NEWS of JULY 2005
26-07-2005
Pakistan and Afghanistan have decided to take effective steps to further improve business to business interaction and enhance bilateral trade through further streamlining of procedures, holding single-country exhibitions and establishment of joint chambers of commerce and industry. (Business Recorder)
The Advisor Nippon–Keidanren International Cooperation Center Yasuo Yamaguchi said the visit of Prime Minister Shaukat Aziz to Japan had acted as catalyst to gear up activities of NICC which is engaged in human resource development as it is one of the most fundamental factors of nation building. He disclosed that the NICC since inception in 1994 had invited about 2,000 prospective managers to Japan and out of the total 150 belonged to Pakistan. (Pakistan Observer)
The upcoming Ministerial Council of the Asean Regional Forum (ARF) at Vientiane (Laos) will issue a joint declaration on combating the international terrorism. Pakistan, being the ARF member, is opening its session on coming Friday. (Business Recorder)
Punjab Small Industries Corporation (PSIC) will develop two business incubators at Faisalabad and Gujranwala to provide best advisory services for the marketing and export of the products manufactured by cottage and small industries in these major industrial cities of the province. (Business Recorder)
Federal Minister for Industries, Jehangir Khan Tareen has said that Government was making all out efforts to provide jobs to 1.2-1.3 million people each year with the co-operation of private sector by setting up more and more industries in the country. (Business Recorder)
The Bangladesh Customs has restricted filing of import general manifest (IGM) in the name of freight forwarders and Karachi Chamber of Commerce and Industry (KCCI) has urged the Pakistan Customs to adopt the same rule. (Business Recorder)
Pak-China Citizen Association chairman Zahid Qamar has extended his felicitations to commerce minister Humayun Akhtar on fixing a target $17 billion for exports for 2005-06 and said that this was an achievable target. Zahid Qamar also described the trade policy as very encouraging for exports but urged that special attention be paid to promote exports to Middle East, Far East and Europe. (Business Recorder)
Two parties are interested in establishing two cement factories in D I Khan, sources in Minerals Directorate told. One of the parties is Dewan Salman Group, while the other is running a shipping company with the name of Ghazi Shipping Company. The basic raw materials for cement industry are limestone and clay (shale & slate) with minor component of gypsum or anhydrite and low-grade laterite. (Business Recorder)
Minister for Tourism G.G. Jamal said that Pakistan is one of the richest countries in the world with tourism potential. He said this potential was rarely been tapped by the governments in past. He said the present government is giving special attention to the development of this area by involving the private sector. (Business Recorder)
The Provincial Minister for Mines and Mineral Development Irfanullah Khan Marwat revealed that finalization of setting up of coal fired power projects will haul in more than US$ 5 billion as foreign investment and preliminary processing of memorandum of understanding has already been completed with five companies. He disclosed that representatives of Shenhua Group have landed in Karachi and formal signing ceremony will be held on Friday thereby allowing the company to go ahead with the excavation work at the coalmines. (Pakistan Observer)
The Advisor Nippon–Keidanren International Cooperation Center Yasuo Yamaguchi said the visit of Prime Minister Shaukat Aziz to Japan had acted as catalyst to gear up activities of NICC which is engaged in human resource development as it is one of the most fundamental factors of nation building. He disclosed that the NICC since inception in 1994 had invited about 2,000 prospective managers to Japan and out of the total 150 belonged to Pakistan. (Pakistan Observer)
Pakistan is energy deficient country, even after meeting its 50% needs from its own indigenous natural gas but the domestic oil production falls much short of its oil requirements, said Mir Muhammed Naseer Mengal, State Minister for Petroleum and Natural Resources in his address as a chief guest in Pakistan Natural Gas Conference organised by Petroleum Institute of Pakistan. He said Pakistan energy mix is highly dependent on oil and gas sector, they provide 80% of total primary energy supplies of the country. (Pakistan Observer)
Pakistan has offered Afghanistan to abolish three items from the current negative list of six under the Afghan Transit Trade (ATT) and both countries also agreed to constitute a Pak-Afghan joint customs committee to examine issues related to it. According to a statement issued by the Economic Affairs Division, the Fifth Session of Pakistan - Afghanistan Joint Economic Commission (JEC) was held on July 23-24 in Kabul. (The Nation)
Hantex, a Thailand textile company, has expressed its interest in investment in textile and banking sectors in Pakistan. Talking to Lahore Chamber of Commerce and Industry acting president Khalid Rafique, Hantext President Monchai Ponstabadee said that being a new Asean member Pakistan had a big attraction for foreign investors, as structural reforms, macroeconomic policies and financial discipline had transformed it into a stable and growing economy. Mr Monchai, who is visiting Pakistan with a five-member delegation, said that his company was also exploring possibilities to invest in joint ventures in tourism, housing, hotel and construction sectors. He said that Pakistani businessmen should also visit Thailand to explore business opportunities. (Dawn)
A series of incentives and facilities, envisaged in the trade policy 2005-06 combined with the induction of zero-rated regime, for five export oriented industries will facilitate accomplishment of $17 billion export target fixed for the current year. This was stated by Khalid Firoz, President Karachi Chamber of Commerce and Industry (KCCI) and Siraj Kassam Teli immediate past president in a joint statement. (The News)
Islamabad has offered to explore the possibility of establishing industrial parks in Afghanistan and in the Pak-Afghan border areas to fight poverty. Pakistan came up with the offer during the fifth session of the Pakistan-Afghanistan Joint Economic Commission (JEC) held on July 23-24 in Kabul. The session was co-chaired by Dr Salman Shah, adviser to the prime minister on finance and revenue, Islamic Republic of Pakistan, and Dr Anwar-ul-Haq Ahadi, minister of finance, Islamic Republic of Afghanistan. The Afghan delegation appreciated Pakistan’s efforts to streamline the transit trade regime and the generous cash and project assistance provided by Pakistan at a crucial time in Afghanistan’s history. (Daily Times)
Messe Frankfurt (HK) Ltd will organise an international trade fair - The Inter-textile Shanghai Home Textile 2005 - for home textile and accessories from August 23 to August 25 at the Shanghai New International Expo Centre in collaboration with the Sub-Council of Textile Industry, the CCPIT and the China Home Textile Association (CHTA). (Daily Times)
25-07-2005
Pakistan will provide another 100 million dollars grant for Afghanistan's reconstruction and building of roads, schools and hospitals. Prime Minister Shaukat Aziz announced this during a joint briefing to journalists with Afghan President Hamid Karzai at the presidential palace after they held extensive two-hour one-on-one talks, which was later joined by ministers and senior officials from both sides. (Business Recorder)
State Bank of Pakistan allowed asset securitisation for 17 large infrastructure projects for record period of 20 years while permitting banks to accept concessions and licenses granted to private sector companies by federal and provincial governments as collateral or bankable documents. According to SBP guidelines issued banks and DFI have been permitted to fund private sector companies for construction of roads, railways, airports, bridges, shipping facilities, irrigation systems and number of infrastructure facilities that were hitherto the sole ambit of the government. Banks and Developmental Financial Institutions (DFIs) have also been permitted to extend the 20 years financing period through negotiated grace period. (The News)
Rice has become the second largest export commodity after textiles beating leather sector as rice exports touched $933.70 million during 2004-05. The rice sector will soon enter the billion-dollar export club as the huge African rice market would be vigorously explored, said Pakistanís first roving Ambassador to Sub-Saharan countries, Hameed Asghar Kidwai. (The News)
The revaluation of the Chinese yuan would benefit Pakistan’s exports to China, which shows growth in the recent years, said economic experts in Beijing. However, Pakistan-China bilateral trade that has jumped to over $3 billion last year, will receive a marginal unfavorable impact in term of Chinese exports to Pakistan. (The News)
IN the new up-and-coming global state of affairs, trade has become the prime consideration of the domestic and foreign policies of the nation states. Countries are forging a variety of commercial coalitions, entering into fresh trade treaties and pacts, setting up trade free areas and zones and taking major policy shifts to adjust themselves into innovative economic milieu. Every nation is bolstering trade ties with the other; commercial diplomacy is in full swing. Foreign aid, used as accelerator of economic growth, is drying up. Foreign aid is no a very effective doable option. Although it has been a noteworthy contributor to growth and development of different countries at different times in yesteryears. (Dawn)
Minister for Kashmir Affairs and Northern Areas Makhdoom Syed Faisal Saleh Hayat has received offers for investment in medical support and social services sectors in Azad Jammu and Kashmir. The offers were made at a business-cum-political dinner in Wallnet area of Los Angeles, which was hosted by Shahina Paracha, a representative of Republican Party, who is a close aide of President Bush. (Business Recorder)
China's western region, Xinjiang, has shown interest to undertake joint ventures in Azad Kashmir. "The two sides have agreed to enhance exchanges for bilateral cooperation, " said AJK Minister for Industries and Mineral Development Mohammad Yasin Khan. (Business Recorder)
INDUSTRIALIZATION has started gaining momentum as a consequence of a series of structural reforms and effective mix of fiscal and monetary policies, although the country remains devoid of a long-term composite industrial policy. During the outgoing fiscal year, industrial growth was at 12.5 per cent while the large-scale manufacturing sector grew at the rate of over 15 per cent. In a historic perspective, the growth of industrial sector in fifties was 7.5 per cent, whereas in the 1960’s, an impressive growth of 10 per cent was witnessed. (Dawn)
23-07-2005
Prime Minister Shaukat Aziz asked the private sector to take lead in exploring Pakistan's true potential in tourism, assuring government's full support to present the country as an attractive tourist destination. The Prime Minister made these remarks while reviewing a presentation on promotion of tourism at a meeting held at the Prime Minister House. (Business Recorder)
For the first time the Telecommunications sector has emerged as the leading Foreign Direct Investment (FDI) receiving sector in 2004-05 in Pakistan.The Telecommunications sector has fetched $494 million FDI in last fiscal, $274 million more than $222 million FDI, this sector received in 2003-04. In percentage the inflow of FDI in Telecommunications sector increased by 133 per cent in 2004-05. The financial sector was the second largest area that attracted $269 million in last fiscal, 11.3 per cent higher when compared to $242 million FDI in this sector in 2003-04. (The Nation)
The government will set up an Economic Advisory Group (EAG) for keeping regular institutional contacts with the businessmen to obtain their inputs for formulating forward-looking policies. This was stated by Prime Minister Shaukat Aziz while talking to heads of industries representing various sectors of the economy at the Prime Minister House. (Business Recorder)
Privatisation process of Sui Southern Gas Company (SSGC) has started with a meeting at the company head office. The work on the privatisation of the SSGC had started but its time frame was not yet decided. Representatives of the Privatisation Commission, the Ministry of Petroleum & Natural Resources and Price Waterhouse Coopers, and the Financial Advisors for the project attended the meeting. (The News)
Commerce Minister Humayun Akhtar expressed the hope that the measures announced in the trade policy would help export reach $20 billion in 2005-06. Addressing a post-trade policy press conference, the minister observed that the free trade agreement (FTA) with Sri Lank and preferential trade agreement with China would result in quantum jump in export to these countries. He said the measures like early harvest programme with China and Malaysia, to be finalized soon, and the normal generalized system of preferences with EU member countries, to be effective from January 1, 2006, must have a positive impact on export. (Dawn)
The Securities and Exchange Commission of Pakistan (SEC) has developed a corporate scorecard to assist local and international institutional investors in evaluating the performance of companies in specified areas against set benchmarks. (Daily Times)
Export Promotion Bureau (EPB) will organise a three-day date exhibition in Dera Ismail Khan from August 26, 2005. According to EPB, the event is being organised in collaboration with D.I. Khan Chamber of Commerce and Industry. (Business Recorder)
The business community of Peshawar can find a good market in Afghanistan and should avail of this opportunity for their economic prosperity, Information and Broadcasting Minister Sheikh Rashid said. He stated this, while inaugurating legal services cell of Small and Medium Enterprises Development Authority (Smeda) to facilitate SMEs by providing legal help to the businessmen. (Business Recorder)
The Asian Development Bank (ADB) is likely to approve a $290 million loan for 'Sub-regional Connectivity and Trade Facilitation-I' project to enhance trade relations with Afghanistan, Central Asian states and some part of Russia, it is learnt. ADB has shown interest to offer this amount and both the government and the Bank are negotiating this initiative to augment economic and trade relations in the region. (Business Recorder)
The local business community, while terming the export target of US 17 billion dollars set in the Trade Policy for the year 2005-06 as achievable, has called for taking necessary steps to reduce the input cost so as to remain competitive in the international market. (Business Recorder)
Standard Chartered Bank and Muslim Commercial Bank signed a business agreement under which Standard Chartered Bank would extend its facilities of Asian bound import letter of credit and re-issuance and other related auxiliary work to Muslim Commercial Bank Trade Services, a subsidiary of MCB Bank Limited. A top management team of MCB Bank led by its chairman Mian Mohammad Mansha visited Standard Chartered offices in Hong Kong to sign private label programme and to sign the agreement of the partnership. (The News)
Norwegian telecom giant - Telenor - declared its financial results, announcing a significant growth for the second quarter 2005. Telenor Pakistan revealed 836,000 subscribers by end of its second quarter in Islamabad. The company is marching towards a million customers, demonstrating the fastest market share growth in the industry. (The News)
A Japanese Official Development Assistance (ODA) monitoring delegation will be undertaking a seven-day visit to Pakistan from July 24 to 30. The delegation comprises 15 average Japanese taxpaying citizens from various sectors of the social spectrum, such as local government officials, schoolteachers and university students. The objective of the ODA monitoring delegation is to observe and evaluate the socio-economic benefits accrued to the people of Pakistan from the grant and loan aid projects implemented under the ODA program in Pakistan. (Daily Times)
Pakistan will ask the Karzai-led administration to impose zero rating duty on its exportable products in response to Afghanistan’s demand for reducing items from the negative list under Afghan Transit Trade (ATT) agreement.“Pakistan can only reduce items from the negative list under ATT if Kabul reciprocates in terms of providing incentives to us,” a high-level official in the Commerce Ministry said (The Nation)
More than 6000 vehicles of various engine capacities were landed at the Karachi Port only in one month of June which are waiting for custom clearance. Pakistan Motor Dealer It is learnt on authority that more vehicles are lined up for import into Pakistan as a result of Import duty reduction, which has steered a huge growth in the import of cars in the country. The local car assemblers, besides expanding their production capacities, were importing significant units from abroad. In FY05, a total of 88,130 units of new and used cars were imported signaling that during current year 2006 the imports should easily cross 100,000 units. (Pakistan Observer)
22-07-2005
The government has set $17 billion export and $21.79 billion import targets in the Trade Policy 2005-06, forecasting a $4.79 billion trade deficit. The policy also laid emphasis on market access, attention towards neglected regions, strengthening of trade offices, skill development and infrastructure. The Commerce Ministry had proposed $16.3 billion export target on the assumption of 16 percent growth, but the federal cabinet revised it upward to $17 billion, expecting about 18 percent growth. (Business Recorder)
Prime Minister Shaukat Aziz did not approve appointment of commercial officers in those countries where Pakistan has no commercial sections. "We had proposed appointment of commercial officers at embassies but the Prime Minister did not agree with the proposal," sources added. (Business Recorder)
Prime Minister Shaukat Aziz and Afghanistan President Hamid Karzai will attend the concluding session of the Pakistan Afghanistan Joint Ministerial meeting in Kabul, which is expected to pave the way for all round expansion of relations between the two neighbourly countries. (Business Recorder)
The Commerce Ministry has failed to obtain clearance to re-export of defective imported goods due to strong opposition by the Central Board of Revenue (CBR), it is reliably learnt. The sources said that a scheme regarding establishment of warehouses in different countries to facilitate exports have also been rejected at a meeting with Prime Minister. (Business Recorder)
Sindh Governor Dr Ishratul Ibad has said that present government, under the dynamic leadership of Prime Minister Shaukat Aziz, is relentlessly striving to transform Pakistan into an economic powerhouse of the region. (Business Recorder)
Small and Medium Enterprise Development Authority (Smeda) is preparing a report on setting up Common Facility Centres (CFCs) for surgical instrument and electrical fans manufacturing sectors, in order to provide latest facilities to these units and enhance their exports. (Business Recorder)
Punjab Small Industries Corporation (PSIC) Faisalabad is organising a seminar on 'One Dollar Shop' in collaboration with Faisalabad Chamber of Commerce & Industry (FCCI). Muhammad Ajmal Cheema, Provincial Minister for Industries will chair the function.
(Business Recorder)
The Provincial Minister for Industries, Mohammed Adil Siddiqi, has said that after establishment of Port Qasim Industrial Park, the number of such parks in Karachi will rise to two. He pointed out that first such industrial park was established in Shershah last year during his ministership. He said development work of this park has completed and units have started coming up. (Business Recorder)
Business and Industrial community has welcomed the trade policy saying that 17 billion dollars export target is quite achievable. They said that it is just a rise of 18 percent as compared to last year export target of 13.7 billion dollars. (Business Recorder)
The Federal Health Ministry has prepared a new bill, which is likely to be presented before the National Assembly next month for its consideration and approval, to get rid of substandard and fake Unani medicines. (Business Recorder)
The marble industry has welcome the decision of federal government over the exemption of customs duty and sale tax on machinery for marble, granite and gem stone extraction and processing industries. The Chairman All Pakistan Marble Industry Association (APMIA), Sanaullah Khan told that this was old and longstanding demand of the association. (Business Recorder)
The government has relaxed four conditions for the import of old and used cars by the overseas Pakistanis under transfer of residence (TR) scheme, baggage rules and gift scheme and also allowed import of nine different types of used machinery. (Business Recorder)
The after-sales division of Dewan Farooque Motors Limited conducted a dealers parts meeting in Swat from June 29-30. All Hyundai and Kia dealers, principals and managers participated in the meeting. (Business Recorder)
Etihad Airways, owned by the Government of Abu Dhabi has established its new office at Clifton. The airline had formally launched its service to Pakistan on November 2 last year with an inaugural flight from Abu Dhabi to Karachi.
(Business Recorder)
Pakistan has so far exported around 14,000 tons of potatoes and 12,000 tons of onions to India on having a good crop of both the commodities which started arriving late April. Early this year, the country had to import both the commodities from India to meet the domestic shortage. Pakistan is also expected to have a bumper tomato crop which could also be exported provided a reefer service is facilitated to carry the perishable commodity from farms to Karachi. (Dawn)
The government has decided to declare gems and jewellery sector as an industry for it to have easy access to credit and be provided with an advantage in utility rates and taxes. According to the trade policy announced, the government considers the gems and jewellery sector to have considerable export potential, therefore it has been decided to implement a special package to facilitate this sector. (Daily Times)
The government has decided to chalk out a special programme focusing on improving trade with the USA and has decided to hire the services of a firm from the USA to increase Pakistan's exports and to improve its access to markets. According to the 2005-06 Trade Policy announced, the USA is the largest and most important export destination for Pakistan after the EU with textiles being the main export. Pakistan's exports to USA increased from US$ 2.313 billion in 2002 to US$ 2.874 billion in 2004 with textiles contributing 88 percent of the total exports to the United States. (Daily Times)
The government would provide 6 percent of the exports proceeds to the textile garment-exporting units as research and development financial support. This initiative of the Trade Policy 2005-06 is expected to protect Pakistan's garments industry from a loss of US $ 400 million of potential exports and creation of 500,000 job opportunities in the Small and Medium Enterprises (SME) sector. (Daily Times)
A Canadian firm NexTech is installing dyes and mould manufacturing plant at Sundar Industrial Estate (SIE) for which machinery worth $2 million has already been purchased. The firm would produce dyes, moulds, jigs and fixture on American technology to meet the mounting demand of the same in the country. Country’s dyes and mould imports have increased from $13 million to $28 million during the last three years following a robust development rate of 38 per cent registered by the engineering sector during the same period. (The News)
21-07-2005
President General Pervez Musharraf called for accelerated transfer of economic benefits to common man, stating that macroeconomic achievements should be geared towards a visible improvement in the quality of life of the poor in the coming few years. (Business Recorder)
President General Pervez Musharraf said Pakistan is on course to maintaining a higher economic growth as it is expected to receive sustained inflow of foreign investment in the key economic sectors including power, construction and telecommunication. (Business Recorder)
Board of Investment (BoI) Chairman Waseem Haqqie has said 125 business delegations from 40 countries visited Pakistan during last 18 months to explore investment opportunities in different sectors. This show increasing confidence of foreign investors in the government's policies. (Business Recorder)
The Privatisation Commission (PC) initiated the formal process for the privatisation of Pakistan Steel Mills Corporation (PSMC) with a meeting held at PSMC Bin Qasim chaired by Secretary Privatisation Tahsin Khan Iqbal. The meeting reviewed the transaction structure and other steps regarding the privatisation process of PSMC and decided to ensure the timely completion of the transaction by December 31 this year. (The News)
Consul General of People’s Republic of China Sun Chun Ye has said that the bilateral trade between Pakistan and China has made a historical record by surpassing $3 billion mark last year. The Chinese envoy said that bilateral cooperation of commercial trade had expanded covering industry, energy, water and power, nuclear power, road, bridges, harbour and other infrastructure construction. He said that the two countries also signed nearly 20 documents, covering bilateral cooperation of economic and trade, agriculture, science and technology, education etc. The two countries also agreed to start negotiations for Free Trade Area and had singed an agreement of “Early Harvest”, the first one of this kind that China had with South Asian country. (Dawn)
Commerce Minister Humayun Akhtar Khan will announce Trade Policy 2005-06 today, envisaging future liberalisation of import policy, besides steps to facilitate trade with African, North American and Central Asian states. It was also expected that an announcement would be made to establish Industrial Development Authority (IDA). (Business Recorder)
The Cabinet, meeting, will approve establishment of Pak-Iran Joint Investment Company with a capital of $25 million for boosting existing bilateral economic co-operation between the two countries. (Business Recorder)
Iran will provide export guarantee to cover the risk of non-payment of all types of credit against the trade purchase by the businessmen of both Iran and Pakistan. According to the Export Promotion Bureau (EPB), the Embassy of Islamic Republic of Iran has conveyed the establishment of Export Guarantee Fund of Iran (EGFI), which will provide this cover. (Business Recorder)
Pakistan is having hectic consultation with the Japanese government to finalise modalities of various Japanese-funded mega projects. "A special high powered delegation is currently on an official visit in Japan to finalise various projects mainly related to water and power, transport and infrastructure sectors." (Business Recorder)
The World Bank is expected to provide $2.5 billion concessional assistance to Pakistan over the next four years for infrastructure development, power sector reforms and other development schemes under the Medium Term Development Framework (MTDF). A World Bank team would visit Pakistan from July 25 to finalize a three-year $1.5 billion indicative lending programme on concessional terms for Pakistan during fiscal 2006-08. (Dawn)
Sindh Governor Dr Ishratul Ibad Khan has said that the establishment of an industrial park and provision of cheaper plots under the fast track system by the Port Qasim Authority for the promotion of industrial activities is an appreciative step and industrialists should take advantage of it. (Dawn)
Pakistani demand for prompt raw and white sugar is strong and continuing with brokers and traders estimating that public and private Pakistani buying over the past two weeks may total around 500,000 tonnes. Pakistan, which has suffered from drought, has been buying from international markets since January to check runaway domestic prices. Last month the country allowed unlimited imports of raw sugar. Traders said China was continuing to offer white sugar to Pakistan after tolling it from imported raws, taking advantage of cheaper freight. (The News)
Rice exporters, along with top officials of the commerce ministry, are set to visit China next month to finalise deals as the Chinese government has allowed the import of Pakistani rice. Exporters who see China as a market of Pakistani rice of $700 million say they are due to visit China next month after the neighbouring country agreed to import Pakistani rice and scale down the customs duty to zero percent to explore the Chinese market, which, they said, would become largest buyer of the Pakistani varieties by the end of current fiscal. (Daily Times)
The production of oil at
Pakistan Oilfields (POL) has increased by 35 percent since April
2005 after recent discoveries at the Pariwali and Manzalai field
in the Tal Block which has increased the company’s oil and gas
production by 4,300boepd (barrel of oil equivalent per day).
(Daily Times)
Pakistan Science Foundation (PSF) has launched a project in Basol, Balochistan to boost agriculture sector in the coastal areas of the province. Under this joint project of PSF and WWF Pakistan, a sustainable model agricultural farm is being established in Basol area, said Chairman PSF, Dr. Farid A. Malik while addressing. (Pakistan Observer)
The government spent Rs 8.366 billion for the import of 4,86,000 metric tons Urea fertilizer during the financial year of 2004-05. He said, the Urea fertilizer was imported during October 2004 to June 2005 and the government had to bear $290 per metric ton on C&F basis. To meet the domestic requirements during the upcoming Rabi season, the official said, the government would import 2,50,000 tons more Urea and ECC has already approved it. (The Nation)
20-07-2005
Federal minister for privatisation Dr Hafeez Sheikh said that one of the leading UK companies British Gas had shown interest to participate in privatisation of Pakistan Petroleum Limited (PPL). “A senior official of the British Gas reconfirmed its participation in privatisation of PPL at a meeting.” He said he had a meeting with British Gas’ managing director for Asia and Middle East. The minister said PPL privatisation programme had been accelerated a great deal under the government’s privatisation policy. “Around Rs 260 billion of transaction has been completed during the last two years because of transparency and fairness of the privatisation,” he added. “More foreign and local companies are keen to participate in the privatisation.” (Daily Times)
Prime Minister Shaukat Aziz would visit Afghanistan on July 24. He would have wide-ranging discussions with President Hamid Karzai with focus on trade and security. During the visit, the Prime Minister would also lay foundation stone of Allama Iqbal Faculty Block of the Kabul University. (Business Recorder)
The Chinese government issued a notification, formally allowing import of Pakistani rice. Any registered company in China can import rice from Pakistan with immediate effect. Relevant agencies and custom authorities at entry points have been informed accordingly. Generally, the duty on import of rice in China is about 65 per cent. But, in case of fixed quota, the duty will be reduced to one per cent. Pakistani long-grain rice can find a big market in China since its quality is better than those that are currently being imported from some other countries, says a senior official of the Pakistan Embassy. “The import of rice in China is a big breakthrough, promoting trade relations between the two countries.” (Dawn)
Wheat import by the private traders is about to commence in next few weeks as the Federal Food Ministry has amended the wheat import notification to the satisfaction of private sector and has withdrawn the condition of consignment inspection at the Karachi port. The imported wheat consignment will now be inspected at the port of origin before loading the ship. The quarantine inspection will be done jointly by the importer and officials of the Pakistan government from food ministry and the plant protection department. (Dawn)
Trade policy for the fiscal year 2005-06 laying emphasis on capacity building on WTO and developing export of services will be announced on July 21. Federal Minister for Commerce Humayun Akhtar Khan would announce the policy after approval of the federal cabinet at 6.15 p.m. on Pakistan Television. Following successful achievement of export target during 2004-05 the new target of exports is likely to be enhanced to the level of over $16 billion. The new Trade Policy is being prepared to cater to the needs of WT0 regime and may envisage measures regarding improvement in quality standards of the local produce to cope with the growing challenges of the competitive world market. (The News)
Federal Minister of State for Commerce Hamid Yar Hiraj has said that present government is doing its utmost to boost and diversify the country’s exports by providing medium to long-term facilities to the eligible export-oriented entities.The Federal Minister was speaking at seminar on “Scheme for Long Term Financing for the Export Oriented Projects” jointly organized by Export Promotion Bureau and the Lahore Chamber of Commerce and Industry. (Pakistan Observer)
Adviser to the Prime Minister on Finance Dr Salman Shah and Minister of State for Finance Omar Ayub discuss modalities and structure of Khushhal Pakistan Fund (KPF), being created under the Khushhal Pakistan Programme, with the representatives of multilateral donor agencies. (Business Recorder)
Pakistan International Airlines has joined the World Economic Forum, an independent organization integrating leaders from business, government and academia into a partnership committed to improving the state of the world, and to shape global, regional and industry agendas. The national flag carrier would be collaborating with the Forum with active participation. “PIA is the second organization after the PSO that has attained the WEF membership.” The association will provide a unique opportunity to PIA to work with leading global enterprises on issues shaping the world business environment, and to share perspectives, concern and challenges. “PIA will also interact with other member airlines and gain from their experience.” (Dawn)
The flow of foreign investment into the country crossed $1.67 billion mark during 2004-05, against 0.921 billion in 2003-04, depicting a significant growth of 82.61 percent. However, according to break-up, net inflow of foreign private investment was $152.6 million whereas foreign direct investment (FDI) was $1.524 billion, portraying a record high growth. (Business Recorder)
Industrial Information Network (IIN), Pakistan's first B2B and business information portal, will offer unique services in near future to the industry like e-Learning and e-Shops, which will give Pakistani businessmen a chance to maintain details of their products online as potential marketing tools to increase the possibility of getting business orders even when they are sleeping. (Business Recorder)
Sindh Governor, Dr Ishratul Ibad Khan directed all the five industrial estates of Karachi to prepare a comprehensive report in a fortnight identifying their problems for redressing and financial assistance as per directives of President General Pervez Musharraf. (Business Recorder)
At present free trade with India was not possible, as there were many other outstanding issues to be resolved with India, however both the governments were making efforts for its resolution, which would pave the way for Indo-Pak free and open trade. (Business Recorder)
Cosco's 'M V Yang Jiang He' made an inaugural call at Karachi International Container Terminal (KICT) on July 18 to commence a new shipping service "Round Arabian Sea (RAS)" service. This new RAS service is jointly operated by China Ocean Shipping (Group) Company (Cosco) and Hanjin Shipping (HJS) to deal with the ever-increasing trade in the region. (Business Recorder)
The negative propaganda against Islamic countries was viewed with concern by the first expert group meeting of the Organisation of Islamic Conference (OIC) member states on tourism held in Tehran from July 11 to 14. (Business Recorder)
A Chinese firm has offered the Sindh Government to introduce its four-stroke CNG motor cars in the province. A delegation of Chinese Transmission Company (Pvt) Limited in a meeting with Advisor to Sindh Chief Minister on Environment and Alternate Energy, Muhammad Noman Saigal in his office sought Sindh Government's co-operation and support in launching the pollution-free cars. (Business Recorder)
The Automotive Division of Dewan Mushtaq Group, in continuation of series of initiative with respect to the automotive vendors development, organised another half-day seminar at Dewan Centre. The seminar, was conducted by CSR Consulting Network, and attended by representative of different companies. (Business Recorder)
The Emirates Airlines of Dubai has started once a week freighter service between its base in the UAE and Islamabad. The service managed by the Emirates SkyCargo is using Airbus A310-300 freighters that were recently inducted into its service. It will be available for both ways operation on Tuesdays. (Business Recorder)
In the first of its kind of venture in Pakistan, Women Empowerment Literacy and Development Organisation (Weldo) will finance the airfare, accommodation, visa processing and business meetings of five Pakistani food sector related companies to the famous Anuga Trade Fair in Cologne, Germany. (Business Recorder)
19-07-2005
Pakistan attracted the highest ever $1.5 billion Foreign Direct Investment (FDI) in 2004-05 compared to $949.4 million of 2003-04. Board of Investment Chairman Waseem Haqqie told that there has also been $152.6 million portfolio investment received during the year under review and as such the figure of total foreign investment stood at $1.676 billion. The FDI target for 2005-06, he said, will be $3.3 billion to be achieved by extending all possible facilities and concessions to the foreign investors especially those of the housing and construction sectors.There has been 60.5 per cent increase in FDI in last 12 months (July-June 2005) over the corresponding period of last year. However, the FDI amounting to $1.5 billion (exactly $1,523.9 million) also included $363 million privatization proceeds received on account of off-loading of 10 per cent shares of Pakistan Telecommunication Company Limited ($260 million) and Habib Bank Limited ($103 million second tranche). (Dawn)
Pakistan has received a total of 35 applications from 20 local and foreign companies to set up around 1,300-mw of three thermal power stations in Lahore, Uch and Faisalabad at an estimated investment of $1 billion. The applications would be evaluated under a pre-determined qualification criterion and then international competitive bidding would be held under the supervision of the National Electric Power Regulatory Authority (Nepra) to award the contract to the investor. The lowest cost and minimum levelized tariff would be the dominant factor to award the contract to the bidder, as most of the companies are of international repute in the power sector, belonging to USA, UK, China, Japan, Malaysia, UAE, Turkey and Pakistan. There are at least three groups — Marubeni of Japan, Globeleq of UK and Hub Power Company — who have applied for all the three projects. (Dawn)
Banks will disburse Rs130 billion credit to the farming sector during the current fiscal year ending in June 2006. This will be part of the overall private sector credit of Rs320 billion proposed in the annual credit plan for 2005-06. In the outgoing fiscal year, banks offered Rs108.6 billion to the farm sector — far higher than Rs74 billion a year earlier. The decision to set Rs130 billion farm credit target for July-June 2005-06 was taken at a meeting of the Agricultural Credit Advisory Committee (ACAC), the State Bank announced. (Dawn)
Pakistan and Malaysia will finalize a list of items by the end of the current month for consideration under the Early Harvest Programme (EHP) — zero rate of duty. The Pakistan delegation, comprising representatives of the Board of Investment (BOI), Central Board of Revenue (CBR) and Ministry of Industries and Production, led by Joint Secretary in the Ministry of Commerce Shahid Bashir, has already reached Malaysia. The high-level official delegation of the two countries would exchange and discuss the wish lists in a meeting started on Monday in Kuala Lumpur for consideration under the EHP. (Dawn)
Advisor to Finance Ministry, Dr Ashfaq Hussain Khan has said that Prime Minister Shaukat Aziz's visit to Italy and Germany last week would help strengthen economic ties with the two countries. He said Pakistan already had good economic links with the two important European countries and added certain steps were taken during the visit to expand the ties. (Business Recorder)
The government plans to seek development assistance of $1.5 billion annually from the World Bank for infrastructure and social sector development. The government was negotiating with the bank to elevate its disbursement level, and hopes for a positive response. (Business Recorder)
Prime Minister Shaukat Aziz is likely to approve within a couple of days an 'opposition-initiated, but the government-overhauled' draft bill aimed at bringing what the labour ministry termed pro-workers amendments in the 'controversial' Industrial Relations Ordinance (IRO), 2002. (Business Recorder)
Malaysian government will give 50 percent quota to Pakistan for the import of manpower from its all source countries. Malaysia has given a target of 100,000 workers to Pakistan. The formal export of Pakistani manpower to Malaysia has started this week when first batch of over 400 workers moved to Malaysia. (Business Recorder)
The government is likely to allow export of ghee and cooking oil to Afghanistan in the Trade Policy 2005-06 to be announced on July 21. They said that Commerce Ministry officials estimate $ 16 billion plus exports and $ 22 billion imports targets for the current fiscal year. (Business Recorder)
The government's one village one product programme would create millions of job opportunities across the country, said General Manager (Operations) Small and Medium Enterprise Development Authority (Smeda) Iqbal Anwar Qudwani. He said it is a strong concept for the development of rural areas, poverty alleviation and development of small and medium industry. (Business Recorder)
A delegation of Pakistani pharmacists reached Tashkent. The delegation comprising representatives of 14 Pakistani pharmaceutical companies. During their stay in Tashkent, the members of the delegation will meet the officials of Uzbek Health Ministry. (Business Recorder)
Pakistan has approached the Asian Development Bank for financial assistance for its new five-year project, namely Sub-regional Connectivity and Trade Facilitation Project/Program, at a cost of $290 million. (Business Recorder)
Pakistan's plastic products have a tremendous future in the Middle East and African countries. Besides, some industries in Pakistan are exporting their surplus products to various countries. This information is contained in a study prepared by Pakistan Plastics Manufactures Association regarding household products, and raw material produced by Engro Asahi Chemicals. (Business Recorder)
The annual meeting of Agriculture Credit Advisory Committee (ACAC) held under the chairmanship of Governor State Bank of Pakistan, Dr Ishrat Hussain, approved a target of Rs130 billion for the disbursement of agri-loans to farmers during fiscal year 2005-06. Last year, total disbursement of farm loans reached Rs108.6 billion, 27.80 per cent higher than the target of Rs85 billion. Five major commercial banks disbursed Rs51.3 billion. Zarai Taraqiati Bank (ZTBL) disbursed Rs37.4 billion, Punjab Provincial Cooperative Bank (PPCBL) Rs7.6 billion and domestic private commercial banks (DPCBs) Rs12.3 billion. (The News)
National Refinery Limited (NRL) and Attock Refinery Limited (ARL) have joined hands for the first time to export 127,500 tonnes of Paraffinic Naphtha during August 16 to October 31, 2005. NRL and ARL had floated a tender for the export of naphtha on July 12 and the bid opening date is July 26. He said this was the first tender after the privatisation of NRL and now the bid opening would be done in Islamabad instead of Karachi. Prior to the privatisation of NRL, the refinery used to export naphtha with Pakistan Refinery Limited (PRL) with a 70:30 ratio in which the share of PRL was 30 per cent. (The News)
Chief Controller of Buildings, Karachi Building Control Authority (KBCA), Brig (retd) A S Nasir has extended invitation to the entire local and international builders and developers, technocrats and the general public to actively participate in ‘International Housing Industry Exhibition’ that offers numerous opportunities for all. He further said the event would provide direct marketing platform for builders to display buildings completed and not yet occupied, and the ones under construction, with the help of models, perspective, drawings and videos, a press release said on Monday. (The News)
The vice president of Tata Consulting Services Pankaj Balaiga confirmed in Karachi that TCS will be opening up a center of excellence in software engineering in Pakistan as soon as all the legalities have been completed. Balaiga made this statement during a meeting with Sindh IT Minister Syed Mustafa Kamal and President of Pakistan Software Houses Association Ms. Jehan Ara. The first TCS center of excellence will be located in Lahore and will be a joint venture with a local Lahore company. (Pakistan Observer)
The government of Pakistan has finalised its indicative no-concession list of 1,310 items under which it will not allow the exporters of the other six SARRC member countries to export these items to Pakistan when trade among the SAARC countries under the South Asia Free Trade Area (SAFTA) begin on January 1, 2006. This indicative sensitive list will be placed before the Committee of Experts (CoE) of the SAARC member countries’ two-day meeting which is scheduled to start today (Tuesday) at Katmandu. Official trade experts from India, Pakistan, Sri Lanka, Bangladesh, Bhutan, Maldives and Nepal will participate in the meeting to finalise the sensitive list to be enforced from January 1, 2006. Pakistan is likely to receive criticism from India for placing the indicative list of 1,310 as India has submitted its no-concession list of 1,200 items. India wants Pakistan to come up with a 1,200 items’ list. (Daily Times)
Pakistan and Switzerland are all set to sign an Avoidance of Double Taxation and Cooperation in Prevention of Fiscal Evasion Agreement today. The agreement will be comprehensive in which all activities of the economic sector will be covered, and transactions to be executed in the two signatory countries will be taxed in the country where a contract or a transaction has been completed. The Swiss ambassador to Pakistan, H.E. Denis Feldmyer, on behalf of his country, and the chairman of the Central Board of Revenue (CBR), Abdullah Yusuf, on behalf of the government of Pakistan, will sign the agreement at the CBR head office. The proposed agreement on avoidance of double taxation between Pakistan and Switzerland was initiated in October 2002 and has been awaiting formal signing since than. Both countries had signed the first agreement of this nature in December 1959, which has been serving the purpose since then and a need was felt to modify the agreement according to the present-day needs and new economic challenges faced by the world today. (Daily Times)
16-07-2005
Prime Minister Shaukat Aziz has said that ENI (Energy National Hydrocarbon), the world’s sixth largest oil and gas company has shown interest to participate in the privatization of Pakistan Petroleum Limited (PPL). He said that he had a meeting with ENI chairman and they had said that they would participate in the privatization of PPL. Prime Minister said that the ENI is going to participate in the Iran-Pakistan-India gas pipeline project as well”. “ENI is a huge group. They have many companies which are pipeline experts, they have undertaken big pipeline projects in the world.” (Dawn)
The Government granted petroleum exploration licence to Saif Energy Limited, Dhermund Block falls in district Mianwali, Chakwal and Khushab of Punjab Province. A minimum firm investment of $0.9 million and a contingent investment of $4 million will be made to the said block. (Dawn)
Pakistan has approached Iran to supply electricity and gas to the Gwadar seaport city. The government had decided to urgently overcome electricity and gas shortage in Gwadar, was discussing the issue with the government of Iran. Iran has tentatively agreed to meet the energy requirements of Balochistan province. However, the Iranian government was being asked to help meet necessary electricity and gas requirements of District Gwadar, which included Gwadar, Pasni, Ormara and Jiwani. The construction of coastal highway had boosted the life of the people of Gwadar, infrastructure facilities to the investors were vital for the development of the new port city in Balochistan. (Dawn)
China and Pakistan have agreed to set up a joint working group to expedite work on Thar coal project and an agreement to this effect was arrived at a meeting held between Chinese Commerce Minister Bo Xilai and his Pakistani counterpart Humayun Akhtar Khan. The two sides also agreed on early establishment of a joint investment company for undertaking development projects in various areas of bilateral interest. (Dawn)
Exports to Afghanistan can surpass the existing level of $1 billion if the Pakistan-funded Torkham-Jalalabad highway is completed soon and the export of products high in demand in the Afghan market is facilitated through effective policy measures at the federal government level, trade and business circles say. Businessmen are of the view that Pakistani products had comparative advantage over those of its competitors in terms of capturing the Afghan market. (Dawn)
The Central Development Working Party (CDWP) will take up Rs 91.18 billion 45 new development projects in its meeting scheduled to be held on July 21. These projects related to transport and communication, good governance, energy, water resources development, health, physical planning and housing, environment, education, information technology, food and agriculture, industries and commerce, higher education, mass media, manpower and drought emergency relief assistance. (Business Recorder)
President, Institute of Company Secretaries of India, and leader of 10 member delegation of company secretaries from India, Bangladesh and Kenya, Ramamoorthy Ravi has urged Pakistan to become member of International Federation of Companies Secretaries (IFCS). (Business Recorder)
The French Embassy in collaboration with the Lahore Chamber of Commerce and Industry (LCCI) would hold seminars and workshops, to educate the business communities of Pakistan and France about the available business opportunities in both the countries. This was decided in a meeting between LCCI President Mian Misbah ur Rehman and Economic Head of French Embassy in Pakistan Philip Quercy. (Business Recorder)
The Karachi Port handled 131,073 tonnes of cargo including 118,362 tonnes import and 12,711 tonnes export cargo including 000 containers during last 24 hours ending at 0700 hours on Friday. The cargo comprised of 71,941 tonnes dry cargo including 50,639 tonnes general cargo; 11,200 tonnes coal; 9,262 tonnes fertiliser; 850 tonnes bitumen and 59,132 tonnes oil/Liquid cargo. (Business Recorder)
The Nimir Industrial Chemicals Limited has formally launched it's caustic soda plant. According to Nimir's spokesman, by the commissioning of caustic soda plant, Nimir Industrial Chemicals Ltd has become the third producer of caustic soda and related products in Pakistan. (Business Recorder)
13-07-2005
09-07-2005
President General Pervez Musharraf said the government is resolved to benefit the people of far-flung areas with the fruits of economic development and bring them at par with developed parts of the country. Addressing a gathering of elders here, the President said the country has been steered to a stable economic state as a result of consistently pursued policies and reforms and now the government is focused on realising socio-economic development at the grass roots level.
The Ministry of Commerce (MoC) and the Ministry of Science and Technology (Most) are engaged in serious exercise to ensure that all imported goods adhere to the national quality standards and exports of locally manufactured items bear the certification mark of Standards Development Centre (SDC), which is the part of Pakistan Standards and Quality Control Authority (PSQCA).
The government must take necessary steps for establishing 'export cities' of various items on the pattern of India and China to give boost to the country's exports.
The Minister for Kashmir Affairs and Northern Areas said the main purpose of his mission to the United States was to meet Kashmiris living here and invite them to invest in the development of Azad Kashmir. "Azad Kashmir was developing at a rapid pace in sharp contrast to the lack of progress in the strife-torn Indian-held Kashmir," Makhdoom Syed Faisal Saleh Hayat stated.
The Trading Corporation of Pakistan is exploring the possibilities of importing cement to stabilise prices of the commodity in local market, TCP Chairman, Syed Masood Alam told that the matter was still at the stage of 'exploring' the possibilities including identifying the probable markets, the prices prevailing in local and international market and the quantum of cement to be imported.
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