NEWS FROM PAKISTAN

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NEWS of OCTOBER 2005

11-10-2005

CABINET COMMITTEE ON FUND RAISING FROM BUSINESS COMMUNITY FOR EARTHQUAKE RELIEF -APPEAL FOR HELP

Dear Sir,

Our country, particularly the Northern parts and Azad Jammu & Kashmir have been badly struck by an unprecedented calamity. Thousands of precious lives have been lost in this tragedy, many more are wounded and the rest are waiting for food, water, medicine and shelter.

The people of these regions need all the support from us. While the Government is trying to provide relief, it is important that all of us also contribute towards this national effort. The President of Pakistan has established a Relief Fund and the Prime Minister has constituted a Cabinet Committee for generating the support from the business community. This Committee includes related ministers such as Mr. Humayun Akhtar Khan, Minister for Commerce, Mr. Owais Ahmad Laghari, Minister for Telecom & Information Technology, Mr. Mushtaq Ali Cheema, Minister for Textiles, Mr. Jehangir Khan Tareen, Minister for Industries, Dr. Salman Shah, Advisor for Finance, Mr. Umar Ahmad Ghumman, Minister of State for Privatization & Investment, Mr. Hamid Yar Hiraj, Minister of State for Commerce and Mr. Umar Ayub, Minister of State for Finance. I have been tasked to act as the Coordinator of this effort.                         

We are requesting yourself to contribute towards the President’s Relief Fund (Account No. G-12130-President’s Relief Fund for earthquake victims -2005) or any charity of your choice. Some members of the Cabinet Committee may also be approaching you personally. It is however, requested to kindly keep the Secretariat of the Committee (by sending fax of your donation receipt) informed regarding your donation in the relief fund as well as charity, so that President and the Prime Minister of Pakistan are updated in this regard on daily basis. The Cabinet has also decided that the contributions of Rs. 1 million or above will be publicaly recognized.

Ministry of Privatization & Investment is working as unofficial Secretariat of the Committee and Mr. Tehsin Khan, Secretary, Ministry of Privatization & Investment shall be the coordinating Secretary, supported by the following officials:

Please feel free to contact us for any further information.

Best regards and thanking you in anticipation for your support

Yours sincerely,

Dr. Abdul Hafeez Shaikh

03-10-2005

Malaysian Works Minister Samy Vellu called on Prime Minister Shaukat Aziz and discussed with him matters relating to bilateral ties between Pakistan and Malaysia. Shaukat Aziz briefed the minister on the efforts in Pakistan to build the country's infrastructure to meet growing demands of an expanding economy that posted 8.4 percent growth in the last fiscal year. (Business Recorder)

Prime Minister Shaukat Aziz said that the Early Harvest Programme, Pakistan and Malaysia signed on Saturday, will give incentives to their exporters to increase trade and do more business with each other. (Business Recorder)

Pakistan is a country offering vast opportunities for Investment as it offers liberal, conducive and profit earning environment for investors to exploit these opportunities and make maximum investment in the country. Chairman Board of Investment (BoI) Waseem Haqqie said while speaking on second day of “Pakistan Specific Week Catalogue Show”. Chairman BoI said the government is committed to facilitate businessmen to encourage investment. It has introduced a number of reforms in the investment sector removing all hurdles and providing maximum facilities to businessmen. He called upon the Saudi businessmen to visit Pakistan to examine to explore opportunities for making investment. Pakistan has opened all sectors for investment and ready to provide maximum facilities for doing business. Haqqie said over 600 foreign companies were doing business in the country and of which 200 are foreign. They are doing business in a fair and free environment and earning huge profit. (Pakistan Observer)

A high level Pak trade delegation, currently attending the World Islamic Economic Forum in Petlaing Java, Malaysia, stressed to foster effective partnership among the Muslim countries which could promote sustainable economic and social development. Tariq Sayeed, leader of Pak trade delegation speaking at a session on “ Arab-Asia-Africa Synergy: Opportunities for enhanced business and economic co-operation” said Arab countries, Asia and Africa each demonstrate the rich culture, history, heritage and beauty of their cultural diversity. (Pakistan Observer)

The Romanian Secretary of State and Deputy Minister of Economy and Trade Ionel Mantog has said that the Pakistani businessmen can have access to major European markets through setting up business in Romania as it has preferential trade arrangements with all European Union (EU) members. It will provide all facilities to the Pakistani investors. (Business Recorder)

Punjab Chief Minister Pervaiz Elahi has announced that all middle schools in the province would be upgraded to the level of high schools within the next 3 years, while more than Rs 7 billion would be provided to promote industrialisation to create 1.5 million jobs and improve health facilities in Faisalabad. (Business Recorder)

The government is preparing an Action Plan for 'Private Sector Participation in Infrastructure Sector Development Program", which will be launched with the financial assistance of Asian Development Bank. (Business Recorder)

With foreign assets of 59 billion dollars, Hutchison Whampoa, located at Hong Kong (China), continued to lead the 50 top transnational companies (TNCs) owned by developing countries. This formed 25 percent of the total assets of these 50 TNCs. (Business Recorder)

The Pakistan Television Corporation (PTV) earned a record revenue of Rs 2.2 billion, which includes the highest advertisement income of Rs. 600 million. (Business Recorder)

The Asian Development Bank (ADB) has committed $50 million (Rs 3 billion) for projects in diverse segments of the economy in the coastal zone of Sindh. (Business Recorder)

01-10-2005

President Pervez Musharraf has directed the Board of Investment (BOI) to formulate a comprehensive report on availability of total land to be utilized for investment purposes in the country. President had strongly noted the nonavailability of land for investors, particularly, the foreign investors. He asked for early report on the issue of land availability and in this regard Secretary BoI has been assigned the task to prepare the report with coordination from provinces and other related government departments. (The Nation) 

Prime Minister Shaukat Aziz invited the Korean industrial giants, Samsung, Daewoo and Hyundai to avail the vast investment opportunities in Pakistan and join hands in developing the country's mega infrastructure projects. (Business Recorder)  

Prime Minister Shaukat Aziz and Korean President Roh Moo-hyun exchanged views on bilateral relations and regional and international issues, including North Korea, Afghanistan, Iran, Iraq and Pakistan-India peace process. The Korean President congratulated Shaukat Aziz on the economic strides that Pakistan has made during the last six years, while particularly referring to the robust economic growth witnessed during the last fiscal year. (Business Recorder) 

Prime Minister Shaukat Aziz arrived Malaysia after wrapping up an official visit to South Korea. In Malaysia, the Prime Minister will hold talks with his Malaysian counterpart, meet former Prime Minister Mahatir bin Muhammad and will be a keynote speaker at the World Islamic Economic Forum being launched in the capital Kuala Lumpur today. PM Shaukat Aziz said that he would discuss further co-operation between the two countries, security issues in the region, trade and economic ties, OIC revitalisation and other matters of mutual interest in his talks with Prime Minister Ahmed Abdullah Badawi. (Business Recorder)  

The Privatisation Commission (PC) has invited the top three bidders for a final round of the bidding for the sale of assets of Bolan Textile Mills Machinery (BTM) on today. The Privatisation Commission has taken the decision following the approval of the Cabinet Committee on Privatisation (CCOP) chaired by Prime Minister. (The Nation) 

Adviser to Prime Minister of Bangladesh and Executive Chairman Board of Investment, Mahmudur Rahman, called upon the Pakistani investors to set up joint ventures in Bangladesh to take benefit of duty-free access to the European Union. Speaking at a meeting with the members of Karachi Chamber of Commerce and Industry, Mahmudur Rahman said that Bangladesh is a least developed country due to which it enjoys the duty-free export to European Union and other countries. (The News) 

Every time one talks or listens to an Indian official one gets the impression that while the Indians are extremely keen to open up trade with Pakistan, the reluctance to do so lies at our end. It is the Pakistani businessman who feels insecure and lacks the confidence to compete with his Indian counterpart. While this may be true to some extent, there are a lot of business houses in Pakistan which think otherwise and believe that, given the right support by the Government of Pakistan, they will gain with the liberalisation of the trade between the two countries and not lose. In fact such a step will be a boon for the Pakistani businesses - a blessing in disguise. (The Nation) 

Pakistan had obtained 500 million dollars interest-free loans from the World Bank in last financial year. In 2004-05, the country had received a total of 847.40 million dollars different loans from the World Bank. (The Nation) 

The federal government has issued 14 licences to foreign deep-sea trawlers mainly from China and South Korea for fishing in Pakistani territorial waters till the next season. Sources in seafood business said the ministry of food, agriculture and livestock inspired by the rising seafood export by foreign operators had invited foreign parties, planning to catch seafood within Pakistani waters under the Fishing Policy 2001. (Daily Times) 

The 15th Ministerial Council meeting of the Economic Co-operation Organisation (ECO) will be held in Astana, Kazakhistan Today. The Minister of State for foreign Affairs Makhdoom Khusro Bakhtiar will lead the Pakistan delegation in the meeting. (Business Recorder)  

Foreign Minister Khurshid Mahmood Kasuri said 'economic diplomacy' had become integral part of Pakistan's foreign policy, and efforts were underway to increase the country's exports by properly using services of Pakistani foreign missions. He stated this after the opening ceremony of Honorary Consulate of Philippines in Lahore. (Business Recorder) 

Visiting Japanese expert Sato Kazuchika has said exports from Pakistan could be increased significantly by improving the quality of products, and enhancing productivity in industrial sector. (Business Recorder)

Romania is planning to make big investments in Balochistan, particularly in Hub and other parts of Lasbela district. This was stated by Ionel Mantog, Deputy Minister for Economic and Commerce of Romania and leader of the Romanian delegation during a visit to Lasbela Chamber of Commerce & Industry. (Business Recorder) 

Prime Minister Shaukat Aziz will inaugurate World Islamic Economic Forum at Sunway Pyramid Convention Centre today. (Business Recorder) 

An Iranian group has offered City District Government Karachi (CDGK) to invest $200 million in elevated roads infrastructure in Karachi. "The local partners of group have held a number of meetings with Karachi city government officials. (Business Recorder)

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