NEWS of APRIL 2006
10-04-2006
Minister for Privatisation, Investment and Information Technology Sardar Awais Ahmad Leghari Sunday said privatisation process of more than 50 organisations including PSO, SNGPL, SSGPL would be gradually completed soon. Various measures were being taken to further fine tune the privatisation policy. The privatisation process of organisation were being conducted in a transparent manner by taking all stakeholderd into confidence, he told Geo TV. The share transfer process of PTCL would be completed by April 12. The whole privatisation process of Pakistan Steel Mills Corporation (PSMC) would be completed within two months. (Observer)
Prime Minister Shaukat Aziz predicted a very prosperous and industrial Pakistan in the next five years. He was addressing the participants at Kahoon Valley here after laying foundation stones of three cement plants and one paper mill. The cement plants will bring in $500 million foreign investment and create employment opportunities for around 50,000 people. The prime minister also performed a ground-breaking to provide natural gas to the industrial units and adjoining areas. (Business Recorder)
Adviser to Prime Minister on Finance, Revenue, Economic Affairs and Statistics, Dr Salman Shah urged the Japanese businessmen and financial institutions to take advantage of the investment opportunities available in Pakistan. While addressing the Pakistan Investment Seminar in Tokyo, Dr Shah said the country's economy which was afflicted with stagflation six years ago came out as the second fastest growing economy of Asia by virtue of strong commitment to reform agenda, a message received here on Saturday from Tokyo said. (Business Recorder)
A Swedish firm known as Better Life Scandinavia INTL, dealing in nutrition and weight management products, will soon launch weight-reducing shake to help fight obesity and burning extra fat in the human body. In this regard a pre-launching ceremony of food supplement was held here on Saturday night. Addressing on the occasion, the Punjab Minister for Mines and Minerals Syed Sibtain recounted negative impact of obesity on human body that causes diabetes, hypertension, cardiac and other health problems. (Business Recorder)
The 24th 'Afact' steering committee meeting, being organised by E-commerce Gateway and hosted by E-commerce Resource Centre, will be held on April 10 and 11, 2006, in Lahore. The meeting will be attended by foreign delegations from China, Japan, Thailand, Vietnam, USA, Switzerland, Philippines, Singapore, Malaysia and India. 'Afact' (Asia-Pacific Council for Trade Facilitation & e-Business) aims to promote the commitment and development of trade facilitation. (Business Recorder)
National Assembly Speaker Chaudhry Amir Hussain has said that due to business-friendly policies of the government the pace of activities has further been accelerated in every sector of the economy in the country. A large number of foreign investors as well as overseas Pakistanis had showed their willingness for investing in different industrial fields in Pakistan, he added. Talking to reporters, the speaker said that in order to further intensify economic activities, the government would soon initiate "One village one product" programme. (Business Recorder)
An 11-member Australian delegation comprising mango specialists, supply chain experts and post harvest professionals are visiting Pakistan in connection with Australia’s Agriculture Sector Linkage Programme (ASLP) in order to create linkage and joint activities between institutions. The delegation arrived here on March 27 to study issues, problems and opportunities in the mango industry. The Sindh Abadgar Board (SAB) hosted a dinner in honour of the delegation on Friday night at the residence of Mahmood Nawaz Shah, Secretary General of the Board. ( The News)
Saudi Arabia's Capital Market Authority will split the shares of the respective companies to help the National Bank of Pakistan (NBP) in selling its stakes in Al-Jazira, increasing the float of the Bank. The plan has been approved by the Saudi Authority, and is aimed at attracting foreign investment in its bourse. The regulator would cut the face value of Saudi shares to 10 Saudi riyals, from 50 riyals, allowing stock splits, according to information reaching from Saudi Arabia. (Business Recorder)
Dost Steels Ltd on Saturday celebrated financial close of its $50 million re-rolling plant being established at Bhaipheru, District Kasur of Punjab. The plant that is supposed to add 300,000 tonnes of steel bars annually to total domestic production, will start commercial supplies from February 2007, CEO Dost Steels Jamal Iftikhar told a financial close ceremony here. A consortium of local banks has financed initial investment, including long-term debt as well as equity, which will be generated through a public offering some time later, he briefed. (The News)
07-04-2006
The pre-qualification process of investors interested in Pakistan’s two gas distribution companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC), is expected to be completed by the end of current month. According to a spokesman for the Privatisation Commission (PC), Awais Leghari, Federal Minister for Privatisation and Investment has directed the concerned officials to come up with a realistic framework to ensure timely completion of the transaction. (The News)
Pakistan and Yemen will discuss enhanced co-ordination in fighting terrorism, boost co-operation in higher education, tourism and media, during the visit of Yemen President Ali Abdallah Salih to Pakistan. Yemen's ambassador to Pakistan Abdul-Elah Hajar addressing a press conference here on Thursday said the two sides were expected to sign bilateral agreements on expanding tourism, higher education and media co-operation during the visit, beginning from April 10. It will be the first visit by a Yemenese head of the state to Pakistan since 1978. President Saleh arrives in Islamabad on April 10, on a two-day visit. (Business Recorder)
Sri Lanka has asked Pakistan government to start a Colombo-Karachi ferry service and liberalise air services during President Mahinda Rajapakse's recent state visit to neighbouring country, a senior minister said. "At the moment, there are three flights a week to Pakistan from Sri Lanka, and two flights from Pakistan to Sri Lanka," Aviation Minister Mangala Samaraweera told journalists. "We have asked for daily flights to Karachi and main cities in the line of open air services agreements we have with Singapore and Maldives. (Business Recorder)
The European Union has offered a tariff rate quota on Pakistan’s bedlinen exports to its member countries in order to reduce the impact of anti-dumping duty on the export of the commodity. Well-placed sources told Dawn on Wednesday that the EU had initially offered around 35,000 tons yearly quota for the export of bedlinen to the EU states. Pakistan’s export of bedlinen to the EU-member countries was in the range of around 60,000 tons. With the definitive 13.1 per cent anti-dumping duty, Pakistani bedlinen attracted customs duty at the rate of 25 per cent (13.1 per cent anti-dumping duty and 12 per cent normal duty earlier exempted under the GSP scheme) from January 1, 2005 in the EU markets. (Dawn)
Pakistan and China have agreed to scale down customs duty to zero per cent on 1,253 tariff lines latest by January 1, 2008 under the Early Harvest Programme (EHP) agreement to increase the volume of bilateral trade. Commerce Minister Humayun Akhtar Khan told a press conference here on Wednesday that the EHP a list of items for bringing customs duty to zero prior to negotiations and conclusion of a free trade agreement (FTA) was signed by the prime ministers of Pakistan and China on Tuesday, which would be effective from January 1, 2006. (Dawn)
Pakistan and China signed a number of agreements in the fields of trade and investment and also agreed to establish a Joint Investment Company (JIC) in Pakistan to realize full economic potentials of the two countries. The agreements were signed by Adviser to the prime minister on finance Dr Salman Shah and Chinese Commerce Minister Bo Xilai on the conclusion of four-day 12th Pak-China Joint Economic Commission (JEC) meeting here. Minister of State for Finance Omar Ayub Khan and Minister of State for Economic Affairs Division Hinna Rabbai Khar were also present on the occasion. (Dawn)
A high-level US delegation is arriving here in the third week of May to hold the final round of talks for signing a bilateral investment treaty (BIT) with Pakistan. That before the US delegation, a German delegation would arrive here in the first week of next month to discuss and sign a new BIT with Pakistan. So far the issue, sources said, had not been finalized because of the persistent demand by Germany to have a level-playing field for its investors in Pakistan. (Dawn)
The President of National Bank of Pakistan, Syed Ali Raza announced that the bank has plans to start business operations in Saudi Arabia and India. He said, "NBP’s vision is to be a financial supermarket, truly dedicated to benefit the shareholders, customers, employees and the nation as a whole." Addressing the 4th batch of management trainees, undergoing induction course at the bank’s staff college in Islamabad, he said the bank had been inducting high-caliber qualified people - both male and female - from the market through a transparent process regularly since 2003. (The News)
The Privatization Commission (PC) has received ten Statements of Qualification (SoQ) from strategic investors or their consortia interested in acquiring 56 per cent interest in Faisalabad Electric Supply Company (FESCO) including the management control. This is in addition to the three already pre-qualified parties who have reaffirmed their interest in the transaction. FESCO is first and one of the best distribution company being offered for privatization. The PC invited fresh EoIs on February 22, 2006.(The Dawn)
06-04-2006
Federal Minister for Information Technology Awais Ahmad Khan Leghari said the country did not lag behind in respect of IT talent which could make waves in global IT industry. He was talking to a delegation of Cisco Systems, a US multinational, currently visiting Pakistan to recruit six Pakistani computer science graduates to train them for over a year in their graduate training program in Amsterdam. He said the Ministry of Information Technology had already spent Rs200 million to provide 60 scholarships to promising university students for MS and Ph.D programmes abroad. (The News)
Around 15 Italian textile machinery manufacturers have confirmed their participation in IGATEX 2006 exhibition, commencing from April 26 to 29 at Karachi Expo Centre. A leading importer of textile and leather garments machinery, Abdul Quddus Ghouri, said Italian machines are well-known and much appreciated. Pakistan imported Italian textile machinery worth around 73 million euros in 2005. He said Pakistan needed to improve quality of its textile products. The complete elimination of import quotas in 2005 has affected Pakistani exports, so it is high time for this sector to bring improvements through investments in production processes. (Daily Times)
Gwadar Port will be operational after the completion of dredging in June this year and the President General Pervez Musharraf will inaugurate this port, said senator Babar Khan Ghauri, federal minister for ports and shipping. “Dredging of the navigational channel at 14.5 draught will be completed in June this year,” the minister said. “The work on other chain facilities was also in final phase.” “We would finalise the selection of private port operators within one month to start port operations after two months,” he said. Talking to the media after inaugurating the media cell set up at Pakistan National Shipping Corporation (PNSC) building, the minister said the government is expecting a huge foreign direct investment through Gwadar port. (Daily Times)
The United States attributed the economic turnaround in Pakistan to the government's reforms based on deregulation and privatisation. US Assistant Secretary of State for South and Central Asian Affairs Richard Boucher said this during separate meetings with the Senate Chairman Mohammadmian Soomro and the National Assembly (NA) Speaker Chaudhry Amir Hussain here at the Parliament House. During the meeting, Soomro and Amir briefed the US senior diplomat about the working of the Parliament and democracy. Boucher lauded the legislation against money laundering and drug-trafficking. (Business Recorder)
Pakistan and Bangladesh should set a target of one billion dollars for bilateral trade. This was proposed by President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Chaudhry Muhammad Saeed, during a meeting with Bangladeshi trade delegation, which is on a visit to Karachi on the occasion of Expo Pakistan. He said that despite close relations and common history, the bilateral trade between the two countries stood at only 2.5 percent of the intra-regional trade because of the lack of communication. (Business Recorder)
Adviser to Prime Minister on Women Development, Senator Nilofer Bakhtiar announced that a Women’s Expo will be organised here from April 13 to 16 with representation from all the four provinces. Addressing a news conference, she said Pakistani women are making significant progress in every sphere of activity. Present government believes that there is a great need to portray positive side of our women such as their participation and contributions in various walks of life, she added. (The News)
Lahore Chamber of Commerce and Industry (LCCI) joined hands with UK-Pak Chamber of Commerce and Industry for the promotion of business activities between the two countries. Both the chambers inked MoU in this regard in the presence of a large number of businessmen from both sides. LCCI President inked the MoU on behalf of Lahore Chamber of Commerce and Industry while Samiullah Khan represented UK-Pak Chamber of Commerce and Industry. LCCI Senior Vice President Abdul Basit and Vice President Aftab Ahmad Vohra were also present on the occasion. (The News)
Pakistan has invited Kenyan tea processors to set up tea processing, blending and packaging units at the Karachi Export Processing Zone and Gwadar for re-export purposes. Roving Ambassador to Sub-Saharan Countries, Hameed Asghar Kidwai in two separate meetings with the East Africa Tea Traders Association (EATTA) in Nairobi and Kenyan tea traders in Mombassa recently informed them about the present government’s liberal economic policies and various incentives offered to foreign investors in export processing zones. He persuaded Kenyan investors to set up tea processing units. (The News)
Adviser to Prime Minister on Finance, Dr Salman Shah expressed the hope that privatisation worth $10 to $15 billion would be made in next five years. There is power sector, oil and gas sectors and there are a lot of shares of banking and telecom sectors which would be brought in market gradually, Salman Shah told a private TV channel. He Said efforts were being made to further deepen the stock markets to ensure better float in them. The expansion of business in stock markets would help attract substantial amount of international portfolio investment, he added. (Business Recorder)
Romania is interested in joint venture with Pakistan in textile, dairy farming and plastic industry this was disclosed by the members of Romanian trade delegation which headed by Grigore Craciunesch President Palo-Romania Parliamentary Friendship Croup met with Federal Minister for Textile Industry, Mushtaq Ali Cheema in Islamabad, Secretary Textile Industry Syed Masood Alam Rizvi was also present in the meeting. (Observer)
The products, manufactured in the earth quake-hit areas will be given duty free access to the US markets, said US ambassador to Pakistan Ryan C Crocker here. According to a private channel, he said the step would help flourish industry in the quake affected areas. Appreciating the steps Pakistan took in the quake affected areas he said," Pakistan showed excellent performance as a nation, which would be remembered over a long period. (Business Recorder)
In order to encourage investors in the capital market, the Securities and Exchange Commission of Pakistan approved substantial reduction in the Central Depository System (CDS) tariff structure. The SECP had asked the Central Depositor Company (CDC) to revise the CDS tariff structure with the main objective to reduce the cost of transacting securities business to encourage investors in the capital market, particularly the small investors. The SECP had appreciated and thanked the CDC Board for acceding to its request for the downward revision in the CDS tariffs. (The Dawn)
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