MNCs to invest $30 billion in diverse sectors: advisor

[Neo]

MNCs to invest $30 billion in diverse sectors: advisor ​

ISLAMABAD (March 04 2008): The multinational companies have pledged 30 billion dollars for investment in Pakistan's energy and other diverse sectors. This was stated by Amar Lal, Advisor to Prime Minister on Minorities Affairs after a meeting with Canadian Ambassador and political representatives of Germany, Netherlands, Poland and Austria.

The multinational companies of these countries have shown interest to invest in mining of Thar coal project for 3,000 megawatt coal-based power plant, wind energy projects and gas turbines projects. In addition to that, investment would be made for laying gas pipeline and crude oil pipeline from Turkemanistan and Kazakistan, another project of Liquid Natural Gas (LNG) costing 10 Billion Dollars.

It was also discussed to set up three oil refineries, each to produce 100,000 barrels per day, 4 electricity power plants to produce 1000 megawatt electricity at Lahore, Faisalabad, Rohri and Jamshoro. The project to set up three oil refineries at Multan, Karachi and Sukkur was discussed in the meeting.

With mutual consultation, it was also decided to invest in upgrading the education, health and tourism training centres up to international standard to make a joint venture with local and international companies for creating one million jobs in the country and another one million abroad.

Housing schemes will also attract substantial investment as Canadian, American and Abu Dhabi companies have submitted proposals for new housing schemes to be launched on modern lines in the country, Amar Lal said. Those proposals, he said, have been submitted to the Prime Minister.

Business Recorder [Pakistan's First Financial Daily]

 

[opinion786]

Just to mention few MNC's and their projects:

1- Dubai Ports World announced on 1 June 2006, that it will spend $10 billion.

2- UAE has received approval from Pakistan's government to build a $5 billion UAE Oil refinery at Hub in Baluchistan. The refinery, which will be Pakistan's biggest, have the capacity to process 300,000 barrels of oil a day.

3- The government is all set to establish an 'Oil city' with an investment of $40 billion at Gwadar Port. The Chinese Petroleum Chamber would come up with $12.5 billion investment plan for the project. Project underway...

4- Kuwait is establishing an Oil refinery at Port Qasim, 50 km southeast of Karachi, at expected cost of $1.2 billion. Refinery would have the capacity to refine 100,000 barrels of oil a day. Construction underway....

5- The Canadian conglomerate Cathy Oil and Gas signed a memorandum of understanding in late 2006 to invest $5 billion in oil and gas exploration, development, production and commercialization in Pakistan. Work going on.

6- French Renault is establishing a 40-million-euro assembling plant of Renault Logan cars in the country, with the production capacity of 15,000 automobiles per year.

7- Automobile industry in Pakistan has made remarkable progress during the last few years. Despite low indigenous base, it has attracted almost Rs100 billion investment. eg Renault, BMW, Toyota, Hyundai, Honda, etc.

8- Pakistan’s Financial Sector is witnessing robust growth in Islamic banking. Two fully-fledged Islamic banks — one local and one foreign-based — have opened 23 branches recently. Bank Islami will be the 3rd Bank. The 4th Dubai Islamic Bank would open around 70 branches. Saudi Arabia would open the 5th Islamic Bank soon.

9- Standard Chartered Bank of Pakistan (SCBP) has made a mega investment of Rs 30 billion to grow in a significant way in Pakistan.

10- Saudi-Kuwaiti joint venture Mid Roc Tussonia Ltd will invest $3 billion to $4 billion in next seven years in power generation, refining and real estate sectors in Pakistan.

And, I have many more.... will post some other day.....

 

[Samlee]

I remember the good old days wish they could come back

 

[Pakistansdefender]

UAE has received approval from Pakistan's government to build a $5 billion UAE Oil refinery at Hub in Baluchistan. The refinery, which will be Pakistan's biggest, have the capacity to process 300,000 barrels of oil a day.

99
Imagine after 12 years, now under current regime this refinary is under construction. It would be inaugurated in Nov if things of carona went all right.

 

[Syed1.]

I remember the good old days wish they could come back

Then democracy started taking its revenge

 

[Jungibaaz]

Then democracy started taking its revenge

It wasn't democracy that totaled the economy, it wasn't even PPP government for the most part. Pakistan's economic crisis hit at the end of 2008 till about 2010. Here's GDP growth by year:

The start of he PPP government unfortunately for them coincided with multiple crises. Any course on economics will teach you that there is a time lag in fiscal policy measures used to stabilise an economy (2 years for fiscal if I recall is a good but rough estimate). Alternatively, if bad policy or a lack of policy precedes a crisis, it's policy that was or wasn't made prudently a few years ago that causes or contributes to a crisis today.

In the 2008-2010 case for Pakistan, we were feeling two categorical effects: external pressures and internal crises. The external pressures were the 2007-2008 financial crisis hitting the global economy, and high energy costs. Every country on earth had their growth outlook slashed, we suffered more due to over-reliance on certain countries and certain creditors, while simultaneously, our import bill was under pressure due to oil prices. So those are the external factors.

The internal factors were the myriad of crises that Musharraf's government left behind. Load shedding was a crisis built up over years, Musharraf didn't add capacity to the grid like he should have, exports and industries felt the pinch began feeling the pinch too. Law and order situation, taliban control of parts of NWFP and bombings were already a crisis that was having its impact on foreign investment and internal economy. In addition, our reserves were also under pressure again, and a large and widening trade deficit forced the PPP government to approach the IMF for a giant loan. When that happened, PPP were also contractually and based on economic sense obliged to deleverage, weaken PKR, and then inflation crept in (does that sound familiar? If it does, it's because the same thing has happened with the recent PTI govt, largely through no fault of their own).

So I don't put the blame of those years on PPP in particular, in the same way I don't blame IK for having to approach the IMF, for having to weaken PKR, for the inflation caused etc. These things take time to build up.

 

[Syed1.]

It wasn't democracy that totaled the economy, it wasn't even PPP government for the most part. Pakistan's economic crisis hit at the end of 2008 till about 2010. Here's GDP growth by year:

The start of he PPP government unfortunately for them coincided with multiple crises. Any course on economics will teach you that there is a time lag in fiscal policy measures used to stabilise an economy (2 years for fiscal if I recall is a good but rough estimate). Alternatively, if bad policy or a lack of policy precedes a crisis, it's policy that was or wasn't made prudently a few years ago that causes or contributes to a crisis today.

In the 2008-2010 case for Pakistan, we were feeling two categorical effects: external pressures and internal crises. The external pressures were the 2007-2008 financial crisis hitting the global economy, and high energy costs. Every country on earth had their growth outlook slashed, we suffered more due to over-reliance on certain countries and certain creditors, while simultaneously, our import bill was under pressure due to oil prices. So those are the external factors.

The internal factors were the myriad of crises that Musharraf's government left behind. Load shedding was a crisis built up over years, Musharraf didn't add capacity to the grid like he should have, exports and industries felt the pinch began feeling the pinch too. Law and order situation, taliban control of parts of NWFP and bombings were already a crisis that was having its impact on foreign investment and internal economy. In addition, our reserves were also under pressure again, and a large and widening trade deficit forced the PPP government to approach the IMF for a giant loan. When that happened, PPP were also contractually and based on economic sense obliged to deleverage, weaken PKR, and then inflation crept in (does that sound familiar? If it does, it's because the same thing has happened with the recent PTI govt, largely through no fault of their own).

So I don't put the blame of those years on PPP in particular, in the same way I don't blame IK for having to approach the IMF, for having to weaken PKR, for the inflation caused etc. These things take time to build up.

Stopped reading your post after you brought economic growth as an argument. The problem is every lulloo panjo thinks of himself as an expert. If you really had even an iota of economic knowledge you would know that economic growth is only a tiny facet of the economy. Just like Khaqan Abbasi said we left the PTI government with only two problems current account deficit and fiscal deficit the rest was all ok LOL


So my advise to you Mr. worthless patwari would be to first educate yourself before writing long novels on topics you have zero knowledge on.

 

[Jungibaaz]

Stopped reading your post after you brought economic growth as an argument. The problem is every lulloo panjo thinks of himself as an expert. If you really had even an iota of economic knowledge you would know that economic growth is only a tiny facet of the economy. Just like Khaqan Abbasi said we left the PTI government with only two problems current account deficit and fiscal deficit the rest was all ok LOL


So my advise to you Mr. worthless patwari would be to first educate yourself before writing long novels on topics you have zero knowledge on.

Wow. My previous post wasn't even confrontational, yet you respond in this way.
No single argument or counter, but instead you had the discourtesy to leave insults.

 

[Syed1.]

Wow. My previous post wasn't even confrontational, yet you respond in this way.
No single argument or counter, but instead you had the discourtesy to leave insults.

I disregard opinion of anyone who is dumb enough to still support PML-N

 

[Jungibaaz]

I disregard opinion of anyone who is dumb enough to still support PML-N

Again with the insults. Do you know how immature this comes across as? I'm not here calling you a dumb or reducing you to some degoratory form of a PTI supporter. I don't do that because I can empathise, I supported them until 2014.

Next time, just try to address the arguments being made, not every thread needs to devolve to a war between your government and the opposition. It seems you're viewing everything through this lens and you pick fights where there are none. Quite frankly, I tried to refrained from making value judgements in my original post, and at the end of my post I also absolved of blame the current government for the current crisis.

 

[RealNapster]

The project to set up three oil refineries at Multan, Karachi and Sukkur was discussed in the meeting.

Why Multan and sukkur ? No major (minor) deposits there (as far as I know).

 

[Ahmad Saleem]

Stopped reading your post after you brought economic growth as an argument. The problem is every lulloo panjo thinks of himself as an expert. If you really had even an iota of economic knowledge you would know that economic growth is only a tiny facet of the economy. Just like Khaqan Abbasi said we left the PTI government with only two problems current account deficit and fiscal deficit the rest was all ok LOL


So my advise to you Mr. worthless patwari would be to first educate yourself before writing long novels on topics you have zero knowledge on.

Musharraff also left country in huge current account deficit

 

[Jungibaaz]

Musharraff also left country in huge current account deficit

And an energy crisis, as well as full scale insurgency in NWFP. People tend to credit him with some stable economic growth a few years prior, but I’m certain had Musharraf stayed till 2010-2011, all the blame PPP get for their early years would be exactly the same and they’d be rightly credited to him.

 

[Shah Khalid]

I remember the good old days wish they could come back

Can i ask the need for reviving a 12 year old thread

 

[Syed1.]

Again with the insults. Do you know how immature this comes across as? I'm not here calling you a dumb or reducing you to some degoratory form of a PTI supporter. I don't do that because I can empathise, I supported them until 2014.

Next time, just try to address the arguments being made, not every thread needs to devolve to a war between your government and the opposition. It seems you're viewing everything through this lens and you pick fights where there are none. Quite frankly, I tried to refrained from making value judgements in my original post, and at the end of my post I also absolved of blame the current government for the current crisis.

Not sure why you are getting offended when I've said I don't value opinions of PML-N supporters and hence do not wish to debate with them. It is my right to decide about who I chose to interact with on the forum. Remember it is YOU who quoted me not the other way round.