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TDAP meeting : Expo Pakistan 2008 to be held on March 13-16
KARACHI: A meeting to plan organisation of Expo Pakistan 2008, to be held from March 13- 16, 2008 at Karachi Expo Centre, was held here at Trade Development Authority of Pakistan (TDAP) with Minister of State and Chief Executive TDAP, Tariq Ikram in the chair.
Mr Ikram, reviewed the marketing plan presented by the event managers and discussed at length the plans to approach all top retail chain stores and leading buyers across the globe to extend invitation for participation in Expo Pakistan 2008. It was decided that network of Pakistani foreign missions will also be engaged to contact and follow-up with importers and buyers in their respective countries to ensure bringing in quality buyers at Expo Pakistan 2008. Simultaneous focus will be paid on local marketing to have a broad product based display at the event to represent true potential of Pakistan to the international community.
Daily Times - Leading News Resource of Pakistan
Body set up to develop shipbuilding industry
ISLAMABAD, Aug 27: President Gen Pervez Musharraf on Monday said shipbuilding industry could become the countrys great asset due to its potential and would contribute to the uplift of national economy.
The president was chairing a meeting of Karachi Shipyard and Engineering Works (KSEW) to review the shipbuilding industry, which was also attended by Prime Minister Shaukat Aziz. Vice Admiral Iftikhar Rao, managing director KSEW, in his presentation informed the president that shipbuilding was an attractive industry for developing nations, because shipyards were labour intensive units and facilitate a wide range of ancillary industries.
The participants of the meeting were told that since 2003, the number of orders had been doubled from 115.5 deadweight tons (dwt) to 300 dwt and the total anticipated receipts were Rs965 million.
The next fifty years will see a growing demand for new ships, which would increase from 30 million dwt a year now to around 90 million dwt.
It was further pointed out that the commercially strategic location of Pakistan was a take-off point for such projects.
President Musharraf remarked that Pakistan should concentrate not only on ship repair but also shipbuilding and needed shipyards with bigger docks to accommodate larger vessels.
The president approved the concept and formation of a steering committee for implementation of the project.
The meeting was also attended by Governor Balochistan Owais Ahmed Ghani, Minister for Defence Production Habibullah Warraich, Deputy Chairman Planning Commission Muhammad Akram Sheikh and Adviser to Prime Minister on Finance Dr Salman Shah.APP
Body set up to develop shipbuilding industry -DAWN - Business; August 28, 2007
Shipbuilding industry to boost economy: Musharraf
Tuesday, August 28, 2007
ISLAMABAD: President General Pervez Musharraf on Monday said shipbuilding industry can become the countrys great asset due to its potential and would contribute to the uplift of national economy.
The President was chairing a meeting of the Karachi Shipyard and Engineering Works (KSEW) to review the shipbuilding industry, which was also attended by Prime Minister Shaukat Aziz.
Vice Admiral Iftikhar Rao, Managing Director Karachi Shipyard and Engineering Works in his presentation informed President Musharraf that shipbuilding is an attractive industry for developing nations, because shipyards are labour-intensive and employ a large number of workers including a wide range of ancillary industry.
The participants of the meeting were briefed that since 2003, the number of orders had been doubled, ie, from 115.5 dwt to 300 dwt and the total anticipated receipts were Rs965 million. The next fifty years will see a growing demand for new ships which would increase from 30 million dwt a year now to around 90 million dwt a year in 2055.
It was further pointed out that the commercially strategic location of Pakistan was a take-off point for such projects. President Musharraf remarked that Pakistan should concentrate not only on ship repair but also shipbuilding and needed shipyards with bigger docks to accommodate larger vessels.
The President approved the concept and formation of a steering committee for implementation of the project. The meeting was also attended by Governor Balochistan Owais Ahmed Ghani, Minister for Defence and production Major (Retd) Habibullah Warraich, Deputy Chairman Planning Commission Muhammad Akram Sheikh and Adviser to Prime Minister on Finance Dr Salman Shah.
Shipbuilding industry to boost economy: Musharraf
Control over Hawala network giving results
Tuesday, August 28, 2007
By Israr Khan
ISLAMABAD: Pakistans tight control over the informal (Hawala) network of moneychangers since September 11, 2001, has shown positive results. The foreign currency reserves with the government that stood at $15.61 billion at the end of June 2007, have inched up to $15.80 billion by the week ended August 17.
Before the September 2001 incidents in the US, Pakistani expatriates used to remit their money, through informal means, which had no positive impact on the countrys reserves. But now they are remitting through banks and formal means for fear they may be caught in US-led investigations into terrorist financing. That switch-over to legal means has contributed to the countrys reserves.
The State Bank of Pakistan (SBP)s data shows that it has net reserves of $13.486 billion while other banks hold $2.314 billion. Since the start of the new fiscal in July, the countrys reserves have been heading north. In the first week, they rose to $15.629 billion, on July 13 they went up to $15.645 billion, July 20 ($15.757 billion), July 27 ($15.791 billion), August 3 ($15.779 billion), August 10 ($15.800 billion) and August 17 ($15.801 billion).
In the first month (July) of the current fiscal, $495.69 million in remittances were received, showing an increase of $118.68 million, or 31.48 per cent, over the same month of the last fiscal year.
The central banks reserves rose to $13.486 billion from $13.445 billion last week while foreign currency deposits held by commercial banks declined to $2.314 billion from $2.355 billion the previous week.
Control over Hawala network giving results
Trade Corridor Highway project to affect 9,272 households
FAISALABAD (August 29 2007): The National Trade Corridor Highway Investment Program (NTCHIP) Project will affect 9,272 households that were identified through a detailed measurement survey of the impacts caused by the two core-subprojects on land including loss of titled plots, loss of leases, and loss of untitled space.
According to the 'Summary of Poverty Reduction and Social Strategy of Project', released by Asian Development Bank, impacts include demolition of houses and loss of business, crops, and trees. Land acquisition will be conducted under the Land Acquisition Act 1894, which provides for compensation to be paid in a fair and transparent manner according to market value. Other losses will be compensated according to the entitlement matrix developed for the project in keeping with Pakistan laws and ADB safeguard policies where the absence of a formal legal title is not a bar to compensation.
For all additional projects that entail resettlement, ADB report said that the executing agency will prepare resettlement plans on the basis of the resettlement framework prepared for the project.
Considering the possible presence of labourers from outside the immediate project area and for long-distance truck drivers, NHA will employ qualified national consultants under construction supervision to conduct information and education campaigns on the risks of HIV/AIDS and human trafficking, targeting construction workers at campsites, truck drivers at truck stops, and local communities along project highways, particularly rural women. The consultants will work closely with the relevant district agencies and other existing networks dedicated to the prevention of HIV/AIDS and human trafficking.
Business Recorder [Pakistan's First Financial Daily]
EU planning to extend trade-related technical assistance
ISLAMABAD (August 29 2007): After remarkable success of the first phase, the European Union (EU) is planning to extend the ongoing Trade-Related Technical Assistance (TRTA) program in Pakistan.
This was stated by European Union Ambassador in Pakistan Jan De Kok while addressing a two-day seminar on 'Developing Pakistan Trade Capacity', jointly organised by the European Commission (EC), United Nations Industrial Development Organisation (Unido) and World Intellectual Property Organisation here on Tuesday.
The European Commission's technical assistance program, which had been launched in 2004, had helped Pakistan reduce cost of export related goods and enhance its trade capacity. The amount provided by EU is 5 million (roughly Rs 410 million) with government contribution of 1.1 million in kind (roughly Rs 90 million), and 0.2 million (roughly Rs 10 million) from each of the program implementing agencies ie Unido and International Trade Centre (ITC).
"Pakistan's exporters will now be able to send their products for testing to local laboratories that are in the process of accreditation", he said, adding that at the same time, authorities in the EU would now have more confidence in the results of tests in local laboratories.
He said that TRTA program would allow Pakistan to better defend its interests in the World Trade Organisation (WTO) because its officials have now been trained to better understand the rules and functions of the WTO.
The implementation phase of the TRTA would be terminated by September 30, 2007 but in view of the successes achieved under the ongoing program, the EC is now looking forward to funding another TRTA to build on the interventions initiated in the current program, he added. The TRTA program was aimed at assisting Pakistan in its integration with the world economy, facilitating its engagement with the multilateral trading system, and ultimately contributing to poverty alleviation.
The program also helped in enhancing awareness among government officials, the business sector and civil society about the implications of the WTO agreements on the economy. The program had assisted Pakistan in capacity building to address technical barriers to trade and sanitary and phytosanitary compliance requirements.
Business Recorder [Pakistan's First Financial Daily]
'Government to build residential colonies for the poor'
KARACHI (August 29 2007): Sindh Government has decided to develop residential colonies for the residents of the poor scattered across the metropolis. This was stated by Abdur Rauf Chaudhry, Secretary, Federal Ministry for Housing and Works while addressing "3rd Bulid ASIA 2007: International exhibition and Conference" which was organised by E-commerce Gateway Pakistan (Pvt) Ltd here at Expo Centre on Tuesday.
Muhammad Al Falasi, Managing Director, EMAAR Properties Pakistan and Nasreen Jalil, Naib Nazim Karachi also addressed the event. Abdur Rauf Chaudhry said that the government had formulated housing policy to promote construction industry in the country. The construction industry is a vital sector for economic growth and effects more than 40 other industries, he added.
He further said that government had promoted construction industry with collaboration of private investors to provide better housing scheme to public besides enhancing better job opportunity for locals. He emphasised organisers to arrange such more events, which would help launching joint ventures between all stakeholders. Such international events also prove helpful in bringing foreign investments in the construction sector, he added.
Private and public sector investment will help to make construction industry stronger, he added. Meanwhile Syed Mustafa Kamal, City Nazim Karachi formally inaugurated the exhibition.
Speaking on occasion, he said that government was focussed on improvement of law and order situation in the city to attract the investors from around the globe. After completion of ongoing mega projects the cosmopolitan would achieve a significant position in the ranks of the world's developed cities in the next couple of years, he added.
Muhammad Al Falasi said that the directives of federal government to facilitate foreign investors in construction sector would play ample role in the development of the country. He said that EMAAR was ready to share all expertise with Pakistan, adding that it never compromised on the quality.
"We are life style provider in hospitality, finance and education", he said and added that we should accept the innovation in construction world, stressing construction industry to go beyond their boundaries to enhance its expertise and urged to adopt latest trends and equipment for best practices.
EMAAR is considering a plan to provide more job opportunities to locals, he said, adding that event would pose to be an optimum platform for the construction and building giants of world-wide to gather under one roof.
Nasreen Jalil said that 60 percent of total production of cement was being used in Karachi proving that mega projects of Karachi were being carried out at an accelerated pace.
She said that CDGK had started several housing schemes for middle and lower income classes. Some of the schemes have been completed like Shah Latif Town housing scheme, Taiser Town Housing Scheme, Malir Housing scheme and Hawksbay housing scheme while others are in pipeline, she added.
More than 100 international and domestic companies have displayed their products related to construction industry and 90 Furniture manufacturers were displayed furniture in the exhibition.
Business Recorder [Pakistan's First Financial Daily]
ADB to provide $187 million for NTCHIP development
FAISALABAD (August 29 2007): Asian Development Bank (ADB) will provide 187 million dollars from its Ordinary Capital Resources for National Highway Development Sector Investment Programme-Project II, which will assist the government in developing national trade corridor highway network (NTCHIP).
According to official sources, NTCHIP will contribute to the economic growth by developing connectivity assets. This will increase the trade competitiveness and regional cooperation. The programme will invest in over 800 km of the NTC network. This will reduce the travel time from Karachi to Peshawar by half and provide faster access to the borders with Afghanistan, the People's Republic of China (PRC), and Central Asia.
The NTCHIP will also contribute to the economic growth by developing connectivity assets. This will increase the trade competitiveness and regional cooperation. Sustainable development of the network will also be enhanced through continued policy reform and private sector participation. The investments will lead to better road safety and application of safeguards. NTCHIP will further develop capacity at National Highway Authority (NHA).
Business Recorder [Pakistan's First Financial Daily]
Plan to generate 8,800 megawatts nuclear power
FAISALABAD (August 29 2007): Federal government has planned to generate 8,800MW nuclear power during the next two decades. At 85 percent capacity factor, the requirement for natural uranium will be 1,600 tonnes per year in 2030, said planning commission sources.
According to official sources, exploration and mining of uranium in Pakistan will be intensified to meet projected requirements as far as possible. A matter of concern is that the current known international resources of uranium are believed to be sufficient to fuel the world wide nuclear capacity requirements only up to 2050. However, the life of uranium resources can be extended through reprocessing of spent fuel which may happen by 2030, in the form of fourth generation fast breeder reactors, sources added.
Official sources mentioned that Pakistan has built up a critical base of manpower, technology and expertise in this sector over the last thirty years, with ability to design and build small reactors. It will be necessary to expand upon this by initiating research in fast breeder reactors. Nuclear power plants are attractive in the context of the future world energy scenario.
The new designs are safer, but worries about waste management or proliferation still persist. Pakistan has proposed a new regime whereby such plants are treated as any other power plant being set up by the private sector, which can build, operate and own these plants under full IAEA safeguards, while selling the electricity generated at mutually negotiated tariffs. The supplier would be fully responsible for fuel and waste management.
Business Recorder [Pakistan's First Financial Daily]
ADB to provide $350 million for renewable energy development
FAISALABAD (August 28 2007): Asian Development Bank (ADB) will provide $350 million for Renewable Energy Development - Project II and III to develop indigenous, non-polluting, and renewable sources of energy to help meet Pakistan's power shortage and diversify the power sources. It will also improve the quality of the power system, especially in rural areas.
According to ADB sources, total investments (first phase) requirement for Renewable Energy (RE) development to reach 3.5 percent target by 2015 is estimated as $2.2 billion. The proposed facility will cover up to $510 million. The rest will have to be found from various sources such as private sector, multi-lateral and bi-lateral agencies, or through public-private partnership.
Business Recorder [Pakistan's First Financial Daily]
Pakistan sees $10bn trade with India
Wednesday, August 29, 2007
KARACHI: Federal Minister for Foreign Affairs Khurshid M Kasuri has said that Pakistan will be establishing stronger trade ties with India which will be worth US$10 billion in the next four years.
Addressing a meeting of the Karachi Chamber of Commerce and Industry on Tuesday, he said based on the current geo-political scenario between the two countries, Pakistan would like to trade with India on a mass scale and take further steps towards friendship.
He said Pakistan expected to enhance trade and investment with China to $40 billion in the next three years and hoped the Free Trade Agreement (FTA), signed with Beijing, would bring in more foreign direct investment (FDI).
He informed the businessmen that foreign investments touched the highest-ever level of $8.4 billion in 2006-07, of which FDI alone was $5.1 billion. Remittances also surged to $5.5 billion in the year, the highest-ever figure in the countrys history.
Kasuri added Pakistan was not a blind ally of America and considered its national interests as a top priority. Conflict management is an important aspect and based on it we need to see where our higher interest lies. By fighting the war against terror, we can use it to our economic advantage that eventually benefits our common public, he added.
Pakistan sees $10bn trade with India
Singapores investment in Pakistan reaches $2bn
Wednesday, August 29, 2007
SINGAPORE: Sajjad Ashraf, Pakistan High Commissioner in Singapore, has said Singaporean firms have invested almost $2 billion in Pakistan and the figure could go up to $3 billion as a result of sustained efforts in the future.
Talking to The News at the sidelines of an international seminar titled, India-Pakistan: A Peace Process, organized by the German foundation, Friedrich Ebert Stiftung (FES), he said a delegation of Singpower, an energy producing and distribution company from Singapore, led by its chief executive officer was reaching Pakistan today (Wednesday) to discuss prospects of investment.
He said the delegation was interested in investing in the electricity distribution system in Pakistan at this stage and would be visiting Karachi, Islamabad and Lahore for talks with KESC, Wapda and NEPRA authorities. The delegation would fly back to Singapore on September 1.
The three-day seminar in Singapore was organized by the German FES has brought together 16 Indian and Pakistani together for a dialogue as part of the Track-II peace diplomacy. Among the participants are retired generals and diplomats, academics and journalists.
Sajjad Ashraf said firms from Singapore until now have invested in a number of sectors including telecommunication, banking and Gawadar seaport. He said Singtel had already invested $ 785 million in telecommunication and could invest more in future. He pointed out that Singtel was a big telecommunication firm having investments in India, Mauritius, and some other countries.
High Commissioner Sajjad Ashraf, who is due for retirement from service in November, was very optimistic about the future prospects of investment by Singaporean companies in Pakistan. He said such investment was ideal because Singapore doesnt have any political agenda in Pakistan and its firms were going there and exploring further investment because the opportunities being offered by Pakistans government were unprecedented. When asked whether the political instability and insecurity in Pakistan were being mentioned by the investors from Singapore as roadblocks in investing in the country, Sajjad Ashraf said increasingly the Singaporean firms were detaching the extraordinary investment opportunities that Pakistan was offering from the political situation and law and order problems there.
He said the Singaporeans were pragmatic people and their investors were willing to invest in Pakistan because the situation there was investment-friendly.
Singapores investment in Pakistan reaches $2bn
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