacturing Aviation Parts for the Boeing Commercial Airplanes Company. He emphasized and stressed on the PIA work force to strive for expanding the Customer base in the International Market.(Observer)
The Minister of State for Finance Omar Ayub Khan has said the government is focusing on innovation and competitiveness to ensure sustainable economic growth, while the emerging market economies had already adopted the strategy of innovation and competitiveness. He stated this while speaking at a seminar on 'Competitiveness and Economic Growth' at Lahore Chamber of Commerce and Industry (LCCI). LCCI President Mian Shafqat Ali, Senior Vice-President Abdul Basit, Professor Michael Enright, member of the TCI, Board of Advisors and Director of Competitiveness Programme, Hong Kong Institute for Economic and Business Strategy and Arthur Bayhan, Vice-President of TCI and CEO of the Competitiveness Support Fund (CSF) also spoke on the occasion.(Business Recorder)
The government budgetary borrowing from the banking system till March 12 has reached Rs 168.208 billion against the annual target of Rs 98 billion. Of this, the borrowing of the central government stood at Rs 160,967 million and the provincial governments Rs 7,241 million. According to the data released by the State Bank of Pakistan, the central government borrowed Rs 194.509 million from the central bank and was able to retire Rs 33,541 million of scheduled banks. The excessive borrowing is attributed to the soaring budget deficit. (Business Recorder)
The world today is highly imbalanced as of the six billion people, only one billion own 80 percent of the global gross domestic product (GDP), while another billion struggle to survive on less than one dollar a day. This is less than the subsidy given to cows by the European Union (EU), said acting President of Szabist Dr Javaid R. Laghari, while speaking at the third graduation ceremony of the institute here. In today's scenario, he said, rich countries spent only 56 billion dollars on development assistance, but spent 600 billion dollars only on defence (Business Recorder)
Commerce Minister Humayun Akhtar briefed Prime Minister Shaukat Aziz on Pakistan's strategy in talks with India on bilateral trade issues, besides latest offers made at the Joint Study Group (JSG) meeting headed by Commerce Secretaries of the two countries, After conclusion of the talks on tariff and non-tariff barriers, held at a hotel here, the Minister and Commerce Secretary drove to the Prime Minister House to brief the Prime Minister about the latest developments in the ongoing deliberations between the two countries, and future strategy to be adopted on bilateral trade, sources said. (Business Recorder)
Federal Minister of Industries and Special Initiatives, Jahangir Khan Tareen said the government is trying to pass on benefit of economic progress to common people of Pakistan. While talking to newsmen after inaugurating 'MARCON 2006', Tareen maintained that the government has launched two programmes ie Family Health Programme and Education Programme in the country's rural areas. Prime Minister, Shaukat Aziz is closely monitoring both the programmes, as two-third Pakistanis are living in the rural areas who are deprived of basic amenities while half of the children are not getting education in the schools. (Business Recorder)
27-03-2006
A seven-member delegation of Yiwu Municipal People's Government, China, headed by Ding Yunfeng, Director of Yiwu Conference and Exhibition Union, had a meeting with Talat R. Miyan, Acting Secretary, Board of Investment (BoI). Talat apprised the delegation of the economic policies being pursued by the government for promoting the investment in the country. He said over 600 foreign companies are operating in Pakistan and due to the liberalised and deregulated investment policies they are doing roaring business, reaping 50 percent profits and in some cases the profit rate is as high as 80 to 90 percent. Talat also said the Pakistan government allows full remittance of royalty, technical franchise fee, capital, profits and dividends and the foreign investments is fully protected. (Business Recorder)
President General Pervez Musharraf has said the government is striving to project soft image of Pakistan through promotion of culture, tourism and sports. He was addressing a large gathering here on Sunday at Mangla View Resort launching ceremony. He said the inauguration of Mangla View Resort will prove to be a milestone for promotion of domestic and international tourism. The President said the government has launched a series of projects to promote the tourism, including investment-friendly policies to encourage construction of hotels. (Business Recorder)
With it's economy on the upswing, Pakistan is a "good investment destination," Advisor to the Prime Minister Salman Shah says. "We need international investors to look into Pakistan as being a good investment destination," Dr Shah, who is heading a high-level team of Pakistan's financial manager, told reporters in New York. The team includes Advisor to the Prime Minister Dr Salman Shah, State Bank Governor Shamshad Akhter, Finance Secretary Tanvir Ali Agha and Director of Debt Management Ashfaq Hasan Khan. The News)
Stating that Pakistan has become the world's most surprising economic success story, the Newsweek in an article on Pakistan says, economic reforms have given the government money to invest in health and education and foreign investors are eyeing Pakistan for the first time. In a by-lined article 'Promise in Pakistan - What's behind one of the world's most surprising economic success stories?' Ron Moreau says the proof the success story is in the numbers. (Business Recorder)
The entire Italian loans to Pakistan will be written off after official ratification of the agreement made during the Pakistan-Italy Joint Economic Commission meeting in Rome. The JEC was convened following Prime Minister Shaukat Aziz's official visit to Italy last July where the two governments agreed to strengthen bilateral economic relations. The Italian government, during the meeting, agreed to cancel its official debt of about $90 million against Pakistan's earthquake related rehabilitation and reconstruction expenditures. (Business Recorder)
Pakistan and India will hold three-day trade talks in Islamabad from March 27, the commerce ministry said on Saturday. A 15-member Indian delegation headed by Commerce Secretary S.N. Menon will take part in the talks, the statement said. According to schedule the plenary session of second meeting of Pakistan-India Joint Study Group will be held on March 27 and third round of Composite Dialogue on Economic and Commercial Co-operation scheduled for March 28-29. (Business Recorder)
Prime Minister Shaukat Aziz has announced development package of Rs 2.8 billion for the district governments in Balochistan under Khushhal Pakistan Programme (KPP). All the districts of the province will get Rs 100 million each except Quetta City government that will receive Rs 200 million. Kohlu will not borne from the package as it has already been released Rs 250 million out of total Rs1.5 billion announced by the President for the district during his last visit. Shaukat made the announcement while addressing the district Nazims here at Chief Minister Secretariat. (Business Recorder)
Pakistan would easily achieve 3 billion dollars target of Foreign Direct Investment (FDI) during current financial year, said Director Pakistan Institute of Development Economics A.R. Kemal. In an interview with VoA, he said the government's investment friendly polices for the last five years has helped boosting the rate of FDI. He said Pakistan was effectively following its privatisation policy and after the privatisation PTCL government was considering to privatise KESC. Money received through these deals was also direct foreign investment, he remarked. (Business Recorder)
Federal Secretary Commerce and Trade Asif Shah said that the trade talks between Pakistan and India would begin with new ray of hope. He said the economic activities will be discussed, private channel reported. He said transit, aid and visa policies and many other economic reforms would come under discussion. He added that the shipping protocol which was recently approved and air links would also be included in the talks. He hoped that the trade activities between the two countries would be boosted. (Business Recorder)
Prime Minister Shaukat Aziz said that Pakistan was contributing to the reconstruction and development of Afghanistan, and its exports to that country had risen to $1.5 billion. Addressing the Balochistan Cabinet, he said that a stable Afghanistan "is in the best interests of Pakistan; that is why Pakistan is helping the brotherly neighbour country to achieve stability". However, he added that certain elements were trying to disrupt these close relations, which Pakistan would not allow to succeed. Referring to the Spin Boldak incident, in which some Pakistanis were killed at the hands of Afghan forces a few days back, he said that Pakistan had lodged a strong protest over it.(Business Recorder)
Femina Expo-2006 will create more awareness among women towards their health and beauty products standards in Pakistan, said Abdul Karim Memon, Chief Executive, Saba Promoters while talking to journalists. Women are half of our population and we cannot ignore their needs, he asserted. He further elaborated the prune objective of the Femina Expo-2006, which is giving basic information of new and standardised products and on the other hand introducing and highlighting those women who provided then services and running successfully industrial units. (Business Recorder)
In a move to further increase market penetration across Middle East and Africa region, global and regional digital leader LG Electronics has appointed K W Kim as the new President of its regional operations recently and plan to visit Pakistan shortly. Kim has taken over from K H Kim who has moved back to LG's headquarters in Korea as a consultant. Kim has joined LG's fast growing Middle East and Africa Operations from Korea where he was the vice president of LG's Digital Media Overseas Marketing Division Company. An LG veteran, he joined the company in 1982, Kim was responsible for the global success of LG's digital media products. (Business Recorder)
Prime Minister Shaukat Aziz has said that National Trade Corridor (NTC) improvement plan being actively followed by the government will streamline the logistics chain, reduce cost of doing business, improve competitiveness of products and help make Pakistan a regional hub of international trade. He was chairing the fifth meeting of National Trade Corridor here on Saturday in which the NTC Task Force chairman gave an overview of the program. (Business Recorder)
Planning and Development Division has strongly t spelled the impression created by certain media reports carried by some newspapers that funds utilisation under Public Sector Development Programme (PSDP) is not upto the required level. Clarifying the factual position he said, the main thrust of current policy initiatives has been on measures intended to ensure timely completion of PSDP projects within the sanctioned cost for achieving envisaged objectives. A spokesman of Planning and Development Division said that in keeping with this strategy, the size of PSDP which was 2.6 per cent a few years age, has been increased to 3.9 per cent in 2005-06. (Business Recorder)
Various avenues of mutual cooperation in the field of knitwear manufacturing between Pakistan and Sri Lanka were discussed. According to a Press release issued by Pakistan Hosiery Manufactures Association (PHMA), the Consul General of Sri Lanka, Ms Manel de Silva held a meeting with manufacturers and exporters of knitwear products. The Consul General informed that Sri Lanka had invested a lot in the development of human resources and that the education coupled with technical training had enhanced the productivity and efficiency of labour force in the knitwear and garment sector in her country. (The News)
22-03-2006
President General Pervez Musharraf unveiled the logo for Muslim Big, a business and investment gala at a ceremony held at Sindh Governor House. The event, being organised for promoting enlightened moderation strategy through trade and culture, is scheduled to be held on February 10 to 12, 2007 at Karachi Expo Centre. The event is being organised by Ecommerce Gateway Pakistan in collaboration with Islamic Chamber of Commerce and Industry, government of Sindh and City District Government Karachi (CDGK). This is the first international joint venture investment and trade fair in Pakistan. (Business Recorder)
Pakistan and the United Kingdom signed a letter of intent (LoI) to develop a long-term development partnership between the two countries, especially focusing on alleviating poverty and promoting development. Prime Minister Shaukat Aziz signed the LoI in Islamabad that was inked by his British counterpart Tony Blair in London. The agreement will cover UK grant assistance of 235 million pounds (approximately $400 million) over the period of three years. The development partnership between the government and the UK's Department for International Development (DFID) will target poverty alleviation, creating income-generating opportunity for poor and improving services delivery. (Business Recorder)
Pakistan has been described as the "most surprising economic success story," by prestigious Newsweek magazine as Prime Minister Shaukat Aziz told the publication the government will continue the reforms to sustain its phenomenal economic growth and face the challenges of globalisation head-on. In its latest issue, Newsweek talked to the prime minister on the country's expanding economy and also published a two-page article titled "Promise in Pakistan" to explain how the country, that was once isolated internationally and in the grip of deep recession, made a turnaround in the last six years. (Business Recorder)
President George W. Bush said the United States is "trying to negotiate" an investment treaty with Pakistan, "with the hopes of being able to eventually develop more trade with Pakistan." He said he believed that trade helped nations develop stability, and that "prosperity is achieved through trade." Bush said this during the question-and-answer session following his address to the Cleveland Club, Ohio. War on terror and "Operation Iraqi Freedom" was the subject of his address. He said it was "very important" for the United States "to stay engaged with Pakistan and encourage them." (Business Recorder)
Humayun Akhter Khan, Minister for Commerce, has said Pakistan and US want an early conclusion of Bilateral Investment Treaty (BIT). According to him liberalized import policy for vehicles should continue and his ministry would be the first to oppose if any proposal brought before the government for its reversal. Addressing a media briefing evening, the minister said the monetary policy remained much liberalized in this fiscal and mark up on loans also stood low. Besides, he added, rupee appreciated against other currencies, which encouraged imports. (The News)
The Federal government has decided to extend visa on arrival (VOA) facility to foreign businessmen, according to an official source here. The validity of VOA will be for 30 days and it will be non-reporting. Initially, this facility would be available to businessmen, hailing from 49 countries. According to the Director General, Immigration and Passport, Brigadier Mian Khalid Habib (Retd), the move is part of the business-friendly policy adopted by the government of Pakistan since February 1, 2005. The VOA would be granted to foreign businessmen on production of any of the following documents: (Business Recorder)
The four-day workshop organised by the Islamic Chamber of Commerce and Industries (ICCI) in co-operation with Islamic Development Bank (IDB), the Pakistan Smeda and E-Commerce Gateway Singapore concluded with adoption of a final report that lays down the road map for guiding Muslim women entrepreneurs in SMEs through access to learning and technology. The closing session of the workshop held at the Expo Centre, Karachi was addressed by the Assistant Secretary General of the Islamic Chamber Attiya Nawazish Ali who lauded the devotion of the participants from the Islamic countries in the workshop, where there was also good interaction among the delegates attending. (Business Recorder)
Privatization Commission (PC) has received 34 Statements of Qualification (SOQ) for pre-qualification purposes from strategic investors to divest 51% shareholding in Pakistan’s two Sui gas companies i.e. Sui Northern Gas Pipeline Company Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC). For each company, as many as 17 SOQs have been received. The major players include British Petroleum, Shell Gas and Power, PTT Thailand, Enbridge Canada, MOL Hungary, Mitsui Japan, Hanover USA, Tara Energy USA, Calik Energy Turkey, Premier Oil London, Bestway UK, Burhan Oil Services Kuwait, Abu Dhabi Group, Korea Gas, etc. Some of these companies have joined hands with local groups to form consortia while others have preferred to participate on their own. (Daily Times)
More than 500 local and international companies of garment, textile and leather machinery and accessories from 30 countries will participate in IGATEX-2006 at Karachi Expo Centre from April 26 to 29, said spokesman of the organisers. Sri Lankan minister of development and investment, Rohitha Bogollagama, would visit IGATEX 2006 and also participate in the roundtable conference along with many international textile machinery manufacturers associations. The roundtable conference would discuss the role of technology in the development of the textile industry in Pakistan and South Asia under free trade environment. (Daily Times)
Pakistan’s exports have registered a record figure of US$10.6 billion during eight months (July-February 2005-06), registering an increase of 19.7 per cent over the corresponding period of the last year, said Commerce Minister Humayun Akhtar Khan. Addressing a press conference here on Tuesday, he said the 20 per cent increase is higher than the 18 per cent growth target for the year 2005-2006. "It is expected that Pakistan will not only achieve its export target of $17 billion but is likely to exceed it as historically exports have been proportionately higher in the last quarter of the financial year i.e., between April and June," he said. (Daily Times)
The Russian businessmen and companies, through joint ventures, must increase their presence in Pakistan, which is in an ideal position to target Asian regional markets and where the return on investment is very high. This was stated by the Vice President of Karachi Chamber of Commerce and Industry (KCCI), Muhammad Naqi Bari during a meeting with the Consul-General of Russian Federation, Vitaly A Glinkin, Deputy Trade Representative, along with Viladimir Kozmenkov, senior export engineer, JSC Sterlitamak Machine Tool Enterprise of the Russian Federation; held in the Chamber. (The News)
The Privatisation Commission (PC) has received ten Statements of Qualification (SoQ) from qualified strategic investors for acquiring 51 per cent share in National Power Construction Corporation (NPCC) with management control, said a handout of PC on Tuesday. The investors with experience in handling large power projects on turnkey basis or consortia preferably in partnership with financially sound Pakistani companies interested in the transaction, were asked to submit their interest and SoQ latest by March 20, 2006. NPCC is a leading power projects construction company of Pakistan with major operation in the Middle East. (The News)
Pakistan plans to raise up to $1.25 billion through a two-part bond, a much bigger issue than expected, and some analysts said it was trying to take advantage of the cheap money sitting around to help cover its trade gap. Market sources familiar with the deal said the deal would comprise 10-year and 30-year tranches. Previously, sources had said Pakistan was planning to sell a 10-year global bond and rating agency Standard & Poor’s had said on Monday, when it assigned a B-plus rating to the transaction, that the offer was for up to $1 billion. Pakistan issued international bonds in 2004 and 2005, aiming in part to set a benchmark for investors. (Dawn)
Six ships carrying chemical and containers and to load rice are due to arrive at the outer anchorage, according to KPT sources. Berthing activity at the wharves was maintained on the higher side where half a dozen ships, including Hanjin Busan, MOL Asante and Thor Captain, to unload and load containers, Ocean Wave-1, to load rice, Champion Pioneer and Meriom Dream, to load molasses, were berthed. (Dawn)
21-03-2006
President General Pervez Musharraf has said the government is fully encouraging the foreign direct investment (FDI) and foresaw the total export would reach $18 billion during the current fiscal year. Speaking as chief guest at the Textile Asia 2006 Exhibition Gala Dinner at the Governor house, he said the policy of deregulation was paying dividends, as a result the country has witnessed unprecedented foreign investment. The President said during the last six years the economy has been transformed into a vibrant and dynamic state. The GDP, which was 60 to 65 billion dollars, is now touching the $135 billion mark. (Business Recorder)
Prime minister Shaukat Aziz has directed Zarai Taraqiati Bank Ltd (ZTBL) to recruit 500 officials in order to expand its outreach programmes and to assist the farmers with proper utilization and repayment of agricultural loans, according to a press release. The prime minister has said that officials should be recruited locally and on merit through open competition, the prevocational quota should be observed and the people belonging to less developed areas should be given due representation. Reviewing the performance of the ZTBL, at a meeting held at the Prime Minister’s House , the Prime Minister asked them to assist farmers in the use of technology for value addition. (Daily Times)
The World Social Forum (WSF) will be held here from March 24 to March 26. WSF is a gathering that is annually held in Porto Alegre, Brazil, and other world cities that are nominated by the WSF International Council. Founded in Porto Alegre in 2001, it sees itself as an antidote to the annual gathering of political and business elite at the World Economic Forum (WEF) in Davos, Switzerland. World Social Forum strongly believes in opposing globalisation, and wants both the corporations and the governments of the West to change their ways and do more for the people and nations of the developing world. (Business Recorder)
Spain will provide 10 million euros to Pakistan to strengthen its micro-finance programme. Pakistan and Spain discussed the modalities and the implementation of micro finance programme for assisting small projects to increase income in rural areas and boost the creation of the more jobs. Spanish ambassador Jose Mari Robles and Spanish Commercial Attaché, Francisco Alfonso in a meeting with Omar Ayub Khan, Minister of State for Finance here also deliberated on future economic co-operation between the two countries. (Business Recorder)
The government has named the 2600-km road from Gwadar Port to Afghanistan, China and Kyrgyzstan as 'Asian Highway'. The decision was taken in a meeting to review the status of roads connectivity to Gwadar. Prime Minister Shaukat Aziz was in the chair. Federal Minister for Communications Shamim Siddiqui and National Highway Authority Chairman Major General Farrukh Javed briefed the PM about the current status of the on-going projects. The Prime Minister directed the Ministry of Communications to ensure timely completion of the on-going road network projects aimed at providing better link to Gwadar Port. (Business Recorder)
The Ministry of Commerce has imposed a ban on the import of poultry, poultry products and live birds from Slovakia, Austria, Bosnia-Herzegovina and Germany where cases of bird flu H5Ni have been reported. In this regard, the ministry of commerce has issued a notification S.R.O. (I) 2006 through which it has amended the Import Policy Order 2005. With the inclusion of four more countries in this list, the number of countries stood 26 from where the import of poultry has been banned due to the reports of existence of H5N1 in these countries. (Daily Times)
Central Board of Revenue and Export Promotion Bureau are studying jointly the incentives that the Bangladesh government has offered to its export-oriented industries. A recent electronic correspondence between the two organizations, shows that an extensive study of duty drawbacks, SROs regarding utilities, cash incentives/subsidies, tax exemptions and tax holidays is being carried out at present. According to sources, hopes are high about the possible inclusion or some of such incentives in 2006-07 budget to facilitate local export-oriented industries.(Daily Times)
Abdullah Yousuf, Chairman, Central Board of Revenue has disclosed that as a major step towards combating under-invoicing of imported goods an agreement has been signed with Chinese Government to exchange import/export data electronically. Similarly, negotiations were being held with UAE Custom’s authorities for exchange of trade data in view of the complaints of mis-declaration of goods. He asked FPCCI to set up a task force to help in expanding the tax net. Addressing a delegation of FPCCI led by Chaudhry Muhammad Saeed, President, FPCCI he said that the proposed task force should coordinate with CBR so that the whole chain of whole-sellers, agents, transporters, retailers etc. working for major manufacturing groups are one by one brought under the tax net. (Observer)
Bilateral trade between India and Pakistan is estimated to have crossed one billion dollars so far in this fiscal year. While, illegal trade between the two countries have been reduced by 50 percent with implementation of South Asian Free Trade Agreement (Safta) and an opening up of rail and road linkages, industry body 'Assocham', said. The illegal trade, estimated to be two billion dollars in 2004-05, is projected to have come down to one billion dollars in February 2006, the chamber said in a release carried by Indian media. (Business Recorder)
Abdul Majeed Memon, Senior Vice President, Karachi Chamber of Commerce & Industry has observed that in present era of globalization the economic power has gained all importance to dominate political and diplomatic relations, in the world. Particularly, in the wake of WTO regime, all emphasis on enhancing more and more better trade relations between the countries of the world has become the order of the day. Therefore to grow more business relations, the exchange of trade related information through foreign missions of a country; through Chambers of Commerce and through various business forums is also gaining momentum. (Observer)
Imtiaz A. Rastgar, Vice Chairman / Chief Executive Officer, Engineering Development Board said that Engineering Development Board (EDB) has finalized its tariff recommendations for incorporation in forthcoming budget regarding trucks and heavy-duty vehicles. The government was ready to protect them so that they could play a leading role in future requirements of North-South Corridor. He stated this while chairing a meeting with the manufacturers. He underlined the importance of providing relief to the common man with the reduction of the prices so that people can enter in this trade on cooperative basis. (Observer)
The Government would soon introduce a special package of incentives for the Sialkot business community to boost and flourish it's exports, as this export-oriented city has assumed a model status after the development of local cottage industries. This assurance was given by Punjab Minister for Industries Muhammad Ajmal Cheema while addressing a meeting of local traders, industrialists and exporters. Sialkot District Nazim Muhammad Akmal Cheema was also present on this occasion. (Business Recorder)
National Technical Education and Vocational Training Authority (NTEVTA) would set up two polytechnic institutes besides two vocational training institutes one each for boys and girls in every tehsil to produce skilled workforce, said Ghulam Sarwar Khan, Federal Minister for Manpower and Overseas Pakistanis,. Addressing a function organised by the Rawalpindi Chamber of Commerce and Industry (RCCI) at a local hotel here, the minister assured full support to overseas employment promoters saying that they should come forward with open heart and mind. "A wrong move by any individual outside the country brings bad name to Pakistan, so we should realise our responsibilities", he added. (Business Recorder)
20-03-2006
Prime Minister Shaukat Aziz has said that development of the supply and logistics chain is critical for realising the country's full economic potential. He said this while talking to Patric Kennedy, CEO of SHV Holding, who called on him at Prime Minister House. Shaukat Aziz said with the growing economy like Pakistan's we need to further improve the supply chain by creating more efficient markets, seamless distribution systems and get products to markets in a timely and cost-effective manner. This will also help in reducing prices, he said. (Business Recorder)
No one is expecting the World Social Forum, that is to kick start on March 24, to generate type of dividends for Karachi that World Economic Forum does for Devos, Switzerland. Still corporate Pakistan considers the convergence of such a large number of people from across the world in Karachi to be a blessing in disguise. The event is expected to draw 10,000 participants from abroad. The direct economic gains are not expected to be significant as majority of participants of WSF do not seem to belong to spending classes. Businessmen of the city feel that the event would project the country’s soft image and help the economy indirectly by creating a supportive international business environment. (Dawn)
Chairman Central Board of Revenue Abdullah Yousuf has said scanning of export cargo at the Port Qasim destined for the US and other western countries will begin from December this year. Chairing the first session of a one-day meeting on "National Trade Corridor Improvement Programme" at Bahria Auditorium, he said the cargo scanning project would be funded by the US. On March 3 just before US President George W Bush’s visit to Pakistan, the CBR and the US government signed an agreement for installing scanning machines at main exporting points. (The News)
Federal Minister for Commerce Humayun Akhtar said that an investment of $10 billion was required to develop the National Trade Corridor (NTC) - to be established from Karachi to Torkhum. Inaugurating a meeting on NTC on the occasion of National Trade and Transport Facilitation Conference ñ 2006, he said that the World Bank had given a very positive and encouraging response on funding NTC. He said that action plan to implement the NTC programme would be ready by 2007. The National Logistics Corporation (NLC) had been assigned the task to establish four Border Trade Stations (BTS) - Wagah (Pakistan-India border), Sust (Pakistan-China border), Torkhum (Pakistan-Afghanistan border) and Chamman (Pakistan-Afghanistan border), he added. (The News)
The prime minister’s adviser on finance, Dr Salman Shah recently indicated that by the end of current financial year there would be an additional inflow of $2.2 billion on various accounts in the country’s foreign exchange reserves. The ministry of finance has accordingly revised upward the budgetary estimate of the overall trade deficit from $4.2 billion to $6.6 billion for the FY06. Nonetheless, the data now available for the seven months of the current financial year up to January 06 reveal that the trade deficit is at $6.496 billion. The issue needs an in-depth analysis. (Dawn)
The State Bank of Pakistan siphoned off Rs25 billion through the auction of Treasury Bills of three, six and 12 months against the target of Rs6 billion. Dealers said that the market was still liquid despite an outflow of such a large amount. The overnight rate was 7.25 per cent to 7.5 per cent at the close of the market. According to the Statement of Affairs of the State Bank of Pakistan, for the week ended March 11, 2006, both notes in circulation and those issued increased during the week. Notes in circulation stood at Rs806,454.691 million against the earlier week’s figure of Rs797,533.415 million, a rise of Rs8,921.276 million. (Dawn)
Federal Minister for Textile Mushtaq Ali Cheema inaugurating the third International Textile Asia Exhibition at Expo Center said the country would seek technological assistance from Chinese garment industry, which is considered the best garment manufacturer in the world. The garment manufacturing and export industries need modern machinery and technology to boost production he said adding that textile industry has made investment of $5.5 million in Balancing Modernisation and Repairs (BMR) and expansion of production capacities in the last few years.(The News)
Bilateral trade between India and Pakistan is estimated to have crossed one billion dollars so far in this fiscal year. While, illegal trade between the two countries have been reduced by 50 percent with implementation of South Asian Free Trade Agreement (Safta) and an opening up of rail and road linkages, industry body 'Assocham', said. The illegal trade, estimated to be two billion dollars in 2004-05, is projected to have come down to one billion dollars in February 2006, the chamber said in a release carried by Indian media. (Business Recorder)
Punjab Chief Secretary Salman Siddique has said that the present government was encouraging maximum public-private partnership and autonomous mode in the social sectors. He was talking to World Bank South Asian Regional Director for Human Development Julian Schweitzer who called on him here on Saturday, disclosed an official. The provincial Secretary Education was also present on this occasion. During the meeting, the on-going projects and reforms in education and health sectors were discussed in detail. (Business Recorder)
The Chairman Central Board of Revenue Abdullah Yousuf said the Board has taken steps in the right direction and now in the shape of positive macro indicators the country has something to be proud of and to show to the world that eventually Pakistan is heading towards realizing its true potential. In his keynote address at the two-day Asia Pacific Tax Conference he said during recent years of independence the country has seen quite a number of ups and downs and could not move forward the way a nation is expected to. However, it is heartening to note that after learning from our past mistakes, finally we have taken steps in the right direction. (Pakistan Times)
The modern era demands from women to play their role in building a strong and prosperous nation politically, economically and socially. This was stated by Dr Saeeda Malik, Sindh Minister for Women Development at a workshop on "Development of Women Entrepreneurship in OIC Countries. She said "this is a time of economic war and a country can overcome its foes with modern technology, better education, good leadership and talented human resource." She said that the Muslim world must utilise the talent of women in nation-building by facilitating the development of women entrepreneurship and enhancing cooperation among women of Muslim countries. (The News)
Pakistan has exit from IMF programmes, it is still not out of the neo-liberal coalition. As we move through more privatizations, more financial liberalization and more trade liberalization, it’s better to stop and ask someone who has crossed the road before us. No region has more experience of neo-liberal reforms than Latin America. When the neo-liberals took hold of US under President Reagan in early 1980s and started directing the Breton Wood institutions, Latin America was in no position to resist US pressures.. (Dawn)
The Islamabad Stock Exchange sent a detailed proposal to the board of the Karachi Stock Exchange for the establishment of a national market system which would link the trading systems of the three exchanges such that the orders of investors entered into any one exchange would be matched with those at any one of the other exchanges. The KSE board has been given till March 31 to respond during which time presentations have been made individually and collectively to major brokers and board members. The ISE hopes to persuade the Securities and Exchange Commission in a presentation on March 21.(Dawn)
15-03-2006
Commerce Minister Humayun Akhtar has said the government is considering providing freight subsidy to exporters shipping goods to Russia in a bid to give boost to exports. He was addressing the members of Pak-Russia Business Council at the Federation House. "Though freight subsidy scheme proves very expensive, it helps in increasing exports of some sectors like rice," he said. The commerce minister said there was no doubt that Russia had very big economy that was why Pakistan gave due importance to the country as a future trading partner while both the countries were also keen to come closer economically and politically. (The News)
Federal Commerce Minister Humayun Akhtar said that the tremendous trend of exhibitions had increased the country's exports and the target of $17 billion would be achieved easily this year. Speaking at the inaugural ceremony of two new halls at Karachi Expo Centre here, he said that 18 percent growth was required to achieve this target, while this growth was 20 percent in the first quarter of the current fiscal year. He said that more space would be available for exhibition after the expansion of Karachi Expo centre. (Business Recorder)
Commonwealth Society of Pakistan, affiliated with Royal Commonwealth Society UK organised Commonwealth Day 2006. The function was attended in large number by diplomats, intellectuals, luminaries and business leaders. The Chairman Commonwealth Society of Pakistan Dr Mirza Ikhtiar Baig, who has recently been appointed Honorary Consul General of Republic of Yemen at Karachi, in his concluding remarks stressed the need for sharing of information and data among 53 Commonwealth countries and increased bilateral trade and investment. (Business Recorder)
Pakistan is going to have hectic consultation with Asian Development Bank (ADB) for finalising modalities of a long awaited $42 million 'Federally Administered Tribal Areas (Fata) Rural Development Project' in Manila from March 20-21. That since 2002, the project signing has been delayed time and again due to some reservations by the governor's Secretariat-Fata, regarding design and details of the project, sources said. The project, which is to be launched in three northern agencies namely Bajaur, Mohmand and Khyber, has an objective to reduce poverty among the rural population by increasing income and employment opportunities through a mix of economic and social interventions. (Business Recorder)
ADB Senior Financial Sector Specialist Ranier Hartel and Dr Salman Shah, adviser to the prime minister on finance, held a meeting and discussed the modalities to speed up the process of infrastructure development on the basis of public-private partnership and SME sector development. State Minister for Finance Omar Ayub Khan and Finance Secretary Tanvir Ali Agha also attended the meeting. According to a press release the ADB had signed a loan agreement with government of Pakistan for $150 million to support SME sector. The first tranche of $35 million may be released in June this year. (Dawn)
Majority of the 25 members of European Union (EU) have given their consent in favour of a further cut in anti-dumping duty on imports of bedlinen from Pakistan. The voting took place late evening and according to a message from Brussels, 14 member states voted in favour of reduction as proposed in the final disclosure of the partial review announced in the third week of last month by the European Commission (EC). The EC imposed punitive duty of 13.1 per cent in early 2004, but on the intervention of Commerce Minister Humayun Akhtar it was immediately put for a partial review by the commission. (Dawn)
Minister for petroleum and natural resources, Aman Ullah Khan Jadoon said feasibility of Turkemanistan-Pakistan Gas Pipeline projects has been prepared while Iran-Pakistan-India Gas Pipeline project is also on track. Talking to newsmen after being briefed about the ongoing and future plans of SNGPL, he said ADB has declared the Turkemanisatn–Pakistan pipeline project completely feasible adding that India has also requested for its inclusion in this project. To a question about Iran-Pakistan-India Gas Pipeline project, he said, “There is no pressure and the project is vary much on the track. (Daily Times)
The Islamic Chamber of Commerce and Industry (ICCI), an affiliated institution of the Organisation of Islamic Conference (OIC), will organise a four-day seminar for women running small and medium enterprises from Saturday. According to a press release issued by the organisers the objective of the workshop is to provide the initiative for economic empowerment of women. The event would be parallel to the 3rd Textile Asia 2006, International Textile and Garment Machinery Show. It would provide an opportunity to the participants of the workshop to understand the textile industry of Pakistan. (Daily Times)
Islamabad Dry Port would be equipped on modern lines to facilitate the business community turning it into busiest trade spot of the country contributing greatly in the Pakistan economy, hoped Abdul Rauf, President Islamabad Chamber of Commerce and Industry in his statement. He said that Prime Minister Shaukat Aziz is an expert economist leading an excellent economic team. As a Finance Minster Shaukat Aziz had issued the directives to shift the Rawalpindi Dry Port to Islamabad and now after facing many stumbling stones the Islamabad dry port is operational which is indeed a gift of government for the traders and industrialists of Federal Capital, he said. (The Post)
Senate Chairman Mohammadmian Soomro has said that Pakistan has great potential of emerging as an economic hub in the region and is presently an attractive destination for the foreign investors. The Senate chairman pointed out that Pakistan was blessed with central and strategic location and offers shortest route to Central Asia, Western China and South Asia. Besides the above, it serves as a corridor for the potential investors/businessmen. He made these observations during conversation with Thomas Diehl, Chairman, DIEHL Group of Companies and Peter Grosch, President and Chief Executive Officer, DIEHL (VA-Systems) who called on him here on Friday. During the meeting, they discussed matters of common interest. (Business Recorder)
Told the senate on the steps being taken by the government for the development of the livestock sector in the country, including Balochistan province . Replying to a question during question hour from Mrs Kalsoom Perveen, he said the government and the European Union have jointly funded a six-year project costing Rs 1992.51 million to strengthen the livestock sector in the country. He said the project was started during September 2003 in which the share of Balochistan was Rs 221.82 million. The government is spending Rs 38.769 million on upgrading the Animal Quarantine Station in Quetta, he added. (The Post)
Plans for the launching of Airblue's flights to the United Kingdom were finalised at the quarterly marketing conference of the airline, held here last week. Airblue, Pakistan's fastest growing domestic airline, is all set to start its services to the UK as soon as it receives clearance from the Civil Aviation Authority (CAA). Airblue Chief Operating Officer Shahid Khaqan Abbasi, inaugurating the conference, said that one of the objectives was to review the station performances, discuss flights to the UK and new products to improve international passenger travel. (Business Recorder)
Trans Polymers, a UK-based company, will invest 1.3 billion Euro to set up naphtha cracker, polyethylene and polypropylene plants in Port Qasim area, Karachi. Officials told Business Recorder on Friday that the company has acquired land, and installation of plants machinery would begin in June, while production is likely to start in 2008. The plants will have production capacity of 310,000 tons per annum and would produce 80 percent, or 248,000 tons, in the first year, increasing it to 115 percent (360,000 tons) in the third year, thus meeting the entire demand of polyolefin in Pakistan, they said.. (Business Recorder)
15-03-2006
Outgoing Minister for Privatisation and Investment, Dr Abdul Hafeez Shaikh called upon the officials and workers of Board of Investment not to allow cynicism and play their vital role for promotion of investment and betterment of the country. Dr Hafeez stated while speaking at the farewell party arranged by the officials and employees of Board of Investment in his honour here at BOI auditorium. Minister of State for Investment Umar Ahmed Ghumman and Secretary BOI Jehangir Bashar also spoke on the occasion. (Business Recorder)
Prime Minister Shaukat Aziz said that Pakistan is now spending more on development than ever before, thanks to the additional fiscal space made available by efficient revenue collection and better debt management. Consequently, the overall poverty in the country has declined by 6.7 percent, and the unemployment rate for the current year has fallen to 6.8 percent, he said, and added that the expected GDP growth is close to 6.5-7 percent in 2005-06, which would be well within the growth target of 6 to 8 percent. (Business Recorder)
During the first eight months of the current fiscal year, Pakistan posted an all-time record of 7.43 billion dollar foreign trade deficit, representing almost 7 percent of the country's gross domestic product - and a steep increase over 3.4 percent of GDP just a year ago. In July-February 2005-06, the country's total imports stood at 18.01 billion dollar and exports 10.58 billion dollar, the Federal Bureau of Statistics (FBS) reported. The FBS data show that during the first eight months, trade deficit increased by 113.89 percent as compared to the corresponding period of the last fiscal (3.475 billion dollar). (Business Recorder)
The World Bank has advised Pakistan to prepare its business plan to take advantage of the current world-wide economic boom, They said that the Prime Minister's National Trade Corridor Task Force gave a briefing to the World Bank Vice President for South Asia, Praful C Patel, at the Planning Commission on its 5-year $6 billion transport sector improvement programme. (Business Recorder)
President General Pervez Musharraf said that Pakistan is marching ahead on the path of progress, stating the successful policies have led to a visible decline in poverty. Addressing a select gathering of local elite at Circuit House here, the President said that government had given a clear direction to the country, which was now making rapid progress due to comprehensive and co-ordinated strategies. (Business Recorder)
Pakistan and Canada while agreeing on the need to fully exploit their trade potential said they may soon start talks on a Free Trade Agreement (FTA). Prime Minister Shaukat Aziz and his Canadian counterpart Stephen Harper, who was on a brief visit to Pakistan, told reporters after their talks that they also agreed on measures to boost their political and diplomatic ties and discussed a whole range of issues. Aziz said there were many opportunities to increase trade and investment between the two countries from the current annual trade of around 600 million dollars and said the potential was much higher. (Business Recorder)
The draft of Trade Development Authority (TDA) to replace Export Promotion Bureau (EPB) is under preparation and would be submitted in the next meeting of the federal cabinet. EPB Chairman Tariq Ikram stated this while talking to newsmen after presiding over the meeting of the Expo-2006 Management Committee. To become functional, the Trade Development Authority could take a time from 1.5 to 2 years. As many as nine executive directors have been appointed to the TDA while two organisational and human resources consultants soon would be appointed, he said. (Business Recorder)
Sialkot, the export-oriented city of Pakistan, has developed a remarkable export culture and contributing 800 million dollars annually to the national exchequer, which is exceptional feat considering the small size and population of the city. The bank loan and tax default rate in Sialkot is practically zero-rated, which is proof of prudence and responsible attitude of the exporter community in its business dealings with the banks and foreign buyers. (Business Recorder)
Commerce Minister Humayun Akhtar Khan said on Tuesday that the export target for the year 2006-07 will be around $20 billion. “We would cross the target for next fiscal year as we had already acquired greater preferential market access for our products in various countries particularly, in the US, China and Sri Lanka,” the minister said. Talking to Dawn he said that the target of $17 billion set for the current fiscal year would be achieved easily. “The export proceeds will be in the range of $17 billion to $18 billion by the end of the current fiscal year,” he added. (Dawn)
The Planning Commission has asked the government to re-examine the policy of selling strategic assets in the energy sector to foreign investors because this may have far-reaching impact on country’s energy security, it is learnt. The commission believes that powerful international players were in competition to control as much of energy resources as possible due to the rising oil crunch and hence it would be advisable for Pakistan to give a comprehensive “re-look” at its policy of privatizing strategic energy sector assets. (Dawn)
The World Consumer Rights Day (WCRD) is being observed on March 15 in Pakistan and across the globe with a purpose to show solidarity with the consumer movement. The theme for WCRD 2006 is 'energy; sustainable access for all.' The Network for Consumer Protection has planned three major events to celebrate the day with due zeal and fervour and create awareness among masses on consumer issues. The day is being observed internationally since 1983 to promote the basic rights of consumers and demand their rights of being respected and protected. (Daily Times)
First Kenya Tourism Show, organised by the Kenya High Commission in Pakistan and the Pak-Kenya Friendship Association and Business Council (PKFABC) was formally inaugurated at a local hotel here. Sindh Minister for Sports, Youth Affairs, Culture and Tourism Qamar Mansoor and Mishi Masika Mwatsahu, High Commissioner of the Republic of Kenya in Pakistan jointly inaugurated the show. Speaking on this occasion Sindh Minister Qamar Mansoor said that in Kenya, tourism has been given the status of an industry and the Government of Kenya provides maximum facilities to attract foreign tourist in the country. Kenya was a best place for Pakistani tourists and it had relaxed visa restriction for Pakistani nationals, he added. (Business Recorder)
Provincial Minister for Trade, Industry and Investment, Muhammad Ajmal Cheema has said that export of leather products would jump to one billion dollars during the current financial year. Speaking at a seminar on the topic of "Role of PCSIR in the development of leather industry" at the PCSIR Lab, He said that Pakistan earned $883 million during the last fiscal year. He said the leather industry of Pakistan was booming as there was an increase of 115 per cent and 64 per cent respectively in the import of leather gloves and leather products. (Business Recorder)
Merrill Lynch Investment, one of the world’s largest investment management organisations, has shown interest to avail opportunities in Pakistan’s emerging mutual fund market. The interest was shown by the Managing Director of Merrill Lynch, David Graham called on Dr Salman Shah, Adviser to PM on Finance and Economic Affairs on Tuesday and described the investment climate of Pakistan favourable for foreign investment. Graham is currently visiting Pakistan to explore possibilities of investment including portfolio investment prospects in Pakistan. (The News)
14-03-2006
President Gen Pervez Musharraf says Pakistan will become a trade, investment and energy corridor for the entire region. Speaking at the foundation stone laying ceremony of the Lahore Expo Centre, the president said the country was rising and its economy improving fast. Pakistan would continue to rise to new heights and would develop as a trade, investment and energy corridor, he said. Speaking about the seven-point rapid export growth strategy given by the federal government in the trade policy for 2005-06, he said he would do his best to seek Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with countries like the US, China and others. (Dawn)
The UAE's national airline, Etihad Airways celebrated the launch of its three new routes to Islamabad, Lahore and Peshawar by hosting more than 100 dignitaries, business leaders and trade journalists from Pakistan. The Pakistani delegation was hosted by senior Etihad officials and regional managers at the Al Dar VIP lounge at Abu Dhabi International Airport , Regional General Manager, Asia Pacific Charles Phelps Penry said that Pakistan has the largest number of Etihad routes with 18 flights a week to four destinations, including the daily Karachi service which opened in November 2004. (Business Recorder)
Federal Commerce Minister Humayun Akhtar has said that negotiations for 'Bilateral Investment Treaty (BIT)' with the United States are on, and hopefully it will be finalised soon. The issue was also discussed with President Bush during his recent visit to Pakistan and he (Bush) called for its early finalisation, the minister claimed while talking to reporters. To a question about GSP (general scheme of preferences) with EU, Humayun said that under it, duty on Pakistan textile products had been reduced from 12 to 9.6 percent, on non-textile items to 3.5 percent and on some products it has been reduced to zero. About anti-dumping duty on bed linen, he said it had been curtailed from 13.1 percent to 5.8 percent. (Business Recorder)
The World Bank is holding the grand finale of the first Pakistan Development Marketplace on March 15, Wednesday, at the Convention Center in Islamabad. The Pakistan Development Marketplace, entitled Mazdoori Majboori Nahin, will support innovative ideas, which improve the lives of persons with disabilities and offer scale-up or replication potential. The competition will be open to the general public from 11am to 3pm.. (Daily Times)
The United Kingdom will provide 80 million pounds grant as budgetary support to Pakistan Poverty Reduction Support Programme in three years. A Memorandum of Understanding (MoU) to this effect was signed. Director General of UK Department for International Development Dr Nemat Shafik and Secretary Economic Affairs Division Khalid Saeed signed the MoU on behalf of their respective governments. Minister of State for Economic Affairs Hina Rabbani Khar also witnessed the signing ceremony. (Business Recorder)
The focus of the Organisation of Islamic Conference (OIC) would be on the development of least developed countries (LDCs) within the OIC during 2001-2010. According to details available here, the OIC's Task Force on the ways and means of implementing the programme of action in respect of LDCs discussed the subject at its meeting held in Jeddah from March 6 to 7. The inter-governmental experts group meeting was organised by the general secretariat of the OIC. (Business Recorder)
The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) stood tall by giving gracious Lahore Expo Centre to provincial metropolitan-Lahore. Its leadership which conceived the idea of Lahore Expo Centre in 2000, and then kept on following the plan vigorously for the years to come. The FPCCI conceived the idea of Lahore Expo Centre in 2000 by the then president Iftikhar Ali Malik. He is a brain behind the idea of having a world class expo centre in Lahore to meet its requirement to play a great role for exports and at the same time help close areas which have great potential to enhance country's exports. (Business Recorder)
The government is considering to revise upward the fiscal deficit target due to massive borrowing for budget financing as the annual credit plan has already touched Rs 109 billion in seven months (July-January) of current fiscal year against the target of 98 billion, sources told Business Recorder. They said that current account deficit, which is projected at $2.7 billion (2.2 percent of GDP), might also surpass $5 billion during the year against $1.9 billion (1.7 percent of GDP) of 2004-05. (Business Recorder)
Special desks have started functioning at all international airports in the country to issue visas to businessmen on their arrival, Immigration and Passports Director General Khalid Habib said. Businessmen from 49 countries will get visa on production of a recommendatory letter from the chamber of commerce and industry of the countries, he said. Visas will also be issued on production of an invitation letter from a Pakistani business organisation or a recommendatory letter from investment Consular of a Pakistan mission abroad. (Business Recorder)
Pakistan has got some relief from constant pressure as it has been asked to finalize the Geographical Indication (GI) Law by June 2007, a senior government official told the Daily Times. The government has already constituted a task force to finalize the GI, which is necessary for trade in Pakistani traditional products in the international market under the World Trade Organization (WTO) regime, said the official. Every member country of the WTO is required to have the GI. India and a number of other countries have already framed the law under which certain products, including Indian Basmati rice, were registered. (Daily Times)
The Rawalpindi-Islamabad Women Chamber of Commerce and Industry (RIWCCI) has been invited to visit Holland to apprise them of women’s role in Dutch economy and help them explore new business opportunities. The invitation has been extended by President of the Pakistan-Netherlands Chamber of Commerce and Industry Osman Gohar Khan Tareen, said a press release. The RIWCCI visit will be aimed at establishing business contacts with local businesswomen and promote their products in Holland and possible transfer of expertise. (Daily Times)
The three-day first Kenya tourism show in Pakistan begins today, March 14, 2006 with the inaugural ceremony scheduled for 10 am at the Pearl Continental Hotel Karachi. The tourism show has been organised jointly by the High Commissioner of Kenya in Pakistan and the Pakistan-Kenya Friendship and Business Council. The opening ceremony will begin with welcome address from Dr Mohamed Ahmed Mohamed, Chief Executive Officer of the Pak-Kenya Friendship Association and Business Council. There will follow the address by the High Commissioner of Kenya in Pakistan H.E. Mishi Masika Mwatsahu followed by the address by the Chief guest and followed later by the inauguration of the exhibition. (Business Recorder)
Governor State Bank of Pakistan has constituted two task forces to prepare new recruitment and corporate policies. Central bank sources said that at present more than 100 posts of officers were lying vacant at the State Bank. "These officers left SBP to join commercial banks for higher pay and privileges where chances of promotions and carrier advancement are bright," a source said. During 2001-2005, the central bank ran its operations without a human resource policy creating distortion and discontent among the middle and junior officers. (Daily Times)
11-03-2006
In the past three years privatization proceeds worth Rs 285 billion have been realized, which will further increase with the completion of the privatization process of more entities. State entities that are at a very advanced stage of privatization include the Pakistan Telecommu-nication Company, Pakistan State Oil and Pakistan Steel Mills Corporation. Dr Abdul Hafeez Shaikh, Federal Minister of Privatization and Investment, stated this while presiding over a meeting of the Privatization Commission Board. (Daily Times)
Prime Minister Shaukat Aziz said energy needs of the country were increasing by 10-12 per cent per annum. He was talking to CEO of British Petroleum Tony Haywar who called on him here at Prime Minister Secretariat, according to an official announcement. The premier said the government was trying to increase the energy capacity of the country both by developing the indigenous resources as well by increasing import. Mr Aziz said that negotiations were going on two gas pipeline projects Iran, Pakistan and India pipeline and the Turkmenistan, Afghanistan and Pakistan pipeline. “We are hopeful about the outcome of the talks,” the prime minister said. (Dawn)
A delegation of Japan International Co-operation Agency (Jica), led by Kenji Ishizuka, Deputy President Jica, visited the Technical and Vocational Training Authority (Tevta) Secretariat and held a meeting with Khalid Mahmood, Chairman of Tevta. Chairman Tevta apprised the delegation members about the role of his organisation in the industrial and economic development of the province through technical and vocational training. Various options and avenues for co-operation between both sides were also discussed. (Business Recorder)
A 22-member delegation of Pakistan Sri Lanka Business Forum, led by President Abdul Rauf Tabani, accompanied by Sri Lankan Consul General, Ms Manel De Silva, and consisting of industrialists and businesspersons will leave for a one-week visit to Colombo. Announcing this to the media, the Chairman of the Forum, Majyd Aziz, informed that this is the first-ever delegation of the Forum and that the delegation has a very busy agenda. (Business Recorder)
Akbar Abdullah, Acting President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) has called for signing of Free Trade Agreement between Pakistan and South Africa so that the potential of trade between the two countries could be fully exploited. He was talking to Daniel Jabulani Mavimbela, High Commissioner of South Africa who accompanied by Ghulam Muhammad, newly appointed Honorary Consul held meeting with FPCCI members in Federation House, Karachi. (Business Recorder)
Senior vice president of Karachi Chamber of Commerce and Industry Abdul Majeed Memon has urged the French companies to increase their presence in Pakistan. Welcoming Walid Otari, French commercial counselor, he underlined the need for a proactive liaison between the French commercial offices and the KCCI. He said the return on investment in Pakistan was very high and the companies operating here could easily capture Asian markets. (Daily Times)
A Brazilian oil and gas company - Petrobrass- will sign a joint venture agreement with Oil and Gas Development Company Ltd and Pakistan Petroleum Ltd for offshore oil and gas exploration at G-block of Thal region in Sindh province. G A Sabri, Director General Special Projects, Ministry of Petroleum and Natural Resources, informed newsmen about the agreement while attending an investment conference on the sidelines of International Trade and Industry Fair (ITIF) Asia being held at the Karachi Expo Centre. (The News)
Federal Minister of Water and Power Liaquat Ali Jatoi said Pakistan was vigorously pursuing a plan to establish power exchange grids on regional basis, especially covering the SAARC countries. Simultaneously, power import from and export to Afghanistan, India, Tajikistan and Kyrgyzstan are on the cards, which need skilled manpower. The minister said this while presiding over a meeting that approved and launched a training programme “Training and Talent Forming Plan for Power Sector” at a cost of 2.78 million US dollars. (Daily Times)
A large number of organisations operating in investment, insurance and modaraba sectors have recently invested in the equity of Systems Limited through a private transaction, said a press release issued. First International Investment Bank Limited, commonly known as Interbank, had advised and arranged the transaction. BRR International Modar-aba, International General Insurance Company of Pakistan (IGI), Pak Oman Investment Company (POIC), Shirazi Investment, Treet Corporation and First International Investment Bank are the investors. (Daily Times)
Habib Bank Limited signed an enterprise agreement with Microsoft Pakistan for using cutting edge and innovative technology to ensure security in bank transactions and develop effective systems for the organization. Habib Bank CIO Yousuf Nasir and Microsoft Gulf general manager Charbel Fakhoury signed the agreement. Charbel Fakhoury on the occasion said: “HBL will be able to use our new version that includes security technology in online banking, copyright and banking transactions, especially inter-bank transactions.(Dawn)
Pakistan and China have finalised certain modalities to enhance their existing cooperation in the field of fisheries.It was agreed that the governments of the two countries would exchange scientific/technical information and arrange visits of scientists, technical workers as well as personnel from private enterprises. Modalities of cooperation also include transfer of relevant technologies, training and study tours and encourage establishment of join ventures in fish processing, fish and shrimp farming. (The Nation)
Sindh Governor Dr Ishratul Ebad said that the government has taken several revolutionary steps to gain trust of foreign investors and ensure the safety of investment in the country. He was addressing the foreign guests, exhibitors and delegates of International Textile and Industry Fair (ITIF) 2006 at a networking gala dinner at Governor House. Minister for Privatisation and Investment Dr Abdul Hafeez Shaikh, Home Minister Rauf Siddiqui, City Nazim Syed Mustafa Kamal, lawmakers, diplomats, officials were also present on the occasion. (The Nation)
At last, the government has finalised the feasibility report, worth Rs 70.63 billion, to connect Gwadar port with the country's main rail network, it is learnt. According to the copy of the feasibility report, made available to Business Recorder, the project would also act as a vital link to Central Asian Republics, thus attracting the transit and transshipment trade. "We have come out with a feasibility report to construct a railway line from Gwadar, connecting it with the existing rail network," an official of the Ministry of Railways told this scribe. (Business Recorder)
Muslim countries need strong cooperation and relationship among each other in order to strengthen their political and economic growth, said Tan Sri Musa Hitam, former Deputy Premier, Malaysia. He was speaking at a dinner hosted by Federation of Pakistan Chambers of Commerce and Industry the other day. Hitam is heading a 10-member team of International Advisory Panel of World Islamic Economic Forum, which arrived in Pakistan to discuss arrangement of upcoming Forum in Pakistan. (Business Recorder)
Turkish Airlines and Pakistan International Airlines will start two flights in a week from Islamabad to Istanbul and further to Frankfurt and back to Islamabad beginning from March 30.An agreement signed on March 3, between Turkish Airlines and Pakistan International Airlines in Istanbul. As agreed, these flights will be Cod