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Second container terminal at PQ: $211 million deal signed with Dubai Port World
ISLAMABAD (August 18 2006): Dubai Port World (DP-World) will invest $211 million for establishing second container terminal at Port Qasim, Karachi on Built-Operate-Transfer (BOT) basis.
DP-World CEO Mohammad Sharaf and Port Qasim Authority (PQA) chairman Vice Admiral M. Asad Qureshi signed an agreement to this effect here at the Prime Minister house on Thursday. Prime Minister Shaukat Aziz and minister for ports and shipping Babar Khan Ghauri were also present on the occasion.
The Prime Minister, speaking on the occasion, termed the agreement historic and said Pakistan, being a growing economy, needs better means of communication and good infrastructure to support its domestic, external and transit trade activities.
He said Pakistan, being at the crossroads of South Asia, Central Asia and the Middle East, offers greater trade and investment opportunities, including transit trade.
The Prime Minister said with two seaports already functioning and the completion of Gwadar deep-sea port by the end of this year, Pakistan would truly serve as transit trade corridor for the region.
He said Pakistan and the United Arab Emirates enjoy close trade and cultural relations with common faith and today's agreement was manifestation to the fact of growing interest and investment by Arab and Gulf Co-operation Council (GCC) countries.
DP-World CEO Mohammad Sharaf speaking on the occasion said the DP-World was encouraged by the visit of the Ruler of Dubai to Pakistan and decided to establish the second container terminal. He said the government has given us full backing and support in this project. He said the DP-World will also make investment in the development of an industrial zone near Gwadar.
The project, which is the highest ever foreign direct investment in port sector, and to be completed in three phases with an overall capacity of 1.15 million TEUs, will enhance the total TEUs capacity of PQA to about 1.75 million.
Apart from doubling the container handling capacity, the second container terminal will bring Rs 60 billion earning in direct revenue for the Port Qasim in 30 years.
Under the agreement, the first container terminal has also been converted into BOT from BOO, besides the rate of per move of royalty enhanced to $9.2 from the previous $4.
In addition to $211 million in second container terminal, the DP-World has an investment of $100 million for first container terminal. Further investment of $60-100 million is also expected for channel dredging
ISLAMABAD (August 18 2006): Dubai Port World (DP-World) will invest $211 million for establishing second container terminal at Port Qasim, Karachi on Built-Operate-Transfer (BOT) basis.
DP-World CEO Mohammad Sharaf and Port Qasim Authority (PQA) chairman Vice Admiral M. Asad Qureshi signed an agreement to this effect here at the Prime Minister house on Thursday. Prime Minister Shaukat Aziz and minister for ports and shipping Babar Khan Ghauri were also present on the occasion.
The Prime Minister, speaking on the occasion, termed the agreement historic and said Pakistan, being a growing economy, needs better means of communication and good infrastructure to support its domestic, external and transit trade activities.
He said Pakistan, being at the crossroads of South Asia, Central Asia and the Middle East, offers greater trade and investment opportunities, including transit trade.
The Prime Minister said with two seaports already functioning and the completion of Gwadar deep-sea port by the end of this year, Pakistan would truly serve as transit trade corridor for the region.
He said Pakistan and the United Arab Emirates enjoy close trade and cultural relations with common faith and today's agreement was manifestation to the fact of growing interest and investment by Arab and Gulf Co-operation Council (GCC) countries.
DP-World CEO Mohammad Sharaf speaking on the occasion said the DP-World was encouraged by the visit of the Ruler of Dubai to Pakistan and decided to establish the second container terminal. He said the government has given us full backing and support in this project. He said the DP-World will also make investment in the development of an industrial zone near Gwadar.
The project, which is the highest ever foreign direct investment in port sector, and to be completed in three phases with an overall capacity of 1.15 million TEUs, will enhance the total TEUs capacity of PQA to about 1.75 million.
Apart from doubling the container handling capacity, the second container terminal will bring Rs 60 billion earning in direct revenue for the Port Qasim in 30 years.
Under the agreement, the first container terminal has also been converted into BOT from BOO, besides the rate of per move of royalty enhanced to $9.2 from the previous $4.
In addition to $211 million in second container terminal, the DP-World has an investment of $100 million for first container terminal. Further investment of $60-100 million is also expected for channel dredging
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US to give market access to goods made in ROZs
LAHORE (August 18 2006): Principal Officer, US Consulate, Bryan D. Hunt on Thursday said that United States would provide market access to the products produced in proposed Reconstruction Opportunity Zones (ROZs) to be set up in different less developed areas of Pakistan.
While addressing the members of the executive committee of Pakistan Tanners Association (PTA) at its North Zone office, Bryan said that there is huge potential of foreign direct investment in the less developed areas of Pakistan.
'We want to see more trade between Pakistan and United States and the US businessmen are keen to tap the potential available in Pakistan', he maintained. Talking about issuance of US visa, he said, after 9/11, situation has been changed due to which certain process has to be adopted for the issuance of visa, which usually takes few weeks to few months.
However, there might be delay in some cases, he said. The US is also facilitating free trade agreement and other measures to enhance trade between the two countries, he added.
In his welcome address, chairman PTA Khurshid Alam said that Punjab is holding more than 70-percent share in the total export of leather and leather products from Pakistan. Leather and leather products export to the US from Pakistan contributes to 30 percent which makes America to lead the top 20 countries of the world, he added.
In the preceding year, exports of leather products to US ie leather garments, gloves and sportswear has shown an increase of 10-percent whereas there is significant decline of 43-percent in the export of finished leather and footwear, he maintained.
He asked the US official to facilitate issuance of business visa to the genuine businessmen on the recommendation of PTA. He also called for enhancing trade between the two countries. He suggested that leading leather goods investors and footwear buyers may be asked to visit Pakistan with the business delegation of the US trade department and consider Pakistan as a supplier to the market. He also highlighted efforts being made by the association for setting up water treatment plants and other measures to check pollution.
LAHORE (August 18 2006): Principal Officer, US Consulate, Bryan D. Hunt on Thursday said that United States would provide market access to the products produced in proposed Reconstruction Opportunity Zones (ROZs) to be set up in different less developed areas of Pakistan.
While addressing the members of the executive committee of Pakistan Tanners Association (PTA) at its North Zone office, Bryan said that there is huge potential of foreign direct investment in the less developed areas of Pakistan.
'We want to see more trade between Pakistan and United States and the US businessmen are keen to tap the potential available in Pakistan', he maintained. Talking about issuance of US visa, he said, after 9/11, situation has been changed due to which certain process has to be adopted for the issuance of visa, which usually takes few weeks to few months.
However, there might be delay in some cases, he said. The US is also facilitating free trade agreement and other measures to enhance trade between the two countries, he added.
In his welcome address, chairman PTA Khurshid Alam said that Punjab is holding more than 70-percent share in the total export of leather and leather products from Pakistan. Leather and leather products export to the US from Pakistan contributes to 30 percent which makes America to lead the top 20 countries of the world, he added.
In the preceding year, exports of leather products to US ie leather garments, gloves and sportswear has shown an increase of 10-percent whereas there is significant decline of 43-percent in the export of finished leather and footwear, he maintained.
He asked the US official to facilitate issuance of business visa to the genuine businessmen on the recommendation of PTA. He also called for enhancing trade between the two countries. He suggested that leading leather goods investors and footwear buyers may be asked to visit Pakistan with the business delegation of the US trade department and consider Pakistan as a supplier to the market. He also highlighted efforts being made by the association for setting up water treatment plants and other measures to check pollution.
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Govt gets Rs149b through privatization KARACHI: The government of Pakistan, having privatized the national assets, has obtained more than Rs149 billion out of which 90 per cent amount was apportioned to pay off loans and 10 per cent amount spent on the projects for poverty alleviation.
Mr. Umer Ayub Khan, Minister of State for Finance said this at a Senate session today during the Question Hour.
He said during the fiscal year 2001-02, the privatization earned Pakistan an amount of Rs8.35 billion; in 2002-03, Rs11.33 billion; in 2003-04, Rs11.21 billion; in 2004-05, Rs28.33 billion and since then the amount of Rs89.83 billion has been received.
Umer Ayub said in last six years, an amount more than Rs7450 billion was spent to pay off foreign loans.
Mr. Umer Ayub Khan, Minister of State for Finance said this at a Senate session today during the Question Hour.
He said during the fiscal year 2001-02, the privatization earned Pakistan an amount of Rs8.35 billion; in 2002-03, Rs11.33 billion; in 2003-04, Rs11.21 billion; in 2004-05, Rs28.33 billion and since then the amount of Rs89.83 billion has been received.
Umer Ayub said in last six years, an amount more than Rs7450 billion was spent to pay off foreign loans.
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New containers’ terminal to be constructed at Port Qasim KARACHI: Port Qasim Authority (PQA) has signed an agreement with the DP World regarding construction of new containers' terminal.
The agreement regarding the mega project, which will cost $ 211 million, was signed in Islamabad.
Big ships will anchored here at the new containers' terminal at the Port Qasim, said, Federal Minister for Ports and Shipping Babar Ghauri.
The DP world will invest on the construction of new containers' terminal
The agreement regarding the mega project, which will cost $ 211 million, was signed in Islamabad.
Big ships will anchored here at the new containers' terminal at the Port Qasim, said, Federal Minister for Ports and Shipping Babar Ghauri.
The DP world will invest on the construction of new containers' terminal
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Ethanol-fueled cars could be made within six months: PAMA KARACHI: Pakistan auto companies could get on ethanol-fueled cars make ready within six months, however, it hinges on the demand for such cars and the availability of ethanol in the country.
Pakistan Auto Manufacturers Association (PAMA)ââ¬â¢s consultant, Majeed Ahmad Jhumra told Geo News that auto manufacturers were following Euro Emission Standards, under which, they want the promotion of ethanol-fueled cars and if the demand for such cars grows in the country, then the manufacturing of flexi-fuel-engines was of no problem and such cars could be brought into the market within six months, as Pakistani companies could obtain this technology from abroad through which some adjustments in the engine would be made.
He told that the proposal of manufacturing of 10 percent ethanol-fueled cars every year was not difficult for the assemblers and if the government asks for it besides the demand existed, then the flexi-fuel-cars could be launched even in a greater than the proposed number.
He told that the price of ethanol-fueled cars would not be more than the existing ones besides their quality would also be not less in any way. Presently, these cars were being run on ethanol in the developed countries of the world, he told.
Pakistan Auto Manufacturers Association (PAMA)ââ¬â¢s consultant, Majeed Ahmad Jhumra told Geo News that auto manufacturers were following Euro Emission Standards, under which, they want the promotion of ethanol-fueled cars and if the demand for such cars grows in the country, then the manufacturing of flexi-fuel-engines was of no problem and such cars could be brought into the market within six months, as Pakistani companies could obtain this technology from abroad through which some adjustments in the engine would be made.
He told that the proposal of manufacturing of 10 percent ethanol-fueled cars every year was not difficult for the assemblers and if the government asks for it besides the demand existed, then the flexi-fuel-cars could be launched even in a greater than the proposed number.
He told that the price of ethanol-fueled cars would not be more than the existing ones besides their quality would also be not less in any way. Presently, these cars were being run on ethanol in the developed countries of the world, he told.
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$18.8 billion export target for fiscal year 2007 hard to achieve
ISLAMABAD (August 18 2006): With the start of the new fiscal year, the country's exports witnessed worrisome declining trend and the decrease made achievement of set target of $18.8 billion for 2006-07 difficult. It is worth mentioning that during 2005-06, the government had also missed its exports target of $17 billion by a sizeable margin of $531 million.
Although, the total imports declined by 17.6 percent during July 2006-07, the decrease in exports by 19.5 percent has also turned out to be a major concern for the government, Federal Bureau of Statistics (FBS) data reveals. The external trade data reveals that the escalating imports are offsetting export gains.
The FBS data carried out by the central bank mentioned that the total imports declined to $2.46 billion during the first month (July) of the current fiscal year from $2.98 billion in June last fiscal year. But the worrying aspect was that total exports also declined by a huge margin to $1.22 billion from $1.52 billion in previous month.
Economic managers say that Pakistan's economy is growing, therefore, the increase in imports is unavoidable, but unfortunately, the exports are not augmenting at the same rate. This poses threat in the shape of widening trade deficit, which, in turn, creates current account deficit, affecting economic health. During FY06, the trade deficit stood at $12.11 billion with total imports of $28.58 billion and exports at $16.469 billion, against the target of $17 billion.
ISLAMABAD (August 18 2006): With the start of the new fiscal year, the country's exports witnessed worrisome declining trend and the decrease made achievement of set target of $18.8 billion for 2006-07 difficult. It is worth mentioning that during 2005-06, the government had also missed its exports target of $17 billion by a sizeable margin of $531 million.
Although, the total imports declined by 17.6 percent during July 2006-07, the decrease in exports by 19.5 percent has also turned out to be a major concern for the government, Federal Bureau of Statistics (FBS) data reveals. The external trade data reveals that the escalating imports are offsetting export gains.
The FBS data carried out by the central bank mentioned that the total imports declined to $2.46 billion during the first month (July) of the current fiscal year from $2.98 billion in June last fiscal year. But the worrying aspect was that total exports also declined by a huge margin to $1.22 billion from $1.52 billion in previous month.
Economic managers say that Pakistan's economy is growing, therefore, the increase in imports is unavoidable, but unfortunately, the exports are not augmenting at the same rate. This poses threat in the shape of widening trade deficit, which, in turn, creates current account deficit, affecting economic health. During FY06, the trade deficit stood at $12.11 billion with total imports of $28.58 billion and exports at $16.469 billion, against the target of $17 billion.
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29 projects worth Rs 46.4 billion approved
1SLAMABAD (August 18 2006): Central Development Working Party (CDWP) meeting held here on Thursday approved 29 development projects involving expenditures of Rs 46.4 billion to improve the lot of life and step up pace of progress in the country.
Deputy Chairman Planning Commission Dr Muhammad Akram Sheikh chaired the meeting which was participated by the senior members of the Commission, Spokesman of the Planning Commission Muhammad Asif Sheikh told the newsmen at a briefing.
He said, "as many as 31 development schemes were put up for discussion of which 29 were approved while only two were deferred due to lack of necessary technical information."
The cost of Rs 46.4 billion included Rs 4.5 billion foreign funding for carrying out the developmental schemes. Elaborating the nature of schemes, the spokesman said 11 schemes with estimated cost of Rs 23 billion have been approved on all Pakistan basis, which relate to infrastructure, 16 to social sector and 2 are miscellaneous.
He added that six projects costing Rs 6.6 billion belong to Punjab, two projects having cost of Rs 250 million belong to Sindh, three projects costing Rs 1.1 billion belong to the NWFP and two projects involving cost of Rs 15.9 billion are in Balochistan.
In addition, the CDWP also approved one scheme for Fata, three schemes for the Northern Areas and one for Azad Jammu and Kashmir, he added. CDWP also gave approval of construction of Surab-Basima-Nag-Panjgur-Hoshab Road (454-km) with estimated cost of Rs 14 billion and construction of Sabakzai Dam project with cost of Rs 1.6 billion in Balochistan.
A project of "Community Infrastructure and Services Programme -Earthquake Additional Financing" costing Rs 2.4 billion was also approved by the CDWP meeting for Azad Jammu and Kashmir.
1SLAMABAD (August 18 2006): Central Development Working Party (CDWP) meeting held here on Thursday approved 29 development projects involving expenditures of Rs 46.4 billion to improve the lot of life and step up pace of progress in the country.
Deputy Chairman Planning Commission Dr Muhammad Akram Sheikh chaired the meeting which was participated by the senior members of the Commission, Spokesman of the Planning Commission Muhammad Asif Sheikh told the newsmen at a briefing.
He said, "as many as 31 development schemes were put up for discussion of which 29 were approved while only two were deferred due to lack of necessary technical information."
The cost of Rs 46.4 billion included Rs 4.5 billion foreign funding for carrying out the developmental schemes. Elaborating the nature of schemes, the spokesman said 11 schemes with estimated cost of Rs 23 billion have been approved on all Pakistan basis, which relate to infrastructure, 16 to social sector and 2 are miscellaneous.
He added that six projects costing Rs 6.6 billion belong to Punjab, two projects having cost of Rs 250 million belong to Sindh, three projects costing Rs 1.1 billion belong to the NWFP and two projects involving cost of Rs 15.9 billion are in Balochistan.
In addition, the CDWP also approved one scheme for Fata, three schemes for the Northern Areas and one for Azad Jammu and Kashmir, he added. CDWP also gave approval of construction of Surab-Basima-Nag-Panjgur-Hoshab Road (454-km) with estimated cost of Rs 14 billion and construction of Sabakzai Dam project with cost of Rs 1.6 billion in Balochistan.
A project of "Community Infrastructure and Services Programme -Earthquake Additional Financing" costing Rs 2.4 billion was also approved by the CDWP meeting for Azad Jammu and Kashmir.
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190,000 tonnes cement exported to Afghanistan in July
ISLAMABAD (August 18 2006): The cement export to Afghanistan has touched 190,000 tonnes mark in July despite withdrawal of rebate for stabilising prices in the local market, official sources told Business Recorder.
Sources said the All Pakistan Cement Manufacturers Association (APCMA) had raised serious concern over the withdrawal of rebate a few months ago, arguing that Pakistan would lose its hard-won export market in Afghanistan to India or Central Asian republics, but the current export trend negates their apprehensions.
They said the Industries and Production Ministry briefed the Economic Co-ordination Committee (ECC) of the Cabinet on Wednesday that the cement manufacturers once again have started capacity under-utilisation from July to stop further decline in prices.
The average capacity utilisation of cement plants during the fiscal year 2005-06 remained around 84 percent due to government pressure especially from March, but in July it was recorded at 77.3 percent, the sources added. At present, the import of cement is allowed at zero percent customs duty and withholding tax from all countries, including India.
Sources said the private sector was very active when the government announced duty-free import of cement, but it materialised 76,879 tonnes cement so far against the expected quantity of 217,824 tonnes for which letters of credit (L/Cs) have been opened.
They said the ECC was also informed that the retail price of locally-manufactured cement of different brands in major cities has dropped to Rs 265-300 per bag except Quetta where the rate is static at Rs 335. The international price (FOB) of cement is $38-44 per ton.
The ministry has also submitted a month-wise price comparison to the ECC, according to which in January 2006, prices registered 15.6 percent increase against the same month last year, February 15.5 percent, March 27.5 percent, April 38 percent, May 22.9 percent, June 9 percent and July slightly above 4 percent, the sources added.
They said in May last, the APCMA was of the view that by September there would be a glut in the market, but it also proved unfounded as there is no such situation and the cement manufacturers are earning a reasonable profit.
The ministry has apprised the ECC that there is adequate supply of cement and its prices in the country are stable, the sources said, adding the ECC expressed its satisfaction over the prevailing price situation.
ISLAMABAD (August 18 2006): The cement export to Afghanistan has touched 190,000 tonnes mark in July despite withdrawal of rebate for stabilising prices in the local market, official sources told Business Recorder.
Sources said the All Pakistan Cement Manufacturers Association (APCMA) had raised serious concern over the withdrawal of rebate a few months ago, arguing that Pakistan would lose its hard-won export market in Afghanistan to India or Central Asian republics, but the current export trend negates their apprehensions.
They said the Industries and Production Ministry briefed the Economic Co-ordination Committee (ECC) of the Cabinet on Wednesday that the cement manufacturers once again have started capacity under-utilisation from July to stop further decline in prices.
The average capacity utilisation of cement plants during the fiscal year 2005-06 remained around 84 percent due to government pressure especially from March, but in July it was recorded at 77.3 percent, the sources added. At present, the import of cement is allowed at zero percent customs duty and withholding tax from all countries, including India.
Sources said the private sector was very active when the government announced duty-free import of cement, but it materialised 76,879 tonnes cement so far against the expected quantity of 217,824 tonnes for which letters of credit (L/Cs) have been opened.
They said the ECC was also informed that the retail price of locally-manufactured cement of different brands in major cities has dropped to Rs 265-300 per bag except Quetta where the rate is static at Rs 335. The international price (FOB) of cement is $38-44 per ton.
The ministry has also submitted a month-wise price comparison to the ECC, according to which in January 2006, prices registered 15.6 percent increase against the same month last year, February 15.5 percent, March 27.5 percent, April 38 percent, May 22.9 percent, June 9 percent and July slightly above 4 percent, the sources added.
They said in May last, the APCMA was of the view that by September there would be a glut in the market, but it also proved unfounded as there is no such situation and the cement manufacturers are earning a reasonable profit.
The ministry has apprised the ECC that there is adequate supply of cement and its prices in the country are stable, the sources said, adding the ECC expressed its satisfaction over the prevailing price situation.
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Karachi-Mumbai ferry service after signing of protocol: minister
KARACHI (August 18 2006): Minister for Ports and Shipping Babar Khan Ghauri said that ferry service between Karachi and Mumbai would start after signing of shipping protocol formally. He said, "Our federal cabinet has already approved the Pakistan-India shipping protocol and sent the draft to Indian government for their approval."
Speaking at the launching ceremony of first cruise liner 'The Gulf Dream' late Wednesday night, he said that the country's first cruise service for Dubai would commence its voyage from November 3.
He said, "It is people's desire to travel on cruise liner from Karachi to other destinations." Ghauri said the ministry has given licence to the operator within 24-hour. Gulf Dream Cruise has 550 rooms for 1250 passengers and would have 400 crewmembers.
The government is encouraging the private sector to participate in shipping area and expects that potential investment is likely to arrive in this sector, Ghauri added.
Gulf Dream Cruise Chief Executive Officer Rizwan Mohyuddin told Business Recorder that initially the cruise service would be operated on monthly basis. Later in mid-December, the service would be operated fortnightly.
KARACHI (August 18 2006): Minister for Ports and Shipping Babar Khan Ghauri said that ferry service between Karachi and Mumbai would start after signing of shipping protocol formally. He said, "Our federal cabinet has already approved the Pakistan-India shipping protocol and sent the draft to Indian government for their approval."
Speaking at the launching ceremony of first cruise liner 'The Gulf Dream' late Wednesday night, he said that the country's first cruise service for Dubai would commence its voyage from November 3.
He said, "It is people's desire to travel on cruise liner from Karachi to other destinations." Ghauri said the ministry has given licence to the operator within 24-hour. Gulf Dream Cruise has 550 rooms for 1250 passengers and would have 400 crewmembers.
The government is encouraging the private sector to participate in shipping area and expects that potential investment is likely to arrive in this sector, Ghauri added.
Gulf Dream Cruise Chief Executive Officer Rizwan Mohyuddin told Business Recorder that initially the cruise service would be operated on monthly basis. Later in mid-December, the service would be operated fortnightly.
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Ban on short selling removed
KARACHI (August 18 2006): The Karachi Stock Exchange (KSE) has removed ban on short selling in futures contract from September 2006 Futures Contract subject to the approval of Securities and Exchange Commission of Pakistan, according to a notification of the exchange.
A meeting was held on Thursday and the board of directors took several measures. It was decided the mechanism of lower circuit breaker of five percent or Re1 whichever is higher would continue until further orders.
The prohibition placed on short selling in futures contract shall stand withdrawn from September 2006 Futures Contract in accordance with the relevant regulations.
Deposit of 100 percent margin in the form of approved securities in futures contract would continue until further orders.
The CFS facility in 30 approved securities already eligible for futures contract would continue within the prescribed CFS limit. However, CFS outstanding positions in two scrips, namely Fauji cement and Pakistan PTA (not included in the list of futures eligible securities) shall remain open till September 17, 2006 and would be available to finances for release/settlement purpose only on daily basis. All unreleased open positions in these two scrips shall be forced to release for settlement on the above-mentioned date.
According to an analyst, these measures were taken after the stock market has consolidated. The SECP imposed ban on short selling following continuous decline in share prices, resulting in heavy casualties.
KARACHI (August 18 2006): The Karachi Stock Exchange (KSE) has removed ban on short selling in futures contract from September 2006 Futures Contract subject to the approval of Securities and Exchange Commission of Pakistan, according to a notification of the exchange.
A meeting was held on Thursday and the board of directors took several measures. It was decided the mechanism of lower circuit breaker of five percent or Re1 whichever is higher would continue until further orders.
The prohibition placed on short selling in futures contract shall stand withdrawn from September 2006 Futures Contract in accordance with the relevant regulations.
Deposit of 100 percent margin in the form of approved securities in futures contract would continue until further orders.
The CFS facility in 30 approved securities already eligible for futures contract would continue within the prescribed CFS limit. However, CFS outstanding positions in two scrips, namely Fauji cement and Pakistan PTA (not included in the list of futures eligible securities) shall remain open till September 17, 2006 and would be available to finances for release/settlement purpose only on daily basis. All unreleased open positions in these two scrips shall be forced to release for settlement on the above-mentioned date.
According to an analyst, these measures were taken after the stock market has consolidated. The SECP imposed ban on short selling following continuous decline in share prices, resulting in heavy casualties.
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ADB to provide $ 1 billion for development in Gawadar
ISLAMABAD: Asian Development Bank (ADB) will provide $ 1 billion for development of national corridor which will cost about $ 2.8 billion.
This was stated by Sean O' Sullivan, team leader of the National trade corridor investment programme of Asian Development Bank during a meeting with Advisor to Prime Minister on Finance Dr. Salman Shah here on Friday.
He briefed the Advisor about the development of national corridor, which will link Karachi/Gawadar to Khunjrab and will cost about $ 2.8 billion.
He said "the ADB will provide $ 1 billion and the remaining cost will be borne by the World Bank and other financial institutions".
Advisor to Prime Minister on Finance Dr. Salman Shah speaking on the occasion said the commercial and industrial activities should be developed along the road and the revenue generated by the activities should contribute towards the cost of the corridor project to supplement traffic and transport generated resources.
The advisor emphasized that strategic locations be selected for revenue generating activities. He appreciated the project and stressed that the motorway to be built should be commercially viable.
The meeting was attended by senior officials of the National Highway Authority.
ISLAMABAD: Asian Development Bank (ADB) will provide $ 1 billion for development of national corridor which will cost about $ 2.8 billion.
This was stated by Sean O' Sullivan, team leader of the National trade corridor investment programme of Asian Development Bank during a meeting with Advisor to Prime Minister on Finance Dr. Salman Shah here on Friday.
He briefed the Advisor about the development of national corridor, which will link Karachi/Gawadar to Khunjrab and will cost about $ 2.8 billion.
He said "the ADB will provide $ 1 billion and the remaining cost will be borne by the World Bank and other financial institutions".
Advisor to Prime Minister on Finance Dr. Salman Shah speaking on the occasion said the commercial and industrial activities should be developed along the road and the revenue generated by the activities should contribute towards the cost of the corridor project to supplement traffic and transport generated resources.
The advisor emphasized that strategic locations be selected for revenue generating activities. He appreciated the project and stressed that the motorway to be built should be commercially viable.
The meeting was attended by senior officials of the National Highway Authority.
ISLAMABAD, Aug 17: The United States has given a ââ¬Ånon paperââ¬Â to Pakistan that shows some flexibility for signing the much-delayed Bilateral Investment Treaty (BIT) between the two countries soon.
Sources told Dawn on Thursday that US Ambassador to Pakistan Ryan C. Crocker had proposed the exchange of non papers between the two sides before holding a final round of talks to conclude the treaty.
Mr Crocker believed that there was a need for holding `informal talksââ¬â¢ in which non papers should be exchanged with each other in order to work out differences over the draft of the treaty, earlier provided by the Bush administration.
Pakistan will submit its non paper within next few days to the United States. The sources said Prime Minister Shaukat Aziz while presiding over a high-level meeting recently had expressed his concern over the delay in signing the treaty. He said both the sides should hold their final round of talks to decide the issue. Foreign Secretary Riaz Mohammad Khan had proposed the holding of final round of talks during the meeting.
However, the sources said Attorney General Makhdoom Ali Khan was not in favour of concluding the treaty unless some of the harsh clauses contained in the draft submitted by the United States were not removed.
The US side was insisting to have more than one international forum to settle investorsââ¬â¢ disputes, while Pakistan wanted only International Centre for Settlement of Disputes (ICSD) to deal with arbitration clauses. Also, Pakistan wanted the US investors to exhaust the local remedy in Pakistani courts before opting for any international forum in case of any dispute.
The sources said the attorney general had been supported by prime minister's adviser Syed Sharifuddin Pirzada that the US should not be allowed to introduce "additional procedure" to sign the treaty.
The US side has linked the signing of BIT with the inking of free trade agreement which was being sought by Pakistan more vehemently in order to have new concessions for country's products into the United States. The proposed BIT would largely benefit the American investors wishing to invest in Pakistan.
Mr David Gross, US ambassador-at-large for the Bureau of Economic and Business Affairs, last week met senior Pakistani officials and discussed the signing of BIT preferably within next two months.
He was quoted as having said that Pakistan and the United States had sorted out most of the issues to sign the BIT in near future. Mr Gross said that a couple of issues had left which were being deliberated upon by both the sides for concluding the treaty shortly.
Friday, August 18, 2006javascript:; http://www.dailytimes.com.pk/print.asp?page=2006\08\18\story_18-8-2006_pg5_3
By Zahid Hameed
ISLAMABAD: IT Minister Awais Khan Leghari said on Thursday that the $72 million, which was the official figure given for Pakistanââ¬â¢s IT exports, did not reflect the true picture and that IT exports probably ran into hundreds of millions of dollars.
He told reporters that the IT Ministry would evolve a new mechanism in cooperation with the State Bank of Pakistan to gauge the actual annual income generated through IT exports. He said the IT industry had witnessed a 50 percent growth in the past couple of years and that the figures were expected to improve further in coming years. Earlier, the IT minister gave away the Capability Maturity Model Integration (CMMI) Level 5 award to Netsol Technologies Ltd ââ¬â the first ever IT company to have been awarded the CMMI level 5 by the software engineering institute at Carnegie Melon university, under the Pakistan Software Export Boardââ¬â¢s programme (PSEB) called the Standardisation of Pakistanââ¬â¢s IT industry.
PSEB launched the Rs 130 million project about three years ago to bring up more than 100 companies to ISO 9001:2000 levels and more than 20 companies at various levels of CMMI.
CMMI is the most renowned and globally accepted standard for software products and services. It provides an evolutionary improvement path for a company from an ad hoc, immature process to a mature, disciplined process and is divided into five levels, with Level 5 categorised as the most disciplined and mature.
Awais said the occasion was historic for the local IT industry, as achieving the CMMI level rating by a Pakistani company would improve the countryââ¬â¢s image abroad besides marketing its IT products and services in world markets. He said that so far PSEB had helped more than 100 companies achieve ISO certification while three companies excluding Netsol had been rated at various levels of CMMI. He also said 18 companies were in the process of implementing the CMMI Level 2 process.
He said the IT Ministry would roll out a project soon to ensure the security of information and assist the IT industry in achieving ISO 27001, which was the worldââ¬â¢s premier standard for information security. He also urged the local industry to adopt the concept of quality and improve business processes in line with international practices so as to penetrate world markets.
By Zahid Hameed
ISLAMABAD: IT Minister Awais Khan Leghari said on Thursday that the $72 million, which was the official figure given for Pakistanââ¬â¢s IT exports, did not reflect the true picture and that IT exports probably ran into hundreds of millions of dollars.
He told reporters that the IT Ministry would evolve a new mechanism in cooperation with the State Bank of Pakistan to gauge the actual annual income generated through IT exports. He said the IT industry had witnessed a 50 percent growth in the past couple of years and that the figures were expected to improve further in coming years. Earlier, the IT minister gave away the Capability Maturity Model Integration (CMMI) Level 5 award to Netsol Technologies Ltd ââ¬â the first ever IT company to have been awarded the CMMI level 5 by the software engineering institute at Carnegie Melon university, under the Pakistan Software Export Boardââ¬â¢s programme (PSEB) called the Standardisation of Pakistanââ¬â¢s IT industry.
PSEB launched the Rs 130 million project about three years ago to bring up more than 100 companies to ISO 9001:2000 levels and more than 20 companies at various levels of CMMI.
CMMI is the most renowned and globally accepted standard for software products and services. It provides an evolutionary improvement path for a company from an ad hoc, immature process to a mature, disciplined process and is divided into five levels, with Level 5 categorised as the most disciplined and mature.
Awais said the occasion was historic for the local IT industry, as achieving the CMMI level rating by a Pakistani company would improve the countryââ¬â¢s image abroad besides marketing its IT products and services in world markets. He said that so far PSEB had helped more than 100 companies achieve ISO certification while three companies excluding Netsol had been rated at various levels of CMMI. He also said 18 companies were in the process of implementing the CMMI Level 2 process.
He said the IT Ministry would roll out a project soon to ensure the security of information and assist the IT industry in achieving ISO 27001, which was the worldââ¬â¢s premier standard for information security. He also urged the local industry to adopt the concept of quality and improve business processes in line with international practices so as to penetrate world markets.
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