NEWS of NOVEMBER 2005
19-11-2005
Federal Minister for Privatization and Investment Dr Abdul Hafeez Shaikh appointed a committee while reviewing the privatization process of the Pakistan Steel Mills Corporation at a meeting with Federal Minister for Industries, Production and Special Initiative Jahangir Tareen. The committee comprised representatives from the Privatization Commission, Ministry of Industries, Production and Initiatives and the Citigroup. The committee will undertake a ground check of the area being considered for a core steel plant and ancillary facilities and recommend areas required for operation and expansion of the entity. (Dawn)
Indian Prime Minister Manmohan Singh said creation of a free trade area in South Asia would more than double the size of the market in the region within two years. Addressing business leaders from Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka, Mr Singh tried to reassure smaller neighbours that South Asian Free Trade Area (Safta) would be beneficial. “The need for implementing Safta cannot be over emphasised,” Mr Singh said. (Dawn)
The ongoing dispute over PTCL deal has impacted negatively on rupee-dollar parity as the shortage of dollars compelled the State Bank to pick up the greenback from the market for several payments which it held in the hope of receiving a large amount of dollars in the wake of maturity of the deal. Market sources said the State Bank was vigorously buying dollars from the market for the last one week that pushed the dollar rates up against the Pakistani rupee in both inter-bank and open markets. Etisalat has to pay $2.598 billion against the purchase of a 26 per cent stake in PTCL but failed to make payments, and despite continued efforts by the government the deal is still far from the completion. (Dawn)
Russian Federation Deputy Trade Representative Stanislav B. Ovsyannikov has called upon Pakistani entrepreneurs to explore the untapped Russian market. He said the Russian market had a lot of potential for genuine businessmen and Pakistani products could get the right place in it owing to their good quality. He said Pakistani and Russian businessmen could also start joint ventures in their respective fields and take bilateral trade to new heights through sector specific efforts. “Russia has also a lot to offer to Pakistan for technical upgradation of its industrial units. (Dawn)
US Assistant Secretary of State for South Asian Affairs Christina Rocca met the representatives of the Pakistan’s gems and jewelry industry in Lahore recently aimed at providing assistance and increasing efficiency of gems and jewelry industry. The United State Agency for International Development (USAID) is helping increase competitiveness of key Pakistani industry through the project called Pakistan Initiative for Strategic Development and Competitiveness. This industry includes Gems and Jewelry, Dairy, Marble and Garnet. (The News)
The ministry of industries and production has strongly advocated trade liberalization with India either based on granting Most- Favoured Nation (MFN) status to India or trade under the South Asian Free Trade Agreement (SAFTA). The ministry said this in its report entitled “Towards a prosperous Pakistan: A Strategy for Rapid Industrial Growth”. The report is subject to changes by the ministries concerned and other stakeholders. (Daily Times)
Prime Minister Shaukat Aziz said that due to structural reforms the economy has significantly stabilized and claimed that Pakistan was now the second highest growing economy in Asia. He was talking to a delegation of International Textile Manufacturing Association, headed by Herwing Strolz, at prime minister house. The delegation comprised members from Switzerland, Brazil, India, Italy, Taiwan, USA, Germany and Pakistan. Referring to improvement in the economic sector, Mr Aziz said it had happened due to continuity and consistency of the reforms introduced by the government. (Dawn)
The European Union, as part of its framework of economic cooperation, has initiated the EU-Pakistan SPF (Small Projects Facility) to improve bilateral relationships and mutual visibility by promoting and supporting innovative projects in the field of governance and administrative reforms. The first call for financing attracted 60 applicants out of which only 15 were short-listed and later the Association of Chartered Certified Accountants (ACCA Pakistan) was selected as one of the only two projects, to be offered financing by the EU. (Dawn)
Commercial activities within South Asia region were not viable at desired level without resolution of Kashmir issue and infrastructure development. This was stated by President Federation of Pakistan Chambers of Commerce and Industry Chaudhry Muhammad Saeed and its former chief, Tariq Sayeed while speaking at the SAARC Business Leaders Forum, held in New Delhi on November 17 and 18. (The News)
A seamen’s conference in Indian city of Chenai has called upon South Asian countries including Pakistan and India to promote peace and free trade to create more jobs in the shipping sector of the region. The participants of the seven-day conference of Intl., Committee for Seamen’s Welfare (ICFSW), in the concluding session, noted that by starting a ferry service between Asian ports, they could create thousands of jobs for seamen. (The News)
The Executive Board of the International Monetary Fund (IMF) commended Pakistan’s “impressive macroeconomic results in recent years,” and lauded Pakistan government’s determination to maintain macrostability “in the face of the earthquake.” They have, in particular, praised the “acceleration of economic growth” - which have laid the ground for a decline in government debt, financial market stability, and the recent re-access to international capital markets, says an IMF report. The IMF Directors noted “the significant improvement” in various health and education indicators. (The Nation)
Punjab Minister for Industries, Trade & Investment Muhammad Ajmal Cheema has invited the investors and industrialists from US and European Union to take advantage of investment opportunities existing in Pakistan on large scale. (Business Recorder)
The government is expected to get more than $5 billion at the International Donors' Conference to be held in Islamabad on Saturday from the donor agencies and countries to help ease country's economy and achieve targets set for the current fiscal year. (Business Recorder)
NWFP Minister for Local government & Rural Development Department, Sardar Muhammad Idrees, has asked the World Bank to immediately release funds for the community infrastructure project (CIP) so that the provincial government could initiate the developmental schemes to rehabilitate the devastated infrastructure of basic amenities in the earthquake-affected districts. (Business Recorder)
18-11-2005
The federal government will soon to introduce new laws to facilitate international trade through efficient transport and regulations and has directed the federal ministries and divisions to expedite the process of cabinet approval of the new trade and transport-related legislation. The government, for meeting transit and inter-regional trade related international obligations, has decided to enforce Carriage of Goods by Sea Act and Carriage of Goods by Sea (Supplementary Provisions) Act, Carriage of Goods by Road (Liabilities) Act, Carriage of Goods by Air Act, Carriage of Goods by Railways Act and Marine Insurance Act, in the country. (Daily Times)
The Pakistani stall in MIDEST, Paris, is attracting big crowds. MIDEST is one of the most important subcontracting fairs in the world, which opened on Monday, Nov 14. More than 3,000 engineering industry component suppliers from many countries are displaying their products at the trade fair. It is expected that 78,000 will visit the fair. Nine component suppliers are exhibiting their products at the fair. The Pakistani delegation is led by the CEO of the Engineering Development Board, Imtiaz Rastgar, who will be speaking on “Supply Chain Opportunities from Pakistan” and also holding meetings with the Federation of French Auto parts Manufacturers. Participation in Midest provides opportunities to Pakistani manufacturers to introduce themselves to European buyers of machinery components. (Daily Times)
Telecommunication is playing a vital role in terms of connecting people around the globe as well as for doing aggressive business in every aspects of life. The information needs of the people and society are rapidly changing therefore we see that the countries that embraced new concepts in telecommunication are making progress in all spheres of economy. If we look at the international and regional scenario, we can visualize how public and private partnership has contributed to sustainable development in telecom sector.The creation of conducive environment after liberalization in addition to number of incentives led to record growth of the sector. (Pakistan Observer)
12-11-2005
Prime Minister Shaukat Aziz said Pakistan as current chairman of Saarc had made sincere efforts to make the organisation more effective for promotion of bilateral relations in the region and fight poverty effectively. (Business Recorder)
Pakistan now plans to enter the international equity market after a successful entry in the international capital market, disclosed Dr Ashfaque Hasan Khan, director general of the debt office and economic adviser to the government. In reply to a query during his lecture on “Pakistan’s Economic Future: Challenges and Opportunities”, Dr Ashfaque said irrespective of any government, Pakistan was now under an obligation to maintain financial discipline and live within the budget so that the value of its bond in the international capital market was not impacted adversely. (Dawn)
Pakistan will closely work with Euro-Asia Economic Forum to develop economic ties at bilateral and regional levels, said Mukhtar Ahmed, adviser to the prime minister on energy. He said while speaking at the first meeting of the forum, held in Xian, capital city of northwest China’s Shaanxi Province. Pakistan, he said was engaged in promoting comprehensive partnership with China and other regional countries to improve the socio-economic life of their people. (Dawn)
Some of the leading home textiles and apparel manufacturers are leaving for Bangladesh next week to enter into joint ventures as well as to explore the possibility of relocating their units in the wake of rising cost of production and dwindling profit margins. The textile industry had been complaining about rising cost of production owing to costly export financing and higher mark-up rates. Beside there was a list of other irritants which the industry had been facing since long. (Dawn)
Pakistan leather exports and leather-made goods are expected to cross the $1 billion mark this fiscal owning the incentives rendered by the government, leading exporters of the sector said. They said that the total leather and leather products’ exports of the country stood at $883 million in the last fiscal year. Exporters said the government had recently provided many incentives to the industry, which would help them (exporters) export more leather and leather-made goods and achieve greater share in the global market. (The Nation)
Businesswomen of Pakistan and Bangladesh have inked Memorandum of Understanding (MoU) for cooperation in fields of trade and industry through systematic business promotional activities. Pakistani women visited Dhaka where a six-day Asian women entrepreneurs Eid festival-2005 was held. Women entrepreneurs of Bangladesh, India, Pakistan, Iran, Turkey and Indonesia set up 57 stalls there to display their products. (Daily Times)
The operation of the third production line of Lucky Cement at the Pezu plant has been started and the effects will start reflecting in the financials of the second quarter. The progress of the rest of the expansion projects consisting of one production line at the Pezu site and a green field project consisting of two production lines at Karachi is in full swing. (Pakistan Observer)
The Ambassador of Argentine Redolf J Martin has stressed the need to enhance bilateral trade and economic activities between Pakistan and Argentine and said there were huge vistas of co-operation in economic activities still vacant. (Business Recorder)
A two-day conference of Pakistani envoys, based in the East European countries, in Moscow, will help boost Pakistani exports in those countries. The conference, to be held on November 14 and 15, will be chaired by Commerce Minister Humayun Akhtar. (Business Recorder)
Describing the need for assistance in earthquake-hit areas of NWFP and Azad Kashmir as "very urgent" and "grave", World Bank acting Vice President for South Asia region Dina Umali-Deininger said the bank on its part was extending generous help to Pakistan to tide over the tragedy. (Business Recorder)
Pakistan's business community has great chances of two-way trading with the Philippines and other ten countries included in the Asean. Asean markets are huge trading centres in which Pakistan's business community, especially textile sector, can attain potential. (Business Recorder)
11-11-2005
Lauding Pakistan’s investment policies, Shaheen Business and Investment Group of Jordan said it was keen to invest in infrastructure, tourism and energy sectors in Pakistan. A delegation of the group, comprising Khaled M. Shaheen, CEO and group chairman, and Dr Jawad A. Anani, special advisor to the chairman, called on Prime Minister Shaukat Aziz at the Prime Minister’s House and showed keen interest in investing in tourism, infrastructure and energy sectors. The prime minister was informed that the group was holding meetings with the ministries concerned to identify the exact projects. (Dawn)
Excuse the irony of it all, but as much as Pakistan’s Minister for Privatisation and Investment Mr (Hafeez) Sheikh is chasing the (UAE) Sheikhs to make them buy Pakistan Telecommunications Company Limited (PTCL), the more the latter could be suspecting that something might be amiss with the asset. And to confound the confusion, the government is willing to cede as much ground as it can. What else could drive a buyer away, if the seller is willing to negotiate an already concluded deal? Etisalat (Emirates Telecommunication Corporation), the UAE government-owned telecom giant, had offered $2.598 billion for a 26 per cent stake in PTCL along with management control in an auction on June 18 this year. Etisalat’s offer of $1.96 per share was higher than what the other two rival bidders — China telecom and SingTel — were willing to pay, combined. But if Etisalat bid that amount, they must have found value while conducting the long ‘due diligence’ exercise prior to the auction. (Dawn)
After having achieved a significant diversification in terms of markets as well as products and getting a foothold in all the seven countries in 2004-05, export planners are drawing up a programme to consolidate this position and make new gains in the current fiscal year. Officials and exporters are upbeat on results of 2004-05 when the production cost at home and foreign export markets came under the impact of a phenomenal rise in world oil prices. “A 25-billion-dollar export earning should become a reality in 2006-07, if not in the current fiscal year,” Anwar Tata, former chairman of the All Pakistan Textile Mills Association, said sometimes ago.(Dawn)
Stocks remained in a bullish frame of mind on active short-covering in PTCL and other pivotals triggered by positive reports about the Etisalat-PTCL deal. The buying support, however, remained highly selective and was confined to oil and some leading bank and cement shares, although some of them came in for active profit-selling. Market capital soared to a coveted level of Rs2,506.656bn after several months, up by Rs29.610bn as heavily capitalized shares ended further higher amid active trading. (Dawn)
The share of engineering sector in total export of the country had risen to five per cent in the last financial year as compared to three per cent in the previous year. Imtiaz Ali Rastgar, CEO Engineering Development Board (EDB), in a briefing to Minister for Industries, Production and Special Initiatives Jehangir Khan Tareen said that engineering goods worth $713 million had been exported during the last fiscal against $394 million in the previous year. (Dawn)
Secretary Privatisation Commission M Tahsin Khan Iqbal and Group Chief Executive Bestway Cement Ltd Zamir A Chaudhry signed a Share Purchase Agreement (SPA) for Mustehkam Cement Limited. The PC has received a total bid amount of Rs3.204 billion from Bestway Cement for the sale of 85.29 per cent shares (10,507,934 shares) in Mustehkam Cement at the rate of Rs305 per share, says a handout. The bidding was held and participated by the parties in September this year after depositing the earnest money of Rs75 million each. The parties included Bestway Cement Ltd, Maple Leaf Cement Factory Ltd and Three Star Hosiery (Pvt) Ltd. (The News)
Afghan importers are diverting imported goods to Iran, which were to be transited through Pakistan, because of delay in the supply of goods, imported under the Afghan Transit Trade Agreement (ATTA), through Pakistan due to a shortage of railway wagons. Sources and customs agents, involved in clearing ATTA consignments from the ports, said they had witnessed around a 23 percent decline in consignments under the ATTA during the past three weeks. (Daily Times)
10-11-2005
Ten Islamic, mostly Central Asian nations met in Afghanistan on Wednesday to push their aim of slashing tariffs and freeing up trade in the region once spanned by the Silk Road. Afghanistan, after decades of war and occupation, told the Economic Co-operation Organisation (ECO) it hoped to become a "land bridge", revitalising the ancient trade route that linked Europe and the Far East. The ECO groups Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, Turkey, Turkmenistan and Uzbekistan, which together make up six percent of the world population, according to the organisation. (Business Recorder)
Khaled Abedlhadi Al-Qahtani, Chairman of the Al-Qahtani Group, called on Prime Minister Shaukat Aziz and apprised him of his group's interest in exploring investment opportunities in Pakistan. Talking to the Saudi investor, Shaukat Aziz said the structural reforms implemented during the last six years have strengthened the economy and this process is based on deregulation, liberalisation and privatisation and has yielded rich dividends. He said that reforms lie at the core of our economic turnaround and the reforms' agenda will continue so that the overall economic environment will improve further. Business Recorder)
Pakistan's export to China shows an upward trend, registering an increase of about 36 percent in nine months 2005. The export was amounted to around $ 612 million from January to September 2005, which was $ 448 million in corresponding period last year. Commercial counselor in Pakistan embassy, Shahid Mahmood said according to Chinese custom authority, there was a considerable increase in export items like cotton yarn, cotton fabric, leather, chromium ore, copper and chemical. (Daily Times)
With its serious commitment for liberal economic policies and ample opportunities for investment, Pakistan is an ideal place for setting up profitable business ventures. Shaheen Business and Investment Group Chairman and CEO Khalid M.A. Shaheen expressed these views at a meeting with Board of Investment (BoI) Secretary Jehangir Bashar. The delegation headed by Shaheen Group CEO and Adviser and former deputy prime minister and Chief of Royal Court Jawad Annani discussed the prospects of investing in infrastructure of Pakistan. (Business Recorder)
A group of Japanese investors called on City Nazim Karachi Mustafa Kamal at his office and assured him of investment in various projects for next 100 years. According to a City District Government Karachi (CDGK) official, the representatives of Japan International Co-operation Agency (Jica) and Japan External Trade Organisation (Jetro) and presented him details of several projects prepared by them for Karachi. (Business Recorder)
The Pakistan Telecommunication Authority (PTA) in its annual report 2005 has forecast over 16 million mobile cellular telephone subscribers by December 2005, which is expected to cross 26 million by 2006. Quoting a research done by Business Monitor International (BMI) on Pakistan mobile market, the report available with Dawn said, there would be more than 16 million mobile subscribers by December 2005 and it is expected to cross 26 million by 2006. (The Dawn)
Pakistan is looking to raise funds overseas by selling shares of one of its state firms and the details should be finalized by the end of this month, a senior government official said on Wednesday. “Pakistan wants to go to the equity market now. We will be going in for a GDR,” Ashfaque Hasan Khan, economic adviser and director general of the debt office of the ministry of finance, told Reuters while in Singapore to attend a conference and meet investors. The country aims to raise about $500 million from offshore investors in the fiscal year ending June 2006, he said. (The Dawn)
The Privatization Commission of Pakistan has privatized state-owned Mustehkam Cement Limited (MCL) and its ownership, management and control is being handed over to the Bestway Group of UK, says an official handout here on Wednesday. The Privatization Commission (PC) had earlier called for bids to privatize the MCL on September 15 and three companies took part in the bidding process. The Bestway Cement Limited offered the biggest price of more than Rs3.2 billion and subsequently was offered to take over the MCL.
The Bestway later on deposited 25 per cent of the total bidding amount i.e. more than Rs800 million on October 8. (The Dawn)
Entrepreneurs from Pakistan are likely to get 10 percent more orders for their traditional jewellery at the 19th edition of five-day MidEast Watch and Jewellery Show to be held in Sharjah on Nov 15-19. Muhammad Saeed Qureshi, senior vice chairman of the All Pakistan Gems Merchants and Jewellers Association (APGMJA). The show was a bi-annual event held under the patronage of Sheikh Sultan Bin Mohammed Bin Sultan Al Qasmi, crown prince and deputy ruler of Sharjah. (Daily Times)
Moody's Investors Service has upgraded to D-from E+ financial strength rating (FSR) of National Bank of Pakistan (NBP). The rating outlook is stable. The upgrade reflected consistent improvement in the bank's core profitability, asset quality and economic capitalisation in recent years, exerting positive pressure on the FSR. Moody's notes NBP's growing asset base has meant a higher earning capacity for the bank. (Daily Times)
Privatisation Commission Secretary Tahsin Iqbal Khan has said that the consortium of Hassan Associates with Al-Jummaih Group of Saudi Arabia has been asked to deposit $100 million prior to sign shares purchase agreement (SPA) for Karachi Electric Supply Corporation (KESC). He expressed hope that the consortium will meet the demand soon to take over KESC management during the current month. The secretary was talking to newsmen after singing SPA with Siemens Pakistan for Carrier Telephone Industries (CTI). (Business Recorder)
Pakistan is in dire need of financing to the tune of Rs 35 billion per year for 'Indus Trade Corridor' for maintaining the current growth rate of GDP. This was the gist of a working paper prepared by South Asia Energy & Infrastructure Unit of World Bank, which is going to be discussed by the WB team with Pakistan Government. 'Indus Trade Corridor' is a 'gateway' to Central Asian States and Afghanistan. The 'corridor' area contributes 80 to 85 percent of GDP and encompasses nearly 80 percentage of urban population living around the 'corridor'. (Business Recorder)
08-11-2005
Prime Minister Shaukat Aziz said Pakistan’s economy had stabilized owing to government’s policies during the last five years and added that an enabling environment had been provided to the private sector to play an effective role in the development process. Talking to V.F. Rashnikov, Chairman of the Board of Directors of Magnitogorsk, Iron and Steel Works of Russia, Mr Aziz said investment-friendly policies of the government had encouraged international companies to invest in many sectors in Pakistan and added that the level of foreign and domestic investments had substantially improved. (Dawn)
Dr Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment, received cheques worth Rs10.794 million for the President’s Relief Fund from Muhammad Sohail Tabba of Yunus Brothers Group of Industries. The contributions made by the group’s donor companies include Rs5 million from Lucky Cement Management, Rs794,572 from the employees of Lucky Cement, Rs3 million from Gadoon Textile Mills and Rs2 million from Fazal Textile Mills Ltd. (The News)
A seven-member delegation of 'Jordan's Shaheen Business and Investment Group' arrived on a three-day visit to examine business and investment opportunities in Pakistan. During visit, delegation would meet Prime Minister Shaukat Aziz and hold meeting with Dr Abdul Hafeez Shaikh, Minister for Privatization and Investment and Umar Ahmad Ghumman, Minister of State for Privatization and Investment. The delegation includes Jordan's former Deputy Prime Minister and chief of Jordan's Royal Court Dr Anani and group chairman Khalid Shaheen. (Daily Times)
The Malaysian investment holding company Eden Enterprises plans to invest US$1 billion (US$1 RM3.77) in the energy, housing, tourism and construction sectors in Pakistan. The proposed investment will include the development of two power plant projects that the company will jointly participate with local partners. Pakistan’s Board of Investment director-general Riaz-ul-Haq was quoted as saying by Business Times of Kuala Lumpur that the Malaysian company is working on a plan to invest in a 655MW capacity hydroelectric power project in the northern areas of Pakistan in Mansehra. (The Nation)
Crucial negotiations for finalizing the PTCL privatization deal between the government of Pakistan and the government of UAE along with the Etisalat management will be held this week in Dubai. The final payment of $2.3 billion in extended period and reduction in the number of employees and officers of the PTCL were two main points to be negotiated in Dubai, as the Etisalat was not comfortable with the size of the PTCL, the official added. (Daily Times)
Pakistan and India have agreed to open up banking sector and allowed establishing of two bank branches on reciprocal basis after a gap of 40 years. In this regard an understanding has already been reached between the Reserve Bank of India (RBI) and the State Bank of Pakistan (SBP) on granting permission for opening of bank branches, the SBP announced. The central bank said that there was a growing pressure from the business community to open banking link between the two countries having vast potential to boost export and import. (Dawn)
China and five other countries South Korea, India, Bangladesh, Sri Lanka and Laos at their ministerial-level meeting held unanimously decided that the membership and scope of the Bangkok Agreement should be further expanded. While converting the name of Bangkok agreement as Asia-Pacific Trade Agreement (APTA), they were agreed in principle that other regional countries like Pakistan should also be allowed to work as its active members, promoting intra-regional trade. (Dawn)
The US senators and lobbyists have strongly recommended the signing of Free Trade Agreement (FTA) with Pakistan to rebuild its impaired economy. According to the reports reaching from Virginia, a close aide of President Bush and former Chairman of the Republican National Committee, Ed Gillespie said in a fund-raising dinner, which was hosted by some noted US Pakistanis for the help of earthquake affectees. (The News)
Pakistan exporters have so far exported 100,000 cotton bales from the fresh crop. Ghulam Rabbani, a private sector exporter, said exporters had so far bought 100,000 bales of cotton and only a few thousands bales had been exported and the remaining bales of the season 2004-05 were still lying in warehouses of the Trading Corporation of Pakistan (TCP). He said most of the cotton was exported to Far East countries. (Daily Times)
Pakistan is looking at Thailand as a role model in promoting its tourism industry and has asked for the necessary expertise from Bangkok. Pakistan has told Thai authorities that its tourism industry is in the infant stage and it wants to utilize its full potential as part of the new economic reforms.Prime Minister Shaukat Aziz recently speaking to a Thai delegation led by Vice-Minister Somchainuk Engtrakul, specifically asked Thailand for help on how to promote its tourism industry. “We can learn quite a lot from Thailand because the country has done so well from a tourism point of view,” Tourism Minister G.G. Jamal told. (Pakistan Observer)
The Metal and Steel Asia 2006 International Exhibition is scheduled to be at the Karachi Expo Centre in March next year in conjunction with the third Asia 2006 International Trade and Industry Fair (ITIF).This was announced by the E-commerce Gateway Pakistan in a statement.It pointed out that the metal and steel industry is recognized in the world over as the critical one for the development of self reliant and vibrant economy. This industry, however, depended heavily on basic metals especially Iron and Steel as resource inputs. (Pakistan Observer)
Prime Minister Shaukat Aziz said the economy has significantly stabilised owing to government policies during the last five years and said an enabling environment has been provided to private sector to play an effective role in the development process. He was talking to Chairman Board of Directors of Magnitogorsk, Iron and Steel Works V. F. Rashnikov of Russia who called on him at the PM House. He expressed feelings of sympathy for the earthquake victims and discussed his company's plans to invest in Pakistan. (Business Recorder)
Prime Minister Shaukat Aziz will lead Pakistan delegation at the 13th Saarc summit opening in Dhaka on November 12, a highlight of which would be signing of agreements on co-operation in Customs and avoidance of double taxation. Final negotiations on operationalisation of South Asia Free Trade Agreement (Safta) and an agreement on promotion and protection of investment would also be held by the Saarc leadership, Foreign Office spokesperson Tasnim Aslam said. (Business Recorder)
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