Pakistan Economy - News & Updates - Archive

[Neo]

Enough funds available for uplift projects: Musharraf

RAWALPINDI (April 14 2007): President General Pervez Musharraf Friday said the government is committed to provide all basic needs of life to the people, particularly in the far-flung and under developed areas of the country to bring them at par with the developed areas.

He was talking to Federal Minister for Political Affairs Engineer Amir Muqam, who called on him here at President's Camp Office. The President said due to prudent economic policies pursued in the last seven years, the government has sufficient funds for the development projects throughout the country. He said there is no shortage of funds for any type of development project for any area.

The President said provision of gas, electricity, clean drinking water and other basic needs of life to the people are at the top of the government agenda.

"The government has been taking practical measures seriously for the development projects so that the people should be provided all amenities of life at their doorsteps without any delay as it is their basic right," said the President.

President Musharraf on the request of Amir Muqam emphasised the need for early completion of Islamabad-Peshawar Motor Way, saying that it is an important link between Peshawar and other parts of the country.

The President also discussed other development projects under process in different parts of the NWFP with Engineer Amir Muqam and added the completion of these projects would bring about revolution in these areas. He said unprecedented funds are being spent on the development projects in different parts of the country without any discrimination and prejudice and it was possible due to better economy and improved economic situation of the country.

Various other projects including roads in Malakand, Lowari Top and reopening of Saidu Sharif airport were also discussed during the meeting. Engineer Amir Muqam, who is also president of Pakistan Muslim League NWFP and in charge of the development projects of the federal government in NWFP, discussed the pace of the work of these projects with President Musharraf.

He said during the tenure of President General Pervez Musharraf concrete steps have been taken by the government for the welfare, progress and prosperity of the people and they have been empowered at grass roots level. The political situation of the NWFP was also discussed during the meeting.

http://www.brecorder.com/index.php?id=550206&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

India eyes 150,000 tons Pakistani wheat

MUMBAI (April 14 2007): Indian grain traders have contracted to import 20,000 tonnes of Pakistani wheat and they are waiting for New Delhi to issue import permits before starting shipments, a leading regional grains trader said on Friday. "The permits could come anytime now," Vijay Iyengar, managing director of Agrocorp International Pte Ltd, told Reuters in an interview.

"There is a possibility that up to 150,000 tonnes of Pakistani wheat will come to India." Pakistan, seeking to cut bulging wheat stocks, is seen offering up to 2 million tonnes of the grain for export this year. It has already allowed the sale of 800,000 tonnes by private traders and removed a 15-percent duty on exports.

Pakistan had stopped wheat exports in May 2003 after domestic supplies ran short. Last year, Indian authorities suggested bartering their sugar for Pakistani wheat, but the proposal did not go anywhere.

Pakistan did buy half its sugar imports from India that year, following the removal of a four-year ban on Indian sugar after an improvement in relations between the countries. "There are a lot of inquiries from Indian traders for Pakistani wheat. The bulk the wheat from Pakistan is expected to come in containers," Iyengar said. He added that most deals for Pakistan wheat were expected to be finalised around $230 a tonne, including cost and freight.

http://www.brecorder.com/index.php?id=550261&currPageNo=2&query=&search=&term=&supDate=

 

[Neo]

Pakistan and Russia pledge to boost economic ties

ISLAMABAD (April 13 2007): Pakistan and Russia on Thursday signed a memorandum of understanding (MoU) for avoidance of double taxation, promotion and protection of investment to enhance bilateral trade. The two sides also signed a MoU for cultural co-operation as well as a protocol for co-operation in combating illicit trafficking and abuse of narcotics drugs and psychotropic substances.

After MoUs signing, at the Prime Minister House, Prime Minister Shaukat Aziz and his visiting Russian counterpart, Mikhail Fradkov held a joint press conference here. They showed firm commitment to take bilateral trade to new heights saying that trade and economic co-operation between Pakistan and Russia was much less than actual potential.

Shaukat Aziz welcomed Russian companies' participation in tendering process for Pakistan Steel Mills Corporation (PSMC) expansion and lying down of Iran-Pakistan-India gas pipeline. He said work for both mega projects will be granted through a competitive process and the government will welcome Russian companies' participation. He said Pakistan was open for all kinds of investment and Russian companies should take its full advantage.

Russian Prime Minister stressed the need of exploiting trade potential between Pakistan and Russia for economic growth. Later on, he addressed the leading Pakistani businessmen at a luncheon meeting organised by Privatisation Minister Zahid Hamid.

Russia Prime Minister expressed firm commitment to enhance bilateral relations with Pakistan saying establishing a substantive economic agenda would mutually benefit the two countries. Fradkov termed his meeting with Prime Minister Shaukat Aziz an "important step" in strengthening bilateral relations between Pakistan and Russia with special focus on cementing economic ties. He urged the need for improving business-to-business contacts between the two countries for the exchange of essential trade information.

In his welcome address, Zahid Hamid said Pakistan attaches high importance to its relations with Russia and termed Russian Prime Minister's visit to Pakistan as an indication of the growing relationship based on mutual trust and co-operation. He welcomed Russian companies' participation in various sectors including oil and gas. He mentioned Gazprom interest for investing in Pakistan's oil and gas sector in particular. He said bilateral trade between the two countries presently stood at $520 million, which was in favour of Russia, adding there was a considerable scope for increasing Pakistan export to Russia.

DINNER RECEPTION

APP ADDS: Prime Minister Shaukat Aziz on Thursday said Pakistan and Russia will succeed in creating greater linkages and inter-dependencies to benefit of the people of the two countries and contribute towards further strengthening Pakistan-Russia ties. He was addressing a banquet hosted in honour of visiting Prime Minister of Russian Federation Mikhail Fradkov, which was attended by the members of the Russian delegation, federal ministers, high officials and diplomats.

Prime Minister Shaukat Aziz while referring to the visit of Russian Prime Minister to Pakistan after 40 years said it would pave the way to promote and strengthen the bilateral relations. He said: "Russia-Pakistan strategic partnership will not only serve our bilateral goals but is also in the interest of peace, progress and prosperity of our region."

Referring to the talks held in morning, Shaukat Aziz said, these talks have brought to the fore the close convergence of view between the two countries on a broad range of regional and global issues. The Russian Prime Minister Mikhail E. Fradkov, responding to the banquet speech of Prime Minister Shaukat Aziz said that his visit to Pakistan would further promote bilateral relations.

http://www.brecorder.com/index.php?id=549841&currPageNo=3&query=&search=&term=&supDate=

 

[Neo]

World Bank and US officials apprised of strong Pakistan's economic growth

WASHINGTON (April 14 2007): Advisor to Prime Minister on Finance and Revenues Dr Salman Shah, as the head of a Pakistani delegation attending annual spring meetings of the World Bank and International Monetary Fund, held useful and productive meetings with WB leaders and senior United States officials.

The delegation of top economic managers met WB President Paul Wolfowitz, Vice President Praful Patel and members of the WB team. Dr Shah also led the delegation at meetings with US Senator Judd Gregg, ranking member appropriations committee, Deputy Secretary, Treasury, Robert Kimmit, and Assistant Secretary of State for South Asia Richard Boucher.

Pakistani delegation includes State Bank of Pakistan Governor Dr Shamshad Akhtar, Advisor to the Finance Ministry and Director General, Debt Office, Dr Ashfaque Hassan Khan, and Finance Secretary Tanvir Ali Agha.

During the meetings, the Advisor to the Prime Minister apprised them of Pakistan's strong economic growth achieved on the back of sustained reforms and consistently pursued policies. About the economic progress, Dr Shah referred to the government's focus on socio-economic development of people and also spoke about continued reforms, future economic growth and development projects.

Speaking about international investors' growing confidence in continued policies and their interest in the country's development potential, he said Pakistan was on course to attracting a record more than six billion dollars in foreign direct investment (FDI) during the current year.

http://www.brecorder.com/index.php?id=550251&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Kuwaiti company to invest $1 billion on oil refinery

KARACHI (April 13 2007): The Nur Financial Investment Company of Kuwait plans to set up an oil refinery and a financial harbour in Karachi with a huge investment of one billion dollar.

Deputy Chairman and the Managing Director of the company Naser Al-Marri said this in a meeting with Director General of the Board of Investment (BoI), Pakistan (Sindh Balochistan), Arif Ellahi, at his office here on Thursday.

Naser A-Marri said that his company already had an investment of one billion dollar in Karachi Electric Supply Corporation (KESC), Al-Meezan Bank, Arif Habib Trading, Meezan Trading and Pak-Kuwait Takaful.

"We intend to invest four billion dollars in other projects, including a refinery and a financial harbour," he added. The BoI Director General assured him of every possible assistance and provision of facilities on behalf of the government. He said the land was available for refinery under a project of Port Qasim Authority and Sindh Board of Revenue, and asked the Kuwaiti company official to arrange visit of their experts for selecting the suitable land.

Arif Ellahi said there could be a number of locations for establishing financial harbour. The Kuwaiti delegation also held discussion with PQA Chairman, Deputy Governor of the State Bank of Pakistan and Secretary, Board of Revenue.

http://www.brecorder.com/index.php?id=549910&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Pakistan can generate 50,000 megawatts by using wind power

BERLIN (April 13 2007): A German model of generating power through wind energy can help developing countries including Pakistan to strike a 'needed' balance between growing energy demand and environmental protection, experts believed.

They said using renewable energy sources like wind is less threatening to the ecology and can help the world reduce the risk of damage by global warming. Germany started establishing wind power generation parks some 25 years ago. At the moment, 5.5 percent of the country's total electricity consumption comes from wind energy and it is being anticipated that the figure will go up to 20 percent by 2020.

The need for energy has gone up manifold in Pakistan due to the industrial expansion-a major push to sustain over 6 percent growth during the past few years.

But like elsewhere in the developing world, there has not been much diversification in the pattern of energy utilisation and power generation in Pakistan.

The country's reliance on coal and water for power generation is still very high. Almost 64 percent of the power consumption come from hydropower, 33 percent from thermal sources and 3 percent from nuclear technology.

The use of wind energy for power generation is still a rare practice despite huge potential. According to official estimates, Pakistan can generate up to 50,000 megawatts by using wind, but only few micro plants with a capacity between 300 and 500 megawatts are actually operating in the country.

http://www.brecorder.com/index.php?id=549879&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Govt to encourage low-delta crops

By Aftab Maken

ISLAMABAD: The government is considering preparing necessary legislation to restrict the cultivation of high-delta crops in the newly-developed areas of Balochistan.

The completion of Kachhi canal and Mirani dam would help cultivate nearly 800,000 acres of additional land, but the Ministry of Food and Agriculture was making special arrangements to utilise the area for crops requiring low quantity of water, official sources told The News.

The Mirani dam in Balochistan, being built at an estimated cost of Rs5.81 billion with storage capacity of 0.302 million acre feet of water, will irrigate 3,320 acres to produce low-delta crops like wheat, cotton, sunflower and others. Similarly, the Kachhi canal, which will be completed by June this year at a cost of Rs31.2 billion, will irrigate 713,000 acres.

“The ministry is making efforts and considering necessary legislation for sowing this extra land with low-delta crops like cotton and wheat, as the prospects of water availability in future are dim and no mega dam will be operational before 2015,” said a senior ministry official seeking anonymity.

The food ministry was also pursuing the provincial governments concerned to either ban high-delta crops like sugar and rice particularly in the riparian areas of Sindh and Balochistan along the River Indus or allow limited sowing of these crops, the official added.

The Punjab government had taken a lot of measures to discourage sowing of high-delta crops, which included restricting new sugar mills and capacity enhancement of existing mills, the official said.

Another official of the food ministry said the cotton production was below the target set by the government this year and the target set for the next year (2007-08) would also not meet the domestic consumption needs. Therefore, the millers would depend on imported cotton. To overcome this situation, the ministry was exploring new sources of land for cultivation of low-delta crops, he added. Giving the reasons for the move, the official said it would help cultivate only those crops which had high value-addition and could earn more foreign exchange with less efficiency.

When asked about enhancing the per acre yield from the existing land, he said “the ministry is working on it, but we wanted to add more areas for those crops which require less water, seeing less availability of water in the coming years.”

The ministry is also working on the Cotton Vision 2015 for achieving the production target of 20.7 million bales.

http://www.thenews.com.pk/daily_detail.asp?id=51049

 

[Neo]

April 14, 2007
Export-based industrial policy under study

ISLAMABAD, April 13: The government is considering an "export-oriented industrial policy" which seeks further tariff rationalisation and proposes freight subsidy and duty-free import of raw material.

Informed sources told Dawn here on Friday that a presentation has been given to both President Gen Pervez Musharraf and Prime Minister Shaukat Aziz over the proposed policy to significantly encourage exports which were declining particularly due to tough competition being given by the Chinese and Indian products.

The officials concerned have been told to partially incorporate various recommendations of the export-oriented industrial policy in the medium-term development framework (MTDF-2006-2011).

Sources said that a final presentation is likely to be given to the president and the prime minister soon to formally approve the policy.

This policy also seeks to offer subsidies in the participation of fairs and exhibitions and holding specific fairs for Pakistan.

Likewise, subsidy for introducing products in the export market and the assistance of the embassies in locating the demands for products have also been sought in the export-oriented industrial policy.

Tariff rationalisation, a source said, was needed to considerably benefit the export industry.

"All imported raw material must be zero-rated," he said, adding the basic materials, including that of steel and plastic, caustic soda, should be allowed duty free to help the weakening export industry.He said a few old industries were allowed to import some kinds of duty-free raw material, but the facility needed to be offered to new industries also.

Asked about the opposition by the World Bank and the Asian Development Bank (ADB) for offering subsidies, the source said that Pakistan would have to consider its own interest which demanded such facilities to exporters.

Pakistan has pursed an import-substitution policy that has resulted in high cost and low quality products. Export orientation ensures low-cost and good quality products because otherwise the country would not be able to compete.

The source referred to some proposals, contained in a study, and related to restructuring of industries for which the government has been urged to select few economic activities in consultation with the private sector.

The study proposed that besides the manufacturing sector and traditional industries of food, textiles and leather, the government should focus on chemicals, electronics, electrical and non-electrical machineries.

Since basic strategy is the promotion of the private sector who should make an optimal choice of economic activities, the study proposed a four-pronged strategy.

Firstly, protection to various economic activities should be neutral and let the private sector decide where to invest. Secondly, with a view to providing equal effective protection rates to various sub-processes, proper cascading of tariffs, should be ensured. Third, the basic raw materials and marginally processed raw materials and import machinery should be duty free. Fourth, fiscal incentives should be used for diversification of activities towards those that have high growth potential.

The government should provide maximum fiscal incentives to pioneer industry, high technology industry and strategic industries. Pakistan used to have five-year tax holiday for pioneering industry in the 1980s and 1990s but hardly any investor made any use of it.

"This may be reintroduced and provided to the industries using new and emerging technologies", the study said.

Similarly, higher incentives should also be provided to strategic projects that involve products or activities of national importance.

These include heavy capital investment with long gestation periods, have high levels of technology, and are integrated, generate extensive linkages, and have significant importance on the economy.

http://www.dawn.com/2007/04/14/ebr9.htm

 

[Neo]

April 14, 2007
Gas discovery

SUKKUR, April 13: The OMV has successfully discovered and tested gas in its Latif 1 exploration well in the Latif Exploration Block in Northern Sindh. This is an additional discovery in an area where OMV has discovered two major gas fields before, Miano and Sawan, said an announcement on Friday. The exploration well reached a total depth of 3,520m and encountered a total of 18.7m net gas/condensate in three layers at depths of 3,200m to 3,450m.

http://www.dawn.com/2007/04/14/ebr12.htm

 

[Introvert]

Mexico allows rice export from Pakistan

ISLAMABAD: Pakistan and Mexico here on Friday signed an agreement under which the later has allowed rice export from Pakistan.

Minister of State for Economic Affairs, Hina Rabbai Khar signed agreement to this effect on behalf of Government of Pakistan while the visiting Vice Minister of Foreign Affairs of Mexico, Maria De Lourdes Aranda Bezaury inked the MoU on behalf of her country.

Secretary Economic Affairs Division, Muhammad Akram Malik was also present on the occasion.

Maria De Lourdes Aranda Bezaury is currently visiting Pakistan from April 12-14 for holding discussions with the officials of the Ministry of Foreign Affairs on bilateral issues of mutual interest.

During her stay in Pakistan Bezaury also called on Minister of State for Economic Affairs Division, Hina Rabbani Khar here on Friday.

During the meeting both sides reviewed the existing level of bilateral economic cooperation between the two countries and also signed a Memorandum of Understanding (MOU) on export of rice to Mexico.

The signed MOU would allow Pakistan to export its rice to Mexico.

The understanding reached during the meeting and the initiating of the MOU on rice export would provide a strong impetus to bilateral relations in trade and economic cooperation.

Speaking on the occasion, Hina said that rice is an important agricultural commodity of Pakistan and expressed the hope that allowing Pakistani rice export to Mexico would lead to increase the level of bilateral cooperation.

She said that currently Pakistan-Mexico bilateral trade is only $60 million and the exports of rice would help further enhance the trade relations between them.

Maria said Mexicans like rice and import of rice from Pakistan would benefit both the countries.

She called for exploring new avenues of cooperation in agro-business adding said that Mexico would ready to help and cooperate with Pakistan in seed research. Later Hina Rabbani Khar and Maria De Lourdes exchanged the documents.
http://www.thenews.com.pk/daily_detail.asp?id=51051

 

[Neo]

Indus Refinery to start commercial production in March 2009

KARACHI (April 15 2007): The Indus Refinery Limited (IRL) will start commercial production of petroleum products in March 2009 at a cost of $750 million. The Chairman of IRL, Muhammed Sohail Shamsi, told Business Recorder on Saturday after the signing a Memorandum of Understanding (MoU) with Descon Engineering Limited, which would execute civil works for IRL's 100,000 barrel per day petroleum refinery in the proximity of Port Qasim Authority (PQA).

Keeping in view the declining demand of motor gasoline in the country, he said, the new refinery was eyeing export of these products. He said that the refinery would produce one million tons kerosene per annum and 1.5 million tons high-speed diesel (HSD). The IRL would also produce 500 tons liquefied petroleum gas (LPG) per day, he added.

Sohail said, "The refinery is being constructed to produce maximum yields of profitable products. The products produced will meet the deficit requirements of Pakistan, with any surplus to be exported." Thus, the country would save foreign exchange in terms of import substitution and it would also earn from exports of surplus products, he added.

"By March 2009 this mega project would produce 30,000 barrels more, which will further strengthen the company's position in the sector," he said, adding that as a refinery, IRL would produce propane, butane, LPG, high quality unleaded gasoline, kerosene, aviation fuels, low sulphur high speed diesel. The IRL foreign shareholders have 86.7 percent shareholding while local sponsors have a 13.3 percent shareholding.

Earlier, the IRL--a joint venture between Middle East-based investors and local sponsors--inked an MoU with Descon Engineering Limited which would provide civil works for IRL.

Descon will provide all personnel, equipment and services to complete IRL's earthworks, grading, paving, underground piping, underground electrical trenches, tank dikes, concrete foundations and slabs. The work is expected to take 18 months to complete and is scheduled to allow for ongoing mechanical re-erection and electrical and instrumentation work.

Chief Executive Officer of IRL, Peter J. Hamill, said, "It is a landmark occasion for IRL and a significant development in the oil and gas sector of Pakistan." IRL has also engaged world class engineering firm SNC Lavalin to act as project manager, Ventech Engineers International as process engineer and advisory firms Jacobs Consultancy and Vitol to ensure a successful project, he added.

During construction the refinery will provide lots of jobs to locals and, when completed in early 2009, it would provide over 600 jobs to permanent skilled workers, he said.

Amer Kamran Khuaja, Director, Business Development, Descon said, "With a rich experience of over 30 years in plant construction and all disciplines, we are pleased to be part of this mega project. We will be utilising a fully integrated information technology (IT)-based systems, custom developed by our wholly-owned division, Descon IT 24." He said that the system was fully integrated, from proposal to preparation to project progress and cost control.

IRL has taken the initiative to relocate, reconstruct and operate refinery to become the sixth petroleum refinery in the country, enabling it to be one of the top two largest refineries. The IRL has a design capacity of 100,000 BPCD or 93,000 BPSD, which is equal to the country's current largest refinery.

In September last year, the Indus Refinery inked a MoU with Fauji Oil Terminal Company (FOTCO) for the development and construction of an additional oil jetty at Port Qasim. The new oil jetty will be equipped with modern operating equipment and is expected to be completed by the third quarter of 2008.

On completion of the two-year project, the oil jetty will be the focal point of activity for IRL for the import and export of POL products.

The new jetty will handle all of IRL petroleum, oil and lubricants products enabling the new refinery in the private sector to have convenient access for the import and export of POL products. The new facility will provide logistics support to IRL thus facilitating the company to reduce operational costs and increase production.

http://www.brecorder.com/index.php?id=550605&currPageNo=2&query=&search=&term=&supDate=

 

[Neo]

Rs one trillion revenue target likely for 2007-08

ISLAMABAD (April 14 2007): Despite decline in customs duty and sales tax collection at the import stage, the Central Board of Revenue (CBR) is committed to meeting the estimated revenue collection target of around Rs 1 trillion for the next financial year.

Sources told Business Recorder on Thursday the projected target of Rs 1 trillion was discussed threadbare during the last board-in-council meeting chaired by CBR Chairman M. Abdullah Yusuf.

The issue came to the limelight when CBR Member Fiscal Research and Statistics (FRS) informed the council about the negative growth in customs duty and sales tax collected at the import stage during March 2007. The FRS member had highlighted the facts and figures about the tax-wise performance of collection in March.

Responding positively to the presentation, tax authorities told CBR members that the board has committed with the President General Pervez Musharraf to collecting Rs 1 trillion in fiscal 2007-08. Thus, all CBR Wings should seriously start preparing policy proposals to increase revenue collection and broaden the tax-base. The CBR will not rollback from this promise made with the President and the necessary plan must be chalked out to collect Rs 1 trillion in fiscal 2007-08 for raising tax-GDP ratio.

Sources quoted the CBR chief as saying during board-in-council meeting that the board would not only surpass the set target of Rs 835 billion for fiscal 2006-07, but would also devise a plan to cross Rs 1 trillion in next fiscal. The President had approved the CBR 10-year taxation plan, "Vision-2017" taking total revenue collection to Rs 4.3 trillion and tax-GDP ratio to (14.5-15 percent) by 2016-17.

The "Vision-2017" is a 10-year programme for raising revenue collection through broadening the tax-base and raising tax-GDP ratio. The vision envisages 10-year revenue projections starting from fiscal 2007-08 to 2016-17 and strategy to meet these targets. Under the programme, the CBR will achieve 5 percent growth in Tax-GDP ratio by tapping potential sectors in the next 10 years.

http://www.brecorder.com/index.php?id=550212&currPageNo=3&query=&search=&term=&supDate=

 

[Neo]

Pak-Russia cooperation in IT, energy and mining to be increased: Soomro calls on Fradkov

ISLAMABAD (April 15 2007): In the meeting between Senate Chairman Mohammadmian Soomro and Russian Prime Minister Mikhail Fradkov, when the former called on the Russian Prime Minister on Friday, it was agreed that co-operation would be increased in the fields of IT, power generation, oil and gas, mining and railways.

The two leaders remarked that joint co-operation in these fields would be a good beginning in furthering the existing bilateral ties. Soomro suggested a series to exchanges to strengthen economic co-operative relations, provide institutional linkages and to promote bilateral relations.

Chairman of Senate foreign relations committee Mushahid Hussain presented the standing committee's report on Pak-Russia relations to the Russian Prime Minister. Fradkov spoke of the fruitful meetings he had with Pakistani leaders during which he became aware of ways on promoting economic relations. Practical action taken in this direction would bring good results, he remarked.

http://www.brecorder.com/index.php?id=550558&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Pakistani exporters asked to explore huge Chinese market

KARACHI (April 15 2007): Newly appointed Consul General of China in Karachi Chen Shan Min said on Friday that China had a potentially huge market and its exports would exceed 1,000 billion dollars by the year 2010.

Speaking at a reception, hosted in his honour by Ijara Financing Inc at a hotel, the Chinese Consul General said competitive products of Pakistan could enter the Chinese markets with joint efforts of both the countries.

He pointed out that presently China's exports to Pakistan stood at four billion dollars, whereas Pakistan exported more than one billion dollar worth of goods to China.

"There is an imbalance in our trade," Chen Shan Min said, and wanted Pakistan to embark upon an aggressive advertisement campaign to introduce its products in China. "Let the Chinese people know you have better products", he added. He said the total trade value of the two countries reached 5.247 billion dollars in 2006.

The Chinese Consul General suggested that Pakistan should arrange a trade fair in China to showcase its top brand of products. He also invited businessmen from Pakistan to China to participate in their biggest trade fair organised twice a year - one from April 15 to 30 and the other from October 15 to 30.

"I will also encourage Chinese companies to come to Pakistan," he said, adding China had sent a large delegation of businessmen to Karachi international trade fair.

He said products like traditional garments (Shalwar-Kameez), bronze items and other handicrafts would get better response from Chinese people. "We should also work towards promotion of border trade and tourism," the Chinese Consul General stressed.

He said he would encourage Chinese companies to invest in Pakistan where there was conducive business climate, better security and friendly environment. China's steady economic success was attracting a number of other countries to enter into its markets for exploring new business and trade opportunities besides developing economic co-operation with China, he said.

Federal Tax Ombudsman Justice Munir A. Shaikh, Consul Generals of Saudi Arabia, United Arab Emirates (UAE), Switzerland, Bangladesh, Sri Lanka, Honorary Consul Generals of Yemen and Morocco, Mirza Ikhtiar Baig and Mirza Ishtiaq Baig, Karachi Chamber of Commerce and Industry President Majyd Aziz, Ijara Financing Inc Managing Director Farrukh Ansari, business elite and others were present.

http://www.brecorder.com/index.php?id=550561&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

April 15, 2007
Investment under CFS close to Rs50bn

KARACHI, April 14: The CFS investment on the Karachi Stock Exchange last week swelled to Rs49.7 billion and actively supported the prevailing bull-run. Owing to sustained run-up on the stock market notably during the last couple of sessions, the demand for fresh funds remained on the higher side, analysts said.

The investment under the CFS during the last couple of weeks dropped to around Rs46bn from the ceiling of Rs55 billion, reflecting the depressed market conditions before the current bull-run, they said.

“But the developing political situation is fraught with high risks,” warned Ambreen Jiwani, a stock analyst, adding “there are more than one negatives, notably SECP presentation on the market crash of 2005 to the national assembly committee, which could take their toll in the coming weeks”.

Total open interest on the forward counter in April contracts rose to Rs9.8bn from the previous week’s Rs8.7bn but on the other hand spreads between the ready and forward counters fell to 4.86pc from the last week’s 8.16pc.

http://www.dawn.com/2007/04/15/ebr6.htm