Pakistan Economy - News & Updates - Archive
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ISLAMABAD (updated on: July 21, 2006, 18:41 PST): President General Pervez Musharraf on Friday announced immediate upgradation of posts of Staff and Head Nurse to BPS 16 and 17 respectively and said several measures were being taken to bring about a qualitative improvement in the country's health care system.
The president made the announcement here at the First National Nursing Convention, fulfilling a long standing demand of the nursing profession.
The president directed the Higher Education Commission to set up a post-graduate National Nursing Institute in Islamabad.
President Musharraf also asked the Ministry of Health to retain all unemployed nurses on a stipend and to provide 500 scholarships to nurses for higher studies, both within the country and abroad. He said the government was also working on a special programme to train 1000 master trainers.
The country's first ever nursing convention was attended by thousands of nurses, lady health visitors and midwives from across the country.
The president said the focus of the government's health strategy was on providing primary and secondary health care to provide medical attention to the needy at their door steps.
He particularly mentioned the pilot project launched in 12 districts of Punjab to provide improve primary health care and said after its success it would be replicated in rest of the country.
Under the package the Basic Health Units were being upgraded, with more staff, medicines and services besides a better pay package.
He pointed at the high child and mother mortality ratio in the country and said the government had a major task ahead to build a healthier nation.
He said health and education sectors had been ignored in the past, but rectifying measures were being taken to improve the situation.
The president said there was a need to provide incentives to the people who join this noble profession and called for improvement of nursing schools and colleges.
"We need to build the capacity of our teaching institutions both qualitatively and quantitatively to meet the growing demand," the president said.
He said the major chunk of foreign remittances in Philippines were from the nursing profession. The same can be achieved by the Pakistani women who can contribute to the national economy by seeking higher education and training in the specialised field of nursing, the President added.
President Musharraf specifically lauded the role played by the medical profession in the aftermath of the Oct 8 earthquake that killed over 75,000 people and rendered as many seriously injured.
He urged the young nurses to excel in their profession by working devotedly and learning the required skills, including good English.
President Musharraf said only those nations prosper, who give due respect to their women and said the women would be given their due rights.
"It is my strong desire to see that the woman of Pakistan are able to stand on their own feet and are not dependent on others," he added.
Minister for Health Mohammad Nasir Khan said Pakistani medical professionals in the aftermath of the Oct 8 earthquake played a key role in warding off the dreaded second wave of death that was being predicted by all.
He said there was a need to motivate the people engaged in the nursing profession and the dignity and honour of those working in this field would be ensured.
In a presentation the president was informed that there were only 37,000 registered nurses for 160 million population.
The President also distributed awards and medals amongst the outstanding nurses.
The president made the announcement here at the First National Nursing Convention, fulfilling a long standing demand of the nursing profession.
The president directed the Higher Education Commission to set up a post-graduate National Nursing Institute in Islamabad.
President Musharraf also asked the Ministry of Health to retain all unemployed nurses on a stipend and to provide 500 scholarships to nurses for higher studies, both within the country and abroad. He said the government was also working on a special programme to train 1000 master trainers.
The country's first ever nursing convention was attended by thousands of nurses, lady health visitors and midwives from across the country.
The president said the focus of the government's health strategy was on providing primary and secondary health care to provide medical attention to the needy at their door steps.
He particularly mentioned the pilot project launched in 12 districts of Punjab to provide improve primary health care and said after its success it would be replicated in rest of the country.
Under the package the Basic Health Units were being upgraded, with more staff, medicines and services besides a better pay package.
He pointed at the high child and mother mortality ratio in the country and said the government had a major task ahead to build a healthier nation.
He said health and education sectors had been ignored in the past, but rectifying measures were being taken to improve the situation.
The president said there was a need to provide incentives to the people who join this noble profession and called for improvement of nursing schools and colleges.
"We need to build the capacity of our teaching institutions both qualitatively and quantitatively to meet the growing demand," the president said.
He said the major chunk of foreign remittances in Philippines were from the nursing profession. The same can be achieved by the Pakistani women who can contribute to the national economy by seeking higher education and training in the specialised field of nursing, the President added.
President Musharraf specifically lauded the role played by the medical profession in the aftermath of the Oct 8 earthquake that killed over 75,000 people and rendered as many seriously injured.
He urged the young nurses to excel in their profession by working devotedly and learning the required skills, including good English.
President Musharraf said only those nations prosper, who give due respect to their women and said the women would be given their due rights.
"It is my strong desire to see that the woman of Pakistan are able to stand on their own feet and are not dependent on others," he added.
Minister for Health Mohammad Nasir Khan said Pakistani medical professionals in the aftermath of the Oct 8 earthquake played a key role in warding off the dreaded second wave of death that was being predicted by all.
He said there was a need to motivate the people engaged in the nursing profession and the dignity and honour of those working in this field would be ensured.
In a presentation the president was informed that there were only 37,000 registered nurses for 160 million population.
The President also distributed awards and medals amongst the outstanding nurses.
ISLAMABAD (updated on: July 22, 2006, 02:35 PST): Pakistan's exports achieved growth with average rate of 16.45 percent per annum over the last four years owing to consistency in the government's policies leading to strengthening of economy.
According to official sources here on Friday, the sound macroeconomic policies coupled with wide-ranging structural reforms, particularly in the areas of trade and tariff in last seven years, helped Pakistan double its exports besides increasing trade-to-GDP ratio from close to 26 percent in 1999-2000 to estimated 34 percent in 2005-06.
The exports were targeted at $17 billion, which is 18.1 percent higher than last year. But owing due to different reasons it could not be achieved and the final figures showed a meagre shortfall of $500 million during FY 2005-06.
The final figures of last three quarters of 2005-06 showed exports of primary commodities up by 22 percent; prominent are rice (33.6 percent), fish and fish preparation (30.2 percent) and fruits (20.6 percent).
Exports of textile manufactures grew by 19.2 percent; prominent are bedware (58.4 percent), ready-made garments (31.0 percent), cotton yarn (29.4 percent), cotton cloth (16.5 percent) and towels (12.0 percent).
Exports of other manufactures also registered a high double digit growth of 19.2 percent. Within this category, exports of petroleum products grew by 80.8 percent and leather manufactures up by 44.0 percent.
The survey said in recent years, Pakistan also entered in the exports of engineering goods.
The overall exports posted an increase of $1890.23 million in the first nine months of the current fiscal year over the same period of last year.
Of this increase, 61.4 percent or $1160.5 million has come from textile manufactures.
Exports this year have been largely quantity driven and with firming up of the price of exportables, Pakistan's exports may rise substantially in the medium terms.
During the first nine months (July-March) of the current fiscal year, over 88 percent increase in exports are driven by quantity (quantity effect) and the remaining 12 percent are due to the increase in unit values of exports.
The monthly exports for the period July-Mar, 2005-06 remained consistently above the corresponding months of last year, averaging $1341.4 million per month as against an average of $1131.4 million last year.
Pakistan's exports are highly concentrated in few items namely, cotton, leather, rice, synthetic textiles and sports goods. These five categories of exports account for 74.5 percent of total exports during the first nine months of 2005-06 with Cotton manufacturers alone contributing 58.4 percent.
According to official sources here on Friday, the sound macroeconomic policies coupled with wide-ranging structural reforms, particularly in the areas of trade and tariff in last seven years, helped Pakistan double its exports besides increasing trade-to-GDP ratio from close to 26 percent in 1999-2000 to estimated 34 percent in 2005-06.
The exports were targeted at $17 billion, which is 18.1 percent higher than last year. But owing due to different reasons it could not be achieved and the final figures showed a meagre shortfall of $500 million during FY 2005-06.
The final figures of last three quarters of 2005-06 showed exports of primary commodities up by 22 percent; prominent are rice (33.6 percent), fish and fish preparation (30.2 percent) and fruits (20.6 percent).
Exports of textile manufactures grew by 19.2 percent; prominent are bedware (58.4 percent), ready-made garments (31.0 percent), cotton yarn (29.4 percent), cotton cloth (16.5 percent) and towels (12.0 percent).
Exports of other manufactures also registered a high double digit growth of 19.2 percent. Within this category, exports of petroleum products grew by 80.8 percent and leather manufactures up by 44.0 percent.
The survey said in recent years, Pakistan also entered in the exports of engineering goods.
The overall exports posted an increase of $1890.23 million in the first nine months of the current fiscal year over the same period of last year.
Of this increase, 61.4 percent or $1160.5 million has come from textile manufactures.
Exports this year have been largely quantity driven and with firming up of the price of exportables, Pakistan's exports may rise substantially in the medium terms.
During the first nine months (July-March) of the current fiscal year, over 88 percent increase in exports are driven by quantity (quantity effect) and the remaining 12 percent are due to the increase in unit values of exports.
The monthly exports for the period July-Mar, 2005-06 remained consistently above the corresponding months of last year, averaging $1341.4 million per month as against an average of $1131.4 million last year.
Pakistan's exports are highly concentrated in few items namely, cotton, leather, rice, synthetic textiles and sports goods. These five categories of exports account for 74.5 percent of total exports during the first nine months of 2005-06 with Cotton manufacturers alone contributing 58.4 percent.
KARACHI (July 22 2006): The Wapda is the main impediment in the way of setting up coal-fired power plants in Sindh, as it is avoiding to offer fair tariff due the pressure of some influential quarters in the centre, who do not want Sindh coal to be utilised by the Sindh Coal Authority (SCA).
These pressure groups want to remove SCA and replace it with the Federal Coal Authority (FCA) to deprive provincial government of its legal rights vis-ÃÂ -vis royalty, sources told Business Recorder.
Since the inception of the SCA in 1992, the project could not materialise only due to the stubbornness of Wapda, sources added. Because of Wapda's reluctance to offer fair tariff, has put the plans of M/s. Shenhua Group from China on hold. The group had planned to set up a 600MW power plant at an estimated cost of US $500 million in Thar, sources said. Wapda had offered 5.7 cents power per unit, which the Chinese are contesting.
Their stands is that since Wapda is paying eight to 13 cents per unit to gas-based, diesel based and fuel oil-based IPPs, it should increase the tariff for electricity produced by the coal-fired power plants. So far, Wapda has not responded to their demand.
The sources said that why should a company set up a $500 million plant when it has no surety of getting a good rate of return on its investment.
The source, however, expressed full confidence in General Musharraf and said that he is keen to utilise coal reserves of Sindh for the production of energy in the country and the province would not be deprived of its due right.
The issue was to be taken up at sites: Thar 175 billion tonnes, Lakhra 1.32 billion tonnes, Sonda-Jherruk 7.112 billion tonnes, Metting-Thatta 0.161 billion tonnes, and Badin 0.061 billion tonnes.
The Thar coalfield extends over an area of 9,000 sqkm out of which 356 sqkm has been studied in detail by the Geological Survey of Pakistan, proving nine billion tonnes coal in four blocks. The source said the moisture found in the coal at the Thar coalfield is 46.77 percent and heating value 5.774 percent (Btu) but when dried, its heating value jumps to 10.8 percent (Btu) making it the best coal in the world.
So is the case with Lakhra coalfield in Dadu district. Which covers approximately an area of about 1300 sqkm. It is well connected with Karachi and Hyderabad through roads and railway. Average annual production of coal from Lakhra is over one million tonnes. The Sonda-Jherruck coalfield is estimated to have a reserve of over seven billion tonnes lignite quality coal.
Several countries are producing electricity from coal while having world's fourth largest reserves Pakistan was far behind to cash in on coal for its power demands. The United States generates 52 percent electricity from coal, the United Kingdom 58 percent, Australia 77 percent, Germany 52.5 percent even India produces 77 percent power from coal while having enough reserves Pakistan could not even produce one percent from coal, the sources quoted figures to base the argument on.
Pakistan, at present is heavily dependent on power plants using gas and furnace oil, the sources said and added, gas is depleting at a fast rate and furnace oil cost the country a huge amount of foreign exchange while coal is the cheapest source available in the country. Realising coal's worth the government has signed six MoUs with different local and international companies but again WAPDA has not started work on the 500kv-transmission line that the government desperately needs to develop coal-fired power plants in Tharparker, the sources said.
Sizeable quantities of granite have been found in Nagarparkar area and efforts are under way for its exploration and exploitation, the sources pointed out.
The sources also explained that the infrastructure facilities such as roads, housing, potable water, electricity and telephone have been made available in Thar area, which will facilitate investors to carry out development activities expeditiously.
These pressure groups want to remove SCA and replace it with the Federal Coal Authority (FCA) to deprive provincial government of its legal rights vis-ÃÂ -vis royalty, sources told Business Recorder.
Since the inception of the SCA in 1992, the project could not materialise only due to the stubbornness of Wapda, sources added. Because of Wapda's reluctance to offer fair tariff, has put the plans of M/s. Shenhua Group from China on hold. The group had planned to set up a 600MW power plant at an estimated cost of US $500 million in Thar, sources said. Wapda had offered 5.7 cents power per unit, which the Chinese are contesting.
Their stands is that since Wapda is paying eight to 13 cents per unit to gas-based, diesel based and fuel oil-based IPPs, it should increase the tariff for electricity produced by the coal-fired power plants. So far, Wapda has not responded to their demand.
The sources said that why should a company set up a $500 million plant when it has no surety of getting a good rate of return on its investment.
The source, however, expressed full confidence in General Musharraf and said that he is keen to utilise coal reserves of Sindh for the production of energy in the country and the province would not be deprived of its due right.
The issue was to be taken up at sites: Thar 175 billion tonnes, Lakhra 1.32 billion tonnes, Sonda-Jherruk 7.112 billion tonnes, Metting-Thatta 0.161 billion tonnes, and Badin 0.061 billion tonnes.
The Thar coalfield extends over an area of 9,000 sqkm out of which 356 sqkm has been studied in detail by the Geological Survey of Pakistan, proving nine billion tonnes coal in four blocks. The source said the moisture found in the coal at the Thar coalfield is 46.77 percent and heating value 5.774 percent (Btu) but when dried, its heating value jumps to 10.8 percent (Btu) making it the best coal in the world.
So is the case with Lakhra coalfield in Dadu district. Which covers approximately an area of about 1300 sqkm. It is well connected with Karachi and Hyderabad through roads and railway. Average annual production of coal from Lakhra is over one million tonnes. The Sonda-Jherruck coalfield is estimated to have a reserve of over seven billion tonnes lignite quality coal.
Several countries are producing electricity from coal while having world's fourth largest reserves Pakistan was far behind to cash in on coal for its power demands. The United States generates 52 percent electricity from coal, the United Kingdom 58 percent, Australia 77 percent, Germany 52.5 percent even India produces 77 percent power from coal while having enough reserves Pakistan could not even produce one percent from coal, the sources quoted figures to base the argument on.
Pakistan, at present is heavily dependent on power plants using gas and furnace oil, the sources said and added, gas is depleting at a fast rate and furnace oil cost the country a huge amount of foreign exchange while coal is the cheapest source available in the country. Realising coal's worth the government has signed six MoUs with different local and international companies but again WAPDA has not started work on the 500kv-transmission line that the government desperately needs to develop coal-fired power plants in Tharparker, the sources said.
Sizeable quantities of granite have been found in Nagarparkar area and efforts are under way for its exploration and exploitation, the sources pointed out.
The sources also explained that the infrastructure facilities such as roads, housing, potable water, electricity and telephone have been made available in Thar area, which will facilitate investors to carry out development activities expeditiously.
KARACHI (July 22 2006): MCB Bank Ltd is expected to sell $150 million worth Global Depository Receipts (GDRs) aimed at raising capital to either acquire new bank or expand its services in the country.
MCB Bank Ltd, formerly known as Muslim Commercial Bank, said in a statement to the Karachi Stock Exchange that it would seek shareholders' approval, on August 15, for the above-mentioned sale, first overseas move by a Pakistani lender. Pakistani banks need funds to meet demand for credit in an economy that Prime Minister Shaukat Aziz says will expand at an annual pace of as much as 8 percent over the next five years.
MCB Bank's share sale will draw investors in Karachi, said Mohammad Sohail, director of research at Jahangir Siddiqui Capital Markets Ltd. The sale of Global Depository Receipts "will open a new window for foreign investors,' Sohail said. Investors will have a chance of buying into Pakistan's "booming banking sector".'
MCB Bank plans to sell the GDRs between September and December, said a banking source. The lender may consider buying a small local bank or plan to expand its domestic and overseas branch network to propel growth in deposits and loans, he said.
The bank has hired Merrill Lynch & Co and KASB Securities Ltd to help sell the shares. The global depository receipts will be listed on the London Stock Exchange.
It would be the first sale of global depository receipts by a Pakistani company since 1995, when Chakwal Cement Co raised $100 million overseas. Pakistan Telecommunication Co, nation's biggest phone services provider, raised $898 million in 1994. Oil & Gas Development Co, Pakistan's biggest explorer, also plans to sell as much as 15 percent stake through global depository receipts by September 30.
MCB Bank Ltd, formerly known as Muslim Commercial Bank, said in a statement to the Karachi Stock Exchange that it would seek shareholders' approval, on August 15, for the above-mentioned sale, first overseas move by a Pakistani lender. Pakistani banks need funds to meet demand for credit in an economy that Prime Minister Shaukat Aziz says will expand at an annual pace of as much as 8 percent over the next five years.
MCB Bank's share sale will draw investors in Karachi, said Mohammad Sohail, director of research at Jahangir Siddiqui Capital Markets Ltd. The sale of Global Depository Receipts "will open a new window for foreign investors,' Sohail said. Investors will have a chance of buying into Pakistan's "booming banking sector".'
MCB Bank plans to sell the GDRs between September and December, said a banking source. The lender may consider buying a small local bank or plan to expand its domestic and overseas branch network to propel growth in deposits and loans, he said.
The bank has hired Merrill Lynch & Co and KASB Securities Ltd to help sell the shares. The global depository receipts will be listed on the London Stock Exchange.
It would be the first sale of global depository receipts by a Pakistani company since 1995, when Chakwal Cement Co raised $100 million overseas. Pakistan Telecommunication Co, nation's biggest phone services provider, raised $898 million in 1994. Oil & Gas Development Co, Pakistan's biggest explorer, also plans to sell as much as 15 percent stake through global depository receipts by September 30.
ISLAMABAD (July 22 2006): Commerce Minister Humayun Akhtar and Foreign Ministers of Mercosur trade bloc comprising Argentina, Brazil, Paraguay and Uruguay, on Friday signed framework agreement on trade. With the signing of the agreement, Pakistan and Mercosur member states would initiate the process of negotiations to conclude a Preferential Trade Agreement (PTA), which would ultimately lead to Free Trade Agreement (FTA).
The volume of trade among Pakistan and members associate members of Mercosur, which is currently hovering around $250 million per annum, is bound to increase. The signing ceremony was part of the bi-annual Mercosur Summit.
Addressing the gathering of the Ministers and senior officials of the member and associate countries of Mercosur, Humayun highlighted Pakistan's achievements in the economic field, which have transformed it into a hub of trade with South and Central Asia.
Recalling that the idea of a FTA with Mercosur was part of President Musharraf's Latin America initiative, presented during his visit in 2004, the Commerce Minister underscored the importance of giving substance to the traditionally cordial relations between Pakistan and Mercosur countries. He referred to Pakistan's similar trade initiatives with Sri Lanka, China, Malaysia and Singapore and said that the agreement with Mercosur would further strengthen the South-South relations.
Earlier, Foreign Minister of Argentina, chairing the ministerial meeting, welcomed Pakistan's institutionalised association with the bloc. He paid rich tribute to Pakistan's significant contribution to the world economy and its role in addressing the international trade issues.
Humayun also held bilateral meetings with Foreign Ministers of Mexico and Peru and Argentina's Vice Minister for International Trade and Economic Relations. Ways to enhance bilateral economic and commercial relations and international issues of mutual interest were also discussed.
The volume of trade among Pakistan and members associate members of Mercosur, which is currently hovering around $250 million per annum, is bound to increase. The signing ceremony was part of the bi-annual Mercosur Summit.
Addressing the gathering of the Ministers and senior officials of the member and associate countries of Mercosur, Humayun highlighted Pakistan's achievements in the economic field, which have transformed it into a hub of trade with South and Central Asia.
Recalling that the idea of a FTA with Mercosur was part of President Musharraf's Latin America initiative, presented during his visit in 2004, the Commerce Minister underscored the importance of giving substance to the traditionally cordial relations between Pakistan and Mercosur countries. He referred to Pakistan's similar trade initiatives with Sri Lanka, China, Malaysia and Singapore and said that the agreement with Mercosur would further strengthen the South-South relations.
Earlier, Foreign Minister of Argentina, chairing the ministerial meeting, welcomed Pakistan's institutionalised association with the bloc. He paid rich tribute to Pakistan's significant contribution to the world economy and its role in addressing the international trade issues.
Humayun also held bilateral meetings with Foreign Ministers of Mexico and Peru and Argentina's Vice Minister for International Trade and Economic Relations. Ways to enhance bilateral economic and commercial relations and international issues of mutual interest were also discussed.
ISLAMABAD (July 22 2006): The government has decided to establish a 'Green Fund' of Rs 5 billion to encourage replacement of diesel buses and wagons by compressed natural gas (CNG) vehicles, sources in Petroleum Ministry told Business Recorder.
They said that the Ministry was also in the process of finalising action plan to encourage use of ethanol as fuel in vehicles, which would be submitted to the Prime Minister for approval in a couple of days. They said that the Cabinet had approved the proposal pertaining to replacement of diesel buses by CNG buses in its previous meeting, but had withheld the proposed incentives package until it was cleared by the State Bank.
An inter-provincial committee had recommended that to facilitate introduction of CNG buses, the government should incentives the scheme through fully or partially picking up interest on bank loans taken by prospective buyers of dedicated CNG buses/minibuses/wagons.
It was also suggested that the State Bank of Pakistan (SBP) may encourage the commercial banks to establish credit lines for procurement of CNG buses, minibuses or wagons and for setting up their manufacturing facilities in the country.
Sources said the Cabinet had approved the recommendations of the Petroleum Ministry but, with regard to incentives, it was decided that these should be finalised in consultation with the SBP and other stakeholders for which the Finance Ministry would co-ordinate with the federal and provincial governments.
According to sources, some Cabinet members were not satisfied with CNG price fixation procedure being implemented by the Oil and Gas Regulatory Authority (Ogra), and said that the regulatory body should ensure that any increase in the price of CNG should be strictly in proportion to increase in the price of natural gas.
Sources said that CNG equipment manufacturers and other investors would be motivated to explore the possibilities of technology transfer by setting up joint ventures with foreign manufacturers of CNG cylinders and compressors.
Testing facilities for CNG equipment would be fully developed at Hydrocarbon Development Institute of Pakistan (HDIP) at par with international quality standards.
They said that the Ministry was also in the process of finalising action plan to encourage use of ethanol as fuel in vehicles, which would be submitted to the Prime Minister for approval in a couple of days. They said that the Cabinet had approved the proposal pertaining to replacement of diesel buses by CNG buses in its previous meeting, but had withheld the proposed incentives package until it was cleared by the State Bank.
An inter-provincial committee had recommended that to facilitate introduction of CNG buses, the government should incentives the scheme through fully or partially picking up interest on bank loans taken by prospective buyers of dedicated CNG buses/minibuses/wagons.
It was also suggested that the State Bank of Pakistan (SBP) may encourage the commercial banks to establish credit lines for procurement of CNG buses, minibuses or wagons and for setting up their manufacturing facilities in the country.
Sources said the Cabinet had approved the recommendations of the Petroleum Ministry but, with regard to incentives, it was decided that these should be finalised in consultation with the SBP and other stakeholders for which the Finance Ministry would co-ordinate with the federal and provincial governments.
According to sources, some Cabinet members were not satisfied with CNG price fixation procedure being implemented by the Oil and Gas Regulatory Authority (Ogra), and said that the regulatory body should ensure that any increase in the price of CNG should be strictly in proportion to increase in the price of natural gas.
Sources said that CNG equipment manufacturers and other investors would be motivated to explore the possibilities of technology transfer by setting up joint ventures with foreign manufacturers of CNG cylinders and compressors.
Testing facilities for CNG equipment would be fully developed at Hydrocarbon Development Institute of Pakistan (HDIP) at par with international quality standards.
ISLAMABAD (July 22 2006): First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD) from the UAE will enter Pakistan's banking sector as they have approached the State Bank for licence to launch their services in Pakistan.
According to Khaleej Times, the two Abu Dhabi-based banks will begin operations in Pakistan as soon as the State Bank of Pakistan (SBP) completes the licensing procedures." "First Gulf Bank will operate in Pakistan under the name of First Gulf Commercial Bank while National Bank of Abu Dhabi (NBAD) will keep its original identity.
Already two Abu-Dhabi banks - Bank Al Falah and United Bank - which were acquired by the Abu Dhabi Group under Pakistan government's privatisation scheme, are operating here. Moreover, Dubai Islamic Bank was also operating in Pakistan and will increase the number of its branches from two to 72 soon. There are currently around 40 banks operating in Pakistan.
According to Khaleej Times, the two Abu Dhabi-based banks will begin operations in Pakistan as soon as the State Bank of Pakistan (SBP) completes the licensing procedures." "First Gulf Bank will operate in Pakistan under the name of First Gulf Commercial Bank while National Bank of Abu Dhabi (NBAD) will keep its original identity.
Already two Abu-Dhabi banks - Bank Al Falah and United Bank - which were acquired by the Abu Dhabi Group under Pakistan government's privatisation scheme, are operating here. Moreover, Dubai Islamic Bank was also operating in Pakistan and will increase the number of its branches from two to 72 soon. There are currently around 40 banks operating in Pakistan.
KARACHI (July 22 2006): The Kuwaiti Consul General at Karachi, Hasan Bbadar Al-Iqab, accompanied by a delegation of private sector Kuwaiti investors met City Nazim, Mustafa Kamal and showed interest for making investment in Karachi. DCO Karachi Fazlur Rehman and EDO Revenue Saleh Farooqi were also present in the meeting.
Talking to the delegation Kamal referred to availability of vast investment opportunities and informed that various countries were investing in different sectors here. He told the delegation that long-term plans were being worked out for Karachi, which, he said, was a manifestation of availability of a conducive investment climate here.
In the past, he pointed out, conspiracies were hatched to mar the image of Karachi so as to stall foreign investment flow and to weaken Pakistan's economy as a result. He said, Karachi has been made a heaven for foreign investors to induce them to come and establish business here for which they will be provided all guarantees. Mustafa Kamal said Pakistan would progress when Karachi will progress and development of Pakistan will ensure the development of its people.
He apprised the Consul General about Pakistan's tallest IT Tower and Call Center project and the agreement concluded with the consortium of Malaysian MM, Indian and Dubai companies and projects like elevated expressway.
Talking to the delegation Kamal referred to availability of vast investment opportunities and informed that various countries were investing in different sectors here. He told the delegation that long-term plans were being worked out for Karachi, which, he said, was a manifestation of availability of a conducive investment climate here.
In the past, he pointed out, conspiracies were hatched to mar the image of Karachi so as to stall foreign investment flow and to weaken Pakistan's economy as a result. He said, Karachi has been made a heaven for foreign investors to induce them to come and establish business here for which they will be provided all guarantees. Mustafa Kamal said Pakistan would progress when Karachi will progress and development of Pakistan will ensure the development of its people.
He apprised the Consul General about Pakistan's tallest IT Tower and Call Center project and the agreement concluded with the consortium of Malaysian MM, Indian and Dubai companies and projects like elevated expressway.
LAHORE (July 22 2006): The government has decided to award contract to a German firm to prepare a feasibility report for laying of railway track from Havelian to Chinese border. Federal Railways Minister Sheikh Rashid stated this while addressing a press conference, here on Friday.
To a question, the minister averred that no action would be taken against protesting station masters; however, no body will be allowed to carry out any political activity in railways.
He further said that Rs 0.6 million penalty was being charged daily from offenders who do not buy tickets and travel unauthorised on trains. He said legislation was being made to give 48 hours imprisonment to a person not paying rail fares.
To another question, he said that track was being doubled to run a bullet train at the speed of 250km per-hour between Rawalpindi and Lahore. He said offers in this connection had been sought.
Talking about increase in bogies of Thar Express, he said the governments of India and Pakistan would take decision in this regard.
He said that the government had planned to run a train named 'Alexander' for the purpose of serving tourists. He added that Germany was willing to lease out 15 engines to Pakistan for a period of one-year. He said the government intended to make five locomotive engines in the country on annual basis. He further said that Punjab Chief Minister Pervaiz Elahi would inaugurate Punjab Express from provincial capital on July 24, 2006, while Sindh Express would also start operation, he added.
To a question, the minister averred that no action would be taken against protesting station masters; however, no body will be allowed to carry out any political activity in railways.
He further said that Rs 0.6 million penalty was being charged daily from offenders who do not buy tickets and travel unauthorised on trains. He said legislation was being made to give 48 hours imprisonment to a person not paying rail fares.
To another question, he said that track was being doubled to run a bullet train at the speed of 250km per-hour between Rawalpindi and Lahore. He said offers in this connection had been sought.
Talking about increase in bogies of Thar Express, he said the governments of India and Pakistan would take decision in this regard.
He said that the government had planned to run a train named 'Alexander' for the purpose of serving tourists. He added that Germany was willing to lease out 15 engines to Pakistan for a period of one-year. He said the government intended to make five locomotive engines in the country on annual basis. He further said that Punjab Chief Minister Pervaiz Elahi would inaugurate Punjab Express from provincial capital on July 24, 2006, while Sindh Express would also start operation, he added.
ISLAMABAD (July 22 2006): An ambitious plan has been evolved to enhance the exports of engineering products to $10 billion from $540 million within next four years, Engineering Development Board (EDB) Chairman Waseem Haqqi said on Friday. Talking to private TV channel, he said exports target of this year has been fixed at $750 million. It will be enhanced to $01 billion within next two years.
The major chunk of engineering products were exported to Afghanistan, USA, Dubai, UK and Germany. Exports to UAE and Saudi Arabia has also been initiated recently. Around 8,000 to 10,000 motorcycles have also been exported to Bangladesh, Nigeria and Sri Lanka. 2,500 tractors have been exported to Afghanistan, South Africa and Nigeria.
He said the country attracted around $3.520 billion as foreign direct investment (FDI) during this year including $1.6 billion through privatisation of PTCL, Habib Bank and KESC. The net FDI remained at $1.9 billion during the last year.
While motorcycle production has been increased to 800,000 from 150,000 within three to four years. Television production has been enhanced up to one million from 125,000, he said.
The major chunk of engineering products were exported to Afghanistan, USA, Dubai, UK and Germany. Exports to UAE and Saudi Arabia has also been initiated recently. Around 8,000 to 10,000 motorcycles have also been exported to Bangladesh, Nigeria and Sri Lanka. 2,500 tractors have been exported to Afghanistan, South Africa and Nigeria.
He said the country attracted around $3.520 billion as foreign direct investment (FDI) during this year including $1.6 billion through privatisation of PTCL, Habib Bank and KESC. The net FDI remained at $1.9 billion during the last year.
While motorcycle production has been increased to 800,000 from 150,000 within three to four years. Television production has been enhanced up to one million from 125,000, he said.
WASHINGTON, July 21: Pakistan has proposed a $1.3 billion 10-year education plan to the US to help improve the quality of higher education in the country and to promote science and technology.
This envisages an investment of $130 million each year, $90 million by the US and $40 million by Pakistan.
ââ¬ÅWe are hopeful that this plan will be accepted,ââ¬Â Higher Education Commission chairman Dr Attaur Rehman told a briefing.
Dr Rehman, who was here to attend the first meeting of the Pakistan-US joint committee on science and technology, said the plan involved setting up centres of excellence in Pakistan and training of Pakistani scientists and engineers in the US. The centres will be established in Karachi, Lahore, Faisalabad, Islamabad and in the NWFP.
This envisages an investment of $130 million each year, $90 million by the US and $40 million by Pakistan.
ââ¬ÅWe are hopeful that this plan will be accepted,ââ¬Â Higher Education Commission chairman Dr Attaur Rehman told a briefing.
Dr Rehman, who was here to attend the first meeting of the Pakistan-US joint committee on science and technology, said the plan involved setting up centres of excellence in Pakistan and training of Pakistani scientists and engineers in the US. The centres will be established in Karachi, Lahore, Faisalabad, Islamabad and in the NWFP.
Saturday, July 22, 2006
KARACHI: The indigenous supply of oil and gas in the country posted an increase of four percent in the first 11 months of financial year 2005-06.
The domestic oil and gas production in this period stood at 680kboepd (thousand barrels of oil equivalent per day) compared with Jul-May FY05 production of 656kboepd, according to figures complied by the Pakistan Petroleum Information Services (PPIS). The data suggests that indigenous gas supply has increased by 4.3 percent to 3.8bcfpd (billion cubic feet per day) against 3.7bcfpd previously. Increase in gas production mainly arrived from optimum production from existing fields. Domestic production of oil remained flat, showing a marginal decline of 1.4 percent to 65.4kbpd against 66.3kbpd previously.
KARACHI: The indigenous supply of oil and gas in the country posted an increase of four percent in the first 11 months of financial year 2005-06.
The domestic oil and gas production in this period stood at 680kboepd (thousand barrels of oil equivalent per day) compared with Jul-May FY05 production of 656kboepd, according to figures complied by the Pakistan Petroleum Information Services (PPIS). The data suggests that indigenous gas supply has increased by 4.3 percent to 3.8bcfpd (billion cubic feet per day) against 3.7bcfpd previously. Increase in gas production mainly arrived from optimum production from existing fields. Domestic production of oil remained flat, showing a marginal decline of 1.4 percent to 65.4kbpd against 66.3kbpd previously.
KARACHI: The Karachi Electric Supply Corporation is not resorting to load shedding in the industrial areas of Karachi despite the serious crisis the city is facing said Jamil Gul, Division Director, Customer Service KESC during a meeting with Akbar Abdullah, Vice-President, FPCCI at Federation House.
He said that if there is any power breakdown in any industrial area or factory it may be due to some fault in the respective grid station, but not due to load-shedding.
Gul further said that KESC has re-organised Customer Service Centre by increasing its strength in manpower and telephones to attend to the public complaints about power breakdowns.
He said that KESC has started a pilot project to check ëKunda Systemàor illegal electric connections in Karachi. Under the project the electric cables are being replaced with aerial bundle cables from which it will be difficult to put Kunda.
He said that the new management of KESC has placed order for 800 MW power generators, which will be received and installed by the end of 2007 and hoped that this will ease the power shortage to a great extent.
He said that if there is any power breakdown in any industrial area or factory it may be due to some fault in the respective grid station, but not due to load-shedding.
Gul further said that KESC has re-organised Customer Service Centre by increasing its strength in manpower and telephones to attend to the public complaints about power breakdowns.
He said that KESC has started a pilot project to check ëKunda Systemàor illegal electric connections in Karachi. Under the project the electric cables are being replaced with aerial bundle cables from which it will be difficult to put Kunda.
He said that the new management of KESC has placed order for 800 MW power generators, which will be received and installed by the end of 2007 and hoped that this will ease the power shortage to a great extent.
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