Pakistan Economy - News & Updates - Archive

[Neo]

Engro Energy's Qadirpur power plant runs into snag ​

ISLAMABAD (June 19 2007): Engro Energy's Qadirpur power project has run into snag as its two key players-Sui Northern Gas Pipeline Limited (SNGPL) and Oil and Gas Development Company (OGDC)-have declined to accept LDs (penalties), saying these were unwarranted and needed to be looked into.

Both SNGPL and OGDC want that Engro Energy should come up with such a formula that could equally protect the interest of all the parties to the project.

Business Recorder's investigations revealed that OGDC has referred a contract to SNGPL for signing a gas sale agreement (GSA) with Engro Energy but with a condition that it will only accept the LDs (penalties) clause if it takes- up the same to ensure that in the case of any failure, which is not on the part of the OGDC, will be acceptable to it.

SNGPL has also the same version on LDs. Its officials are not ready to accept any LDs beyond its system. Its officials had clearly mentioned their point of view at different meetings held to formulate an agreement for ensuring continuous supply of gas to the project.

Pakistan is in dire need of power and for plugging the growing gap in demand and supply it's desperately looking for different options. The officials of PPIB and other concerned department accept any proposal without any hesitation wherein investor ensures that he can produce power for increasing supply to WAPDA or KESC.

PPIB sometimes does not hesitate in violating its rules for award of gas to the party if it ensures that it can bring the project at power generation stage in comparatively less time. In Engro's power project's case the ministry took its proposal to Economic Co-ordination Committee (ECC) of the cabinet which accepted it even without any advertisement in the press.

This step itself is questionable. One wonder how Engro Energy's project was allocated 75 MMCFD permeate gas from OGDC's Qadirpur field without any press advertisement or competitive bidding. Another question was there no other party or group interested to invest in Pakistan to produce power at the conditions accepted for Engro's project. If so why SNGPL and OGDC or Wapda were reluctant to accept LDs conditions.

Permeate gas is an off-gas from Gas treatment facility of Qadirpur gas field. SNGPL and OGDC's point of view as to why they should accept huge LDs for which they were not responsible make sense. Their officials say that they will like to be held responsible for their individual act.

Engro's demand that the government should share penalty does, not seem working. The government can hardly have such facility for one when many others were already in queue for looking the same treatment.

One thing which both SNGPL and OGDC made clear is that they will neither accept LDs in their exiting form nor sign gas sale agreement GSA with Engro Energy for power generation.

http://www.brecorder.com/index.php?id=579498&currPageNo=2&query=&search=&term=&supDate=

 

[Neo]

Temporary blips not to curb record overseas investment: Prime Minister ​

ISLAMABAD (June 19 2007): Prime Minister Shaukat Aziz said on Monday that the temporary blips are not serious enough to curb record overseas investment strongly needed to sustain national economic growth.

"Despite some blips, which happen in any developing country, we have been vindicated because we have maintained our credit ratings, investment flows and growth momentum," he said in an interview with a foreign TV channel.

The demonstration of 20,000 people in a country of 160 million population is not what we would call a serious concern, he said. Referring to the fast increasing foreign investment, the Prime Minister said investments worth billions of dollars would come into the fields of power generation, hotel industry, stock market, cement and banking sectors in next few years.

Shaukat Aziz said that Pakistan needs overseas funds in power projects because demand is forecast to rise at an annual pace of as much as 12 percent in the next three years. He said demand for electricity rose 20 percent in the year ending June 30, more than twice the projected pace.

"People have the money to buy electricity equipment so, the demand has been much higher than all of us expected and we have to gear up now," the Prime Minister said. About reform process initiated by the present government, he said the reforms have been institutionalised to a large extent and codified in the law.

Outlining the strategy to further reduce price hike, he said agriculture businesses in dairy and livestock and the farming of minor crops like tomatoes, potatoes and onions would be encouraged to help reduce food prices.

The Prime Minister said Pakistan would take advantage of heightened overseas interest to sell $500 million in foreign-currency bonds next year through a Sukuk or conventional bond sale. The nation last month raised $750 million by selling foreign currency bonds in its fourth debt offering in three years, he said.

To a question about holding of next general elections, he said the government is fully committed to holding of upcoming general elections on time in a free and fair manner. He said former Prime Minister Benazir Bhutto, who lives in exile in Dubai and London, will "take her own decision whether to come or not, based on some legal challenges she has to overcome."

http://www.brecorder.com/index.php?id=579502&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Plan to make 24 model villages ​

ISLAMABAD (June 19 2007): The government has completed a survey to make 24 villages across the country as 'Model villages' and by December 2008 the project would be completed, official sources said here on Monday.

Under the project the Ministry of Local Government and Rural Development would provide proper infrastructure including provision of water supply, electricity, street pavements, proper sewerage system, wastewater collection, household toilets and sanitation.

The sources said that proposed villages were 12 in Punjab, five in Sindh, three in NWFP, two in Balochistan and one each in federal capital and Federally Administered Tribal Areas (Fata). Out of 24 villages, he said, under Rs 142.05 million project, the survey in nine villages had been completed.

Giving details, he said, these proposed model villages included Kirri in distt Jehlum, Padhrar in Khushab, Jhok Bobo in DG Khan, Village Shah Nawaz in Tando Allahyar, village Haji Peerano in Thatta, Toru in Mardan, Paroa in DI Khan, village Lasht in Loralai and one village in Fata. He said one village each from AJK and Northern Areas would also be brought under the project in later phases, for which he added, additional funds had been allocated.

http://www.brecorder.com/index.php?id=579542&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

'Major chunk of ADP for completion of on-going schemes' ​

KARACHI (June 19 2007): Sindh Minister for Planning and Development, Shoaib Bukhari has said that Annual Development Programme (ADP) was the most important segment of the budget and the present government had taken the ADP allocation from Rs 7 billion in 2002-03 to Rs 40 billion in 2007-08.

Addressing a post-budget press conference here on Monday, he said that not only the allocation had increased by leaps and bounds but the releases and utilisation had also been around 90 percent.

He said that this time special emphasis would be on the completion of on-going schemes and a major chunk of the ADP had been set aside for this purpose. While lesser new schemes would be initiated so that the on going schemes could be completed to benefit the masses.

According to the details highest priority is accorded to Transport and Communication Sector, which is to receive Rs 7.66 billion or 19.55 percent of the total ADP which includes Rs 1.6 billion as rupee component for two aided projects.

Funds have also been allocated for "construction of Sindh Coastal Highway, new alignment of Super Highway to Sehwan and new alternate road from Khokharapar/Malir-Memon Goth - Darsano Chano-Haleji-Jhimpir-Jhirk-Mulla Katiyar-Umerkot". Rs 1.478 billion is kept as matching allocation for implementation of federal directives.

Rs 6.378 billion is given to special projects such as water supply schemes in Thar, improvement of infrastructure of city district government, Bhit Shah and Sehwan beautification plans, model villages and provision of Sui Gas for small towns/ villages. Rs 3 billion is allocated to water and power sector schemes, which includes Rs 431 million for 'Village Electrification Programme'.

Agriculture sector is to receive Rs 3.574 billion, in addition, Rs 1.15 billion as Foreign Project Assistance for 'On Farm Water Management Project' and 'Sindh Coastal Community Development Programme' will also be available. Physical planning and housing sector has been allocated Rs 3.105 billion for water supply and drainage schemes.

Education sector receives Rs 2.5 billion as against Rs 1.5 billion provided in ADP 2006-07. New engineering colleges at Jacobabad and Ghotki are to be set up. Health sector is to receive Rs 1.25 billion as compared to Rs 859 million provided in ADP 2006-07. Besides Rs 282 million as a Sindh Government share for three mega projects co-financed by Government of Pakistan and Government of Sindh in the ratio of 50:50 are also available.

Mines and mineral sector is given Rs 1.25 billion whereas Rs 1.1 billion is earmarked for Priority Programme (MPA schemes). Rs 179.182 million is earmarked for Prime Minister 'Thar Package' as Sindh Government share. The 'short term' package costing Rs 1.574 billion (with Federal Assistance of Rs 1100 million) is to be completed by June, 2008.

http://www.brecorder.com/index.php?id=579529&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Promoting SME clusters key to compete with Chinese products ​

KARACHI (June 19 2007): Promotion of export-oriented SME clusters is the only way for Pakistani SMEs to compete with Chinese products, which have strong advantages in both cost and volume. This has been proposed in the final report (November 2006) on "Toward a vision 2030:direction of industrial development in Pakistan."

The study was conducted both in Japan and Pakistan by the Japan International Co-operation Agency (JICA) and International Development Centre of Japan.

Even if the level of required technology is low, the answer lies in producing highly sophisticated products to beat the Chinese products. The most efficient way to upgrade SMEs in Pakistan is to promote SME clusters, the study said.

With globalisation, the manufacturing industry in the world is going to be reorganised. If Pakistan takes easy way to rely on the principle of the free trade and does nothing to promote the local industry, the country might miss the bus and become an orphan in the middle of global competition. The country might face the following two alternatives in enhancing industrial development:

- To construct the framework of incentives for all groups of industry, and rely on the principle of free market economy or free trade in allocating economic resources of the country.

- To prioritise the importance of the industrial sectors for the country and concentrate on economic resources to promote these sectors in order to effectively utilise the limited resources of the country.

Referring to integral manufacturing, the study said that many segments of Pakistani market are already full of competitive and attractive Chinese products. When the trade with China expands in the process of globalisation, it is unavoidable that Pakistani products should face severe competition with Chinese ones in the domestic market. The Pakistani consumers are attracted to Chinese products due to their low prices. Even though the quality of these Chinese products is not fully satisfactory, it is expected that the demand for these cheap Chinese products might gradually expand in the future.

If the Pakistani manufacturers also produce cheap and low quality products to compete with the Chinese ones, these Pakistani products might not be able to survive in the market.

In fact, some Pakistani producers have already started making cheap and low quality goods by imitating the Chinese strategy or even by getting components from China.

The study did not consider this as an appropriate strategy for the Pakistani manufacturers. It is needed to avoid direct competition with Chinese products. If cheap, low quality and counterfeit products are easily available in the market, it is very difficult to promote high valued, high tech, and internationally competitive manufacturing in the domestic industry.

Pakistani should better introduce the strategy to focus on manufacturing highly valued, high quality products, and making its own brand recognised in the market.

The study has identified that the industrial infrastructure of the country is far less developed than that of the East Asian competitors. Poor infrastructure is the severe bottleneck for the promotion of automobile industry. The supply of electricity in Karachi is particularly unstable. Even inside the industrial estate the manufacturers suffer from frequent blackout.

It is extremely necessary to improve the condition of power supply at the industrial estates immediately. Moreover, in order to attract foreign investors in the automobile industry, the development of fully serviced industrial estates should be taken into consideration.

It identified Sialkot, Karachi, Gujrat, Wazirabad, Faisalabad, and Chiniot where major clusters exist. SMEs with less than 100 employees account for 99 percent of the 3.2 million companies operating in Pakistan. They dominate in major industries in terms of both the numbers of companies and employees. Micro enterprises with less than 10 employees have the biggest shares.

In Sialkot there are 2,500 surgical units employing 60,000 people. The number of sports goods units is around 300,000. In Karachi 170 leather units employ 5,000 people and 8,000 gem and jewellery units employ 250,000. In Gujrat 400 electric fan units employ 50,000 people and in Wazirabad 300 cutlery units employ 25,000 people. The 7,700 textile units in Faisalabad employ 100,000 people and in Chiniot 3000-4000 wooden furniture units employ 25,000 people.

Only 20 percent of Pakistani companies outsource production of parts. The main reason for outsourcing is to save labour costs. It is totally different from the case in advanced countries where the company outsources because of the specialisation and high level of technology of vendor companies, which enhance the competitiveness of products.

One reason behind this low level of vertical linkage is weak contract enforcement. Contracts are regularly breached. There are prevalent delays of delivery and payment. These kinds of practices significantly erode trust among companies.

To reduce the risk of default, companies in Pakistan are inclined to enter into long-term transactions with only selected customers or maintain excessive in-house production. Nevertheless, the study said: assisting clusters can contribute to the enhancement of the competitiveness of SMEs in clusters, as well as clusters as a whole, since clusters in Pakistan do have advantages of agglomeration such as easy availability of raw marterials and labour, and technology/information spill over.

On strengthening SME support channels, the study said that though various institutions exist, both public and private, for offering SME assistance, such as Smeda, EPB (now TDAP), SME bank and provincial small industries corporations, utilisation of their services has not been satisfactory.

http://www.brecorder.com/index.php?id=579528&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

5,000 more utility stores to be set up this year ​

ISLAMABAD (June 19 2007): As many as 350 franchised utility stores have already been opened at various union councils of the country under President's Rozgar Scheme. Managing Director of Utility Stores Corporation of Pakistan Brigadier Hafeez (Retd) told PTV on Monday that licences have also been issued to 150 more franchised stores.

Around 200 applications were under process and soon they would be issued licenses. Moreover, 300 mobile utility stores are working in the far-flung areas of the country. The Utility Stores Corporation (USC) has chalked out an ambitious plan to establish 500 outlets per month during the current calendar year. He said that 5000 more utility stores would be set up in the country during the current financial year.

However the task would be completed much earlier before the end of the current financial year, he said. There would be 53 distribution centres across the country for ensuring prompt delivery of items. Meat selling has also been initiated in utility stores on trial basis in Islamabad and Lahore. If succeed it would be spread at other stores also, he added.

http://www.brecorder.com/index.php?id=579574&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Essential items on subsidised rates in Northern Areas ​

GILGIT (June 19 2007): The Utility Stores situated in all districts of Northern Areas began to implement directives and incentives offered in the Federal Budget 2007-08 and public started benefiting from them as edible commodities were sold out on subsidised rates, it was officially stated here on Monday.

The management of utility stores in different points of region was in process of implementation and providing things on rates specified in the Budget and public heaved a sigh of relief and thanked the government for provision of such relief that soothed them in every day life ahead of inflationary pressure.

"I am thankful to the government who took good care of the common citizens and now we are benefiting from the facility of subsidised rates of commodities," a senior citizen Nadir Khan Numberdar told APP. Meanwhile, it was learnt that the government would further open utility stores in left over areas to provide essential items of daily use on affordable prices.

Official sources said the government aims at slashing prices of edible and daily use items so that relief could be provided to each and every citizen particularly dwellers of remote and far-flung areas.

http://www.brecorder.com/index.php?id=579575&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Enshaa expands investor group ​

SHARJAH (June 19 2007): Enshaa PSC ("Enshaa"), a real estate development company based in the United Arab Emirates, has expanded its investor group following a successful private placement. Major shareholders include Emirates Investments Group, Majid Al Futtaim Group, and Abraaj Capital, says a press release issued on Monday.

Enshaa, chaired by Sheikh Tariq Bin Faisal Al Qassimi, has consolidated a number of companies and projects under its umbrella. Enshaa is constructing sister projects Emirates Financial Towers currently under development in the Dubai International Financial Center, and Karachi Financial Towers in Pakistan.

Enshaa is developing the Palazzo Versace resort and neighbouring Dl residential tower in Dubai Culture Village through its joint venture business Emirates Sunland Group and has previously acquired a 50 per cent interest in the Palazzo Versace resort on the Gold Coast, Australia.

"We are pleased to receive the Ministry's approval, which reflects its trust and confidence in Enshaa, and the value that we can add to the economy," said Sheikh Tariq after receiving news of the Ministry's approval of the capital increase.

http://www.brecorder.com/index.php?id=579460&currPageNo=2&query=&search=&term=&supDate=

 

[Neo]

Pakistan's sports' goods enjoy unique position in world trade ​

SIALKOT (June 19 2007): Pakistan enjoys a unique position in the global trade with reference to sports goods and its main forte is hand-stitched inflatable balls and such masterpieces were being produced and exported for around 100 years now.

The Federal government had introduced a liberal policy for brining big boom in country's export and for the industrial growth and foreign investment. Both Federal and provincial governments had taken drastic steps for tracking the industrial sector on modern and scientific lines aimed at mitigating their problems on top priority basis.

The world trotters have introduced Sialkot as total export-oriented city of Pakistan. Since the place possess century old industrial heritage it has developed a unique export culture over the period and presently contributing 900 million dollars annually and strengthening the national exchequer.

The city has developed an unmatched industrial edge over other cities of the country especially in sports goods, surgical instruments, leather and leather garments, musical instruments and badges etc.

Sialkot the "City of Exports" has ever been playing a significant role in the development of the country by virtue of the yeomen skilled and craftsmen's services. The fame of Sialkot is not sudden and accidental it can be traced in the history and one can easily have a glance at the steady growing popularity of the city.

Exports from Sialkot are recognised all-over the world and there are certain industries in which the city had higher comparative advantage, which distinguishes it from the rest of the world. Sports goods industry especially the soccer balls industry and surgical instruments industry was playing a tremendous role in the exports of Sialkot.

About 85 percent of total production of soccer ball of the world comes from Sialkot, while all international brands are sourcing their supply of footballs from this export-oriented city and nucleus of cottage industry of the country. The sports goods industry is century old and had a special repute in producing hand stitched soccer balls and other sports products.

According to available statistic, the city is producing over 40 million balls annually worth 210 million dollars were producing by highly skilled male and female workforce of Sialkot. These balls were produced by a work force more than 60,000 including women folk and exported to world market by 1,000 plus entrepreneurs while the industry had totally been purged from the menace of child labour.

The soccer ball currently was facing serious threats in shape of "thermo-moulded ball" which uses medium end technology for producing a ball having most of the characteristics of hand-stitched ball. This new ball has been tested and played in a number of international football tournaments including world cup.

Keeping in view the gravity of the situation, Smeda under the directives of federal government had evolved a strategy for setting up a modern "Sports Goods Development Centre" (SIDC) in Sialkot at a cost of Rs 272.61 million for introducing thermo-moulded ball technology in Sialkot industry.

The prime objective of the project is to enable local sports goods sector to adopt new technology of mechanised ball, which is threatening to hand-stitched inflatable ball. The work on this project would be undertaken shortly and it would facilitate in sustaining Pakistan's in international market of hand-stitched inflatable balls in general and soccer balls in particular.

The surgical industry of Pakistan was enjoying globally the monopolistic position because no other country can produce surgical instruments in price ranging and quality. The surgical industry is manufacturing about 100 million instruments annually besides the industry is also manufacturing disposable instruments, which constitutes 60 percent of exports and reusable instruments that is 40 percent of the exports. There are about 1,200 small and medium surgical units functioning in and close to Sialkot with labour force of 60,000 workers.

Surgical industry represents manufacturers and exporters of surgical instruments, dental instruments, veterinary, pedicure and manicure items, tailor scissors, barber scissors and beauty saloon instruments with the total export of $.160 million annually.

To further accelerating the surgical industry, Punjab government had decided to establish surgical training institute and upgrading the existing Metal Industry Development Centre, Sialkot at a costing of more than Rs 300 million. The work on this project would be initiated during next fiscal year.

Similarly, under the directives of federal government Technology Up gradation and Skill Development Company (Tusdec) has also set up CAD/CAM centre at Sialkot equipped with the latest software, which is extensively used in industrial sector.

The step has been taken for making Sialkot self-sustained in designing and innovation and the centre would help the local industries especially Surgical and Sports goods industries.

Undoubtedly, the role of federal and provincial governments is tremendous in the modernisation and up gradation of industrial sector of Sialkot enabling the business community to work in pressure free environment and compete with the global market.

http://www.brecorder.com/index.php?id=579538&currPageNo=2&query=&search=&term=&supDate=

 

[ARSENAL6]

What about cars, electric stuff , computers Neo ?

 

[Neo]

Foreign investment up 50pc ​

KARACHI: Foreign investment in Pakistan grew by 50.4 percent in the first 11 months of the 2006/07 fiscal year (July-June) to a record $6.28 billion, data from the State Bank of Pakistan showed on Tuesday.

Foreign private investment during the July-May period was $5.63 billion, up 59 percent from $3.54 billion in the corresponding period last year, the central bank said.

Out of the total, foreign direct investment was at $4.52 billion, up 40 percent from $3.23 billion in the year-ago period.

Foreign portfolio investment, meanwhile, rose to $1.11 billon from only $313.4 million in the year-ago period. Of this amount, $857.1 million were invested in equities and $250 million in debt securities.

According to the central bank, foreign public investment during the period stood at $654.5 million, up 3.2 percent from $634 million in the same period last year.

The United States led in the list of foreign investors with total investment of $1.54 billion during the 11 months, followed by Britain with $1.14 billion, the Netherlands with $765.8 million, China with $711.1 million and the United Arab Emirates with $429.7 million.

The communications sector attracted $1.55 billion, outdoing all other sectors, followed by banking and financial services at $896.7 million. In the 11 months, $479.6 million were invested in oil and gas exploration, and $388.5 million in the tobacco and cigarettes business.

http://www.thenews.com.pk/daily_detail.asp?id=61199

 

[Neo]

What about cars, electric stuff , computers Neo ?

What about it?

 

[Neo]

Runaway deficit, falling exports
Trade policy makers face an uphill task​

KARACHI: The Trade Policy for 2007-08 is scheduled to be announced in mid July, soon after the finalization of the figures of internal and external trade. The minister is facing an uphill task to minimize the huge trade deficit the country is facing now-a-days.

The trade deficit has already crossed to well over $12.35 billion in the first eleven months (July-May) of the current fiscal year and it is still bulging and is likely to touch $14 to $15 billion by the end of FY 2006-07.

The previous trade policy not only failed to minimise the trade deficit but also failed to achieve export target last year despite the fact it was revised downward.

This year, country is facing failure in achieving export target once again particularly due to an alarming downfall in textile exports. According to the ministry sources the exports target seems next to impossible in present scenario.

The trade policy is aimed at boosting exports and containing the imports in order to arrest the trade deficit but unfortunately none of the trade policies announced by the present government proved to be successful in achieving the task.

The most significant reason for the failure of the previous trade policies is not involving the stakeholders or hardly considering their proposals in formulating such policies.

The ministry of commerce has hinted out some significant changes in the basic structure of the trade policy this time as some more potential areas of exports would be focused.

Though some special sectors such as gems and jewellery, furniture, marble, granite, horticulture and surgical equipment were given emphasis in the previous trade policies but this time government is considering some special incentives for boosting their exports.

The government has once again given the importance to signing more FTAs (free trade agreements) in the region and other parts of the world and to seek thrust of the policy preferential market access for Pakistan’s exports.

The free trade agreements signed by Pakistan proved to be ineffective so far and country’s exporters have no success in increasing their exports and establishing any new markets in the countries Pakistan has agreed to do free trade.

Other features of the policy would include focusing on improving the skills of the workers and improving the supply chains of various commodities and to announce some sectors specific initiatives as well.

The stakeholders have expressed their surprise over the inordinate delay in announcement of the trade policy as the federal budget has already been announced by the government and after the approval from the National Assembly all allocations would be finalized. The exporters especially in textile sector were of the opinion that the forthcoming Trade Policy 2007-08 may not be able to provide any immediate relief to them as ministry is not able to provide financial assistance or subsidies to them.

Some of the stakeholders have said that the Trade Policy 2007-08 would be announced in less than four weeks time and the government is yet to initiate any dialogue with the export sector.

The government should formulate and implement an effective trade policy with the consultations of the export sector including SMEs in order to achieve the positive results otherwise the fate of the forthcoming trade policy would be no different from the previous ones, the stakeholders said.

http://www.thenews.com.pk/daily_detail.asp?id=61205

 

[Neo]

Quality IT professionals being groomed: Awais ​

ISLAMABAD: Federal Minister for Information Technology Awais Ahmed Khan Leghari Tuesday said that all the steps were being taken to groom quality IT professionals to meet the demands of ever craving and absorbing industry.

He was speaking at a two-day Microsoft Pakistan Developer Conference, 2007 here Tuesday.

The minister said Research and Development Fund (R&DF) under the ministry has been allocated to encourage the IT talented lot in the country.

He urged the youth to come forward and translate their innovative ideas in this field into reality.

“Government takes every step to facilitate you, R&DF is meant for those persons who have technology access and practical ideas,” he added.

Awais informed that certain IT products were in the pipeline, which would be approved by Microsoft, Pakistan, and funded by the ministry.

The Fifth Microsoft Pakistan Developer Conference 2007 is being held simultaneously in Karachi, Islamabad and Lahore with focus on new capabilities for businesses, developers and IT professionals. The proceedings of the inaugural session were relayed live via video conferencing to the venue in Karachi.

Leghari on the occasion said that there exists a great deal of potential in the realms of information technology. He stated that the government is keen regarding capacity building.

The Minister announced the programme is utilising R&D fund for training of IT faculty of the universities in order to help enhance the academic standard in this discipline.

He said that the IT faculty of some 20 universities in the country would be invited to a four-week course at LUMS from next week during summer vacations.

Leghari was of the view that the ICT industry has a great deal of potential for the youth of the country.

As many as 5,000 youngsters would be trained through this programme and thus they would be absorbed in the IT programmes in universities in the country.

The Minister said that he wanted the IT enrolment of students to go up.

He was of the view that a wrong perception is being created in the country that an IT graduate might not be able to get a good job like those offered to telecommunication engineers these days.

http://www.thenews.com.pk/daily_detail.asp?id=61208

 

[Neo]

WB grant to develop mining in Balochistan ​

ISLAMABAD: The World Bank and Pakistan signed an agreement on Tuesday for providing a grant of $750,000 to develop the mining sector in Balochistan.

The agreement was signed by Akram Malik, the Secretary Economic Affairs Division (EAD), on behalf of Pakistan and the World Bank’s Country Director, Yousapha B. Crookes, here at the EAD. Japan’s Ambassador to Pakistan Seiji Kojima also witnessed the signing ceremony.

“We are supporting Pakistan to develop its mineral sector. We all know that Balochistan possess a lot of potential to attract investment,” Crookes said while briefing reporters after the signing ceremony of the agreement.

The proposed Mining Technical Assistance Project (MTAP) aims at investing in a package of initiatives designed to increase investor interest and to improve the regulatory environment in the mining sector.

EAD Secretary Akram Malik said the major activities of the project would be in Balochistan and the proposed MTAP would focus on creating a modern administrative system based on access and transferability of rights, security of tenure, operating rights and obligations in particular: (i) the modernizing of mineral law, regulations and fiscal regime; (ii) incorporation of environmental controls and social mitigations; and (iii) mandates and functions of mineral institutions and agencies.

The proposed MTAP would assist the governments of Pakistan and Balochistan in implementing a strategy to accelerate sustainable mineral sector development by strengthening governance, transparency and capacity in the management of mineral resources.

http://www.thenews.com.pk/daily_detail.asp?id=61209