Pakistan Economy - News & Updates - Archive

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Poland seeking joint ventures in Gwadar ​

Friday, October 19, 2007

QUETTA: Consul-General of Poland in Karachi, Ireneusz Makles has said that his country was interested to cooperate with Pakistan in oil and gas, energy, infrastructure, maritime, engineering and food processing sectors as well as in developing industries in Gwadar.

Speaking at a roundtable conference on Poland-Pakistan economic relations with reference to Balochistan, organised by the Balochistan Economic Forum on Thursday, he said that his country could supply electric equipment including diesel generators, railway equipment, agriculture machinery and spare parts, heavy vehicles and marine and diesel engines. He said Poland was also interested to cooperate with Pakistan in coal mining.

The experts of biggest Polish Mining Corporation Kopex had visited Quetta in April last to acquaint themselves with the current requirements and plans of Balochistan to invest, establishment of joint ventures with Pakistani companies as well as delivering mining machinery.

Referring to Gwadar port, the Polish diplomat termed it gateway to Asia, very modern, soon the biggest port in the region that would make Pakistan the maritime hub for the region linking Europe, the West with Central Asian states. The port would also serve as an energy corridor for Central Asia, Middle East, South Asia and western parts of Asia. Makles said that it was his desire to work closely with Balochistan Economic Forum and Pakistani business communities to boost bilateral trade and economic co-operation.

Earlier, Sardar Shaukat Aziz of Balochistan Economic Forum, welcoming the distinguished guest, highlighted various investment opportunities in Balochistan with special reference to Poland.

A former president Quetta Chamber of Commerce and Industry Fazal Qadir Shirani also spoke on the occasion and asked the Polish CG to help in setting up fruit processing plants and supply construction machinery.

Poland seeking joint ventures in Gwadar

 

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Industrial production hampered ​

Friday, October 19, 2007

KARACHI: Industrial production was hampered and businesses were cut short on Thursday due to non-availability of transport and blockade of roads on the arrival of Pakistan Peoples Party Chairperson Benazir Bhutto.

“Industrial production came to a complete halt on Thursday,” said Masood Naqi, Chairman Korangi Association of Trade and Industry. “Our workers come from Malir, Shah Faisal and Landhi and all of these areas were completely blocked on Thursday which caused absence from work. We would work on coming Sunday to overcome Thursday’s loss while most of the multinational companies would work on Saturday,” he said.

There are over 4,000 industrial units in Korangi Industrial Area while daily wagers are the most affected people due the industrial halt in the city. Most of the labours and staff confirmed Wednesday night that their presence is doubtful on Thursday.

Almost 90 per cent staff confirmed their absence on Thursday. There was approximately a loss of 1 billion rupees due to the production halt on Thursday, said Masood. Most of the labours, which are on Eid leaves and are in northern areas, were unable to reach Karachi due to traffic jams inside and outside Karachi.

"There was a very short production on Thursday," said Chairman Towel Manufacturing Association Karachi, Muzamil Hussain adding ”there was only 25 per cent production in our factories as labour was unable to reach; transport was also thin.”

“One can not do business with most of staff absent,” Senior Manager of KFC restaurant on the busy road of Shahrah-e-Faisal.

Almost 40 per cent of the business was affected on Thursday, as there was less transport along with fewer vehicles for Karachi port. “Its seems that tomorrow would also be the same day like today,” M Zubair Motiwala, Renowned businessman and Managing Director of Diamond Textiles Pvt Ltd “The whole week would pass unproductive as workers who were on Eid holidays were not able to reach factories,” Motiwala added.

Industrial production hampered

 

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Investors push KSE to new high amid positive political outlook ​

Friday, October 19, 2007

KARACHI: The Karachi stock market managed to achieve another landmark as the 100-index hit an all-time high of 14,755 points amid peaceful return of Benazir Bhutto to Pakistan on Thursday.

The KSE 100-share index recorded another significant surge of 164.75 points and closed at the historical level of 14,754.92 points after briefly touching 14,802.61 points intra-day high in the middle of the session.

The free float market capitalisation based 30-Index crossed 18,000 points threshold for the first time in history. It augmented by 219.37 points to 18,083.15 points. The equity experts declared Thursday October 18 a historical day in the Pakistan domestic politics vis-a-vis local bourse.

The mammoth welcome to Benazir Bhutto in the city in a government friendly and peaceful environment gave go-ahead signal to the mighty bulls at the Karachi bourse, analysts commented.

Ms. Bhutto former prime minister of Pakistan and chairperson of Pakistan People’s Party (PPP) came back to the homeland after more than eight year in self-imposed exile. She left Pakistan on April 06, 1999 facing corruption charges in second term of Nawaz Sharif government.

Market participants showed their complete confidence in the recently developing political scenario in the country. They, however, must not ignore the proceedings in Supreme Court in the case of Gen. Pervez Musharraf’s candidature in the already held presidential election, they reiterated.

“If political happenings stay in line with the market expectations the benchmark 100-Index may surpass 15,000 points mark in short and medium term”, Ahsan Mehanti of Shahzad Chamdia Securities said adding, “in the long run it would be standing beyond the imaginations.”

He said that if political parties succeed in forming the next government the market would continue to perform in upward direction. He opined that the next political government would continue the current political and economic policies as per demand of investors. The cement sector attracted the most investment followed by fertilizer, banking, insurance and telecom stocks.

Investors remained highly optimistic, overwhelming and confident, as it is evident with the six-month high turnover at 485.308 million shares generated during this session.

Across the board buying poured in more than Rs46 billion in the overall market capitalization, which stood at highest level of Rs4.501 trillion when the session closed. M. Imran, Head of First Capital Equities Research said that although market was in overbought zone and it might witness profit selling in the short term, the oil sector was undervalued and is yet to show performance at the Karachi bourse. In the fantastic journey of the leading 100-Index to the north (from 12,000 points to 14,000 points level), the energy scrips did not perform and nor contributed their due share in the index owing to one or the other reasons. Now the energy stocks’ fundamentals have turned to positive enough strongly, as oil prices in the international markets had surged over US$89 per barrel.

Oil and Gas Development Company, however, settled in the red region owing to profit booking at the available price.

Mehanti added that the share of oil stocks in the free float capitalization was around sixty per cent and surge in the oil stocks value mean surge in the indices.

Issues of 243 companies closed in the positive column against 102 stocks in the red column with 37 scrips unchanged among 382 active counters on board.

Highest volumes were witnessed in DG Khan Cement at 48.360 million closing at Rs117.10 with a gain of Rs2.85, followed by Lucky Cement at 43.192 million closing at Rs143.25 with a gain of Rs6.25, Fauji Fertilizer Bin Qasim at 32.250 million closing at Rs48.05 with a gain of 50 paisa, Arif Habib Securities at 30.513 million closing at Rs172.80 with a gain of Rs7.55 and Oil and Gas Development Company at 26.481 million closing at Rs131.80 with a loss of Re1.
Investors push KSE to new high amid positive political outlook

 

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Pak cotton production cost lower than global average ​

Friday, October 19, 2007

LAHORE: The cost of production of a kilogram of cotton lint in Pakistan is higher than India, its closest competitor in textile trade, though the cost is still much lower than global average.

The International Cotton Advisory Committee (ICAC) disclosed this in a survey, which evaluated the cost of producing raw cotton and lint in 31 of the 54 countries that cultivate cotton. These 31 countries included all major producers, constituting 88 per cent of global cotton production.

The data from 12 major cotton-producing countries representing various regions and production systems indicated that Turkey was the most expensive country producing raw cotton at 57 cents per kg, followed by Syria at 53 cents per kg. The cost in China (mainland), India (north) and Pakistan (Punjab) was 36 cents, 25 cents and 29 cents respectively for producing one kg of raw cotton.

The net cost per kg of lint in the US came to US$1.15/kg, in China (mainland) $1.52/kg and in Turkey (GAP) $1.63. In Pakistan, the net cost/kg was only $0.67.

Assuming the ginning cost in India equivalent to the cost in Pakistan, the net cost in the northern region of India came to $0.50/kg of lint. Net cost per kg of lint is lower in India due to recent increases in yields as well as higher value of cotton seed after ginning.

The survey of 31 countries showed that the farmers spent $730 to produce cotton over one hectare.

That excluded land rent, but included all inputs and operations up to the harvest of raw cotton. The value of seed sold after ginning may be significantly lower or higher than the cost of ginning. Thus, net cost has been calculated excluding land rent and seed value from the total cost.

The net cost of producing lint per hectare came to $763 while the net cost of producing a kilogram of lint averaged $1.

These countries are located in North America, South America, Asia, Africa and Australia. Highest money is spent in Australia to produce and harvest cotton over an area of one hectare. Three west African countries participated in the survey and on average farmers spent $391 to produce cotton on one hectare.

The expenses on producing raw cotton are close to double west African costs in Asia, almost three times in Australia and 12 per cent higher in other African countries.

However, the average cost of producing raw cotton among the regions is in a small range, except for Australia, from 31 to 36 cents/kg. However, the cost of producing lint varies greatly among the regions.

It is most expensive to produce a kg of lint in west Africa, followed by Australia and North America. It is least expensive to produce lint in other African states, costing $0.80/kg.

The four major inputs, excluding field operations, are seeds, irrigation water (if cotton is irrigated), insecticides and fertilisers. On average, the farmers spend $70 per hectare to purchase seeds.

The cost of planting seeds includes seed de-linting and treatment with fungicides, if any. The average cost of planting seeds comes to nine US cents per kg of lint. Almost half of the world cotton area is sown with assured irrigation water.

The cost of irrigation is $110 per hectare, or 11 cents per kg of lint. Insecticides are used in almost every country and the only exception seems to be Syria. Average cost of insect control is $100.51/hectare or 13 cents per kg of lint.

The cost of fertilisers is on the increase and averaged 22 cents per kg of lint in 2006-07. The cost of weed control operations, comprising hoeing, inter-culturing and herbicides, comes to 12 cents/kg of lint. The cost of harvesting averages 15 cents per kg of lint.

Pak cotton production cost lower than global average

 

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Pakistan extends $10m loan to Lao ​

Friday, October 19, 2007

ISLAMABAD: Pakistan would provide US$10 million buyer’s credit facility to Lao People’s Democratic Republic (LPDR).

An agreement to this affect was signed by Additional Secretary Economic Affairs Division, Junaid Iqbal Chaudhry on behalf of the Government of Pakistan while Phongsavath Boupha, First vice Foreign Minister, Ministry of Foreign Affairs LPDR signed the agreement on behalf of his country. According to the agreement, the credit of US$10 million has been offered to LPDR on one per cent interest rate with 30 years repayment period including five-year grace period.

The credit will be utilised by the LPDR to purchase goods and services from the source country as mutually agreed between the two sides. “Entering in this stage of bilateral cooperation with LPDR is a manifestation of the Pakistan’s vision of “East Asian Strategy” to expand our relations beyond the immediate neighbourhood through organisations like ASEAN and ASEM,” Chaudhry observed and added that Pakistan accords high priority to its relations with LPDR and plans to develop a soft visa regime with them in near future.

He stressed that Pakistan and LPDR can enhance their relations in agriculture, science and technology, education and industrial development.

Pakistan extends $10m loan to Lao

 

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Kinno exports to improve this year​

ISLAMABAD, Oct 18: Pakistan may be able to export 200,000 tons of kinno this season starting mid-November because of the expected bumper crop which is likely to yield 1.6 million tons.

According to the Pakistan Horticulture Development and Export Board (PHDEB) kinno is gaining popularity in new markets such as Czech Republic, China and Germany due to the promotional exhibitions arranged by the government of Pakistan last year.

A recent crop analysis by the PHDEB which found the kinno crop in “very good condition” has generated optimism about an increased export this year.

The board, in collaboration with the Agribusiness Development and Diversification Project (ADDP) and the Agribusiness Support Fund (ASF), has initiated the system of Good Agricultural Practices (GAP) through EurepGAP certification.

For the first time a Pakistani orchard has received EurepGAP certification awarded by Bureau Vertias this year. Pakistan’s maiden EurepGAP certification has been awarded to Jamal Din Wali (JDW) orchards in Rahim Yar Kan district.

This certification is likely to help in starting the export of Pakistani citrus to the so-far unexplored US and UK markets. Sanitary and Pythosanitary (SPS) related issues have been haunting Pakistan’s efforts to start export to these valued markets.

The EurepGAP represents a set of standards and procedures which has been developed by the Euro Retailer Produce Working Group (EUREP) and farmer’s representatives for the certification of GAP worldwide.

The standard’s focus is directed on risk analysis and risk prevention for the purpose of food safety, traceability, worker’s health and welfare, environmental pollution and conservation management. It covers exclusively the on-farm production and handling facilities.

Russia has also emerged a sizeable market for Pakistani kinno. But, the issue of the Pakistani rice’s infestation with Khapra beetle has invited a ban on the export of rice last year. A Russian delegation is also visiting Pakistan by the mid of next month.

The delegation comprising experts would inspect farms, orchards and processing plants. Officials at the federal ministry of Food, Agriculture and Livestock (Minfal) are hopeful that they would satisfy the Russian’s queries regarding the domestic standards.

Pakistan’s earning from kinno export has been increasing for the last few years. According to the federal Bureau of Statistics (FBS), the country earned $21.7m during 2001-02, which jumped to $38.96m in 2005-06.

Kinno exports to improve this year -DAWN - Business; October 19, 2007

 

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Reserves​

KARACHI, Oct 18: Pakistan’s total liquid foreign exchange reserves surged by $151 million to a record high at $16.335 billion mark this week.

According to the weekly report of State Bank of Pakistan the foreign exchange reserves held by the central bank were at $14.104 billion on October 13, 2007, while those held by the banks stood at $2.231 billion.

Reserves -DAWN - Business; October 19, 2007

 

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Pakistan, Iran may sign GSP for gas pipeline project today​

* India will sign separate GSP with Iran for gas pipeline project
* India contacts Pakistan to resolve the issue of transit fee

ISLAMABAD: Pakistan and Iran have finalised the much awaited technical level talks on Gas Sale Purchase (GSP) agreement for the gas pipeline project worth $7.4 billion and the agreement is expected to be signed on Friday (today) after secretary level round of talks between two countries,” it was learnt on Thursday.

Sources in the Petroleum Ministry told Daily Times that all technical obstacles in the GSP agreement between Iran and Pakistan regarding the gas pipeline project have been removed in technical level talks on Thursday and there is a strong possibility that the agreement will be signed after the secretary level talks to be held on Friday (today). The press briefing in this regard will be held on Saturday (tomorrow). Sources said the last unresolved subject of price review proposed by Iran after three years remains under discussion in technical talks.

The official said three-day technical level talks between Iran and Pakistan were concluded on Thursday with better results, adding that if the dialogue between the two sides went in the right direction then the GSP agreement may be signed for the gas pipeline project after secretary level talks here in Islamabad.

These talks are the follow up of the Tehran round of talks on the gas pipeline project and the head of the National Gas Exports Company Nasrullah Saifi led the Iranian side at the technical level talks while Pakistani delegation was led by Managing Director in Petroleum Ministry Hassan Nawab.

Official said that Iranian representative to the secretary level talks Dr Hojatollah Ghanimi-Fard, reached Islamabad Thursday to take part in the talks. The seven-point $4 billion gas pipeline deal is to bring sixty million cubic metres natural gas per day from the Iranian South pars gas field through land route to Pakistan. In the technical talk’s agenda the draft of GSP contract was studied by legal and technical experts to see if it does not contradict agreements.

Though India has announced to stay away from the talks being held in Islamabad between Iran and Pakistan, official expressed hope that the gas pipeline project is still Iran- Pakistan-India (IPI) project and Pakistan also supports involvement of these three parties in the project. India and Iran would also hold talks to make an agreement of the GSP kind, he added. Another official in the ministry of petroleum and natural resources said that India might go for a separate agreement with Iran regarding the gas pipeline project. Official confirmed that India had contacted Pakistan to resolve the issue of transit and transportation fee regarding the gas pipeline project that India will have to pay to Pakistan to bring natural gas from Iran via Pakistan. There is also a strong possibility that Pakistan and India can hold a meeting to resolve the issue of transit fee any time soon. Both countries are in contact to resolve the issue of transit fee and finalising the schedule of meeting in this regard, official said.

Daily Times - Leading News Resource of Pakistan

 

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Friday, October 19, 2007

Russian team to visit Pakistan next month​

ISLAMABAD: A Russian delegation will visit Pakistan in mid-November to sort out phytosanitary problems with their Pakistani counterparts for the possible removal of ban on Pakistan’s agricultural imports, officials in the ministry of food, agriculture and livestock (MINFAL) told Daily Times here on Thursday.

In this regard a high level meeting was held on Thursday at the MINFAL that was attended by Russian ambassador to Pakistan, Sergey N Pesvok, Additional Secretary MINFAL, Saleem Khan Jeghra and other high level officials.

The Russian Federal Veterinary and Phytosanitary Surveillance Service (VPSS) delegation will visit Pakistan in order to check the quality of agricultural produce. The Russians had raised the issue of quality problems of Pakistani agricultural and horticulture products, which had provoked Russia to slap ban on import of Pakistani agriculture products.

It was expected that the Russian experts would visit farms, orchards and inspect processing plants and fields, the officials said.

Another official in MINFAL said that last year the country had exported 1400 containers of kinno to Russia and brought back $2.8 million in exports proceeds. He said that this year a bumper kinno crop was being expected and exporters were willing to dispatch more than 2000 containers of kinno worth $4 million to Russia.

Saleem Khan Jeghra, Additional Secretary of MINFAL told Daily Times that exporters should meet the international quality standards for removing the Russian ban on Pakistani agricultural produce, particularly that of kinno and rice. He said last year the government earned Rs 30 million from export of kinno to Russia.

The secretary said that Russian imposed ban on Pakistani rice when some of the product that landed in Russia via several countries was affected by trogoderma granzrium. He said that Russia was huge market for Pakistani agricultural produce and proper steps will taken to remove the problems.

He Thursday’s meeting as a positive development and expressed the hope that the coming delegation in mid-November would help in removing the ban on Pakistani agricultural products.

Daily Times - Leading News Resource of Pakistan

 

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Oil consumption surges by 9.3%​

KARACHI: The oil consumption growth has surged by 9.3 percent in the country on year-on-year basis during the first quarter of the fiscal year 2007-08, reveals the recent Oil Companies Advisory Committee (OCAC) figures for 1QFY08 issued on Thursday.

The total volumes excluding non-energy settled at 4.58 million tonnes during the period as against 4.19 million tonnes in the same period last year. Only PSO’s market share has improved to 70.7 percent during 1QFY08 as against 68.4 percent last year. Shell and APL stood with 13 percent and 5.2 percent of market shares in 1QFY08, down from 14.3 percent and 7.3 percent respectively during 1QFY07. Slight decline in Shell’s market share came on the back of low volumes and the declining exposure to regulated products. Whereas, reduced market share of APL was due to 23 percent decline in volumes of the POL products of the company (ex- non-energy).

An energy analyst Khurram Schehzad said the overall supply might be affected due to local refineries shutdown. However, in the months ahead, upcoming winter would freeze water, which would increase FO’s demand as hydro power plants would slowdown. Wheat sowing season (from Oct) is likely to increase LDO’s demand whereas Mogas and HSD consumption is already picking up pace. JP1 demand may increase as the Hajj season comes closer. Therefore, OCAC expects full-year demand growth to range between 10-12 percent on Y-o-Y basis, he added.

Daily Times - Leading News Resource of Pakistan

 

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ADB to provide $75 million for Barani sector project ​

FAISALABAD (October 19 2007): Asian Development Bank will provide $75 million for Barani Integrated Water Resource Sector Project, while Punjab government will provide $26 million and beneficiaries' share of the project will be $2.30 million.

In a project update report, Arnaud M Cauchois Rural Development Specialist from ADB said that the aim of the proposed project is to improve household income and health care in the districts of Attock, Rawalpindi, Jehlum and Chakwal in the barani areas of the Punjab province.

These four districts were selected due to their high percentage of rain-fed agriculture as compared to other districts in the barani areas, he added. Arnaud M Cauchois said that the project's objective is to help increase crops and livestock productivity and households' access to domestic water supply.

This will be obtained from the conversion of 11,500 hectares (ha) of rain-fed agricultural land into irrigated land and the improvement of irrigation system on 10,000 hectares. Two representatives' subprojects ("core sub-projects") were selected to assess the Project's feasibility with regards to technical, social, financial and economic aspects as well as to social and environmental safeguards.

The selection of core sub-projects was based on size of investment, type of proposed dam, representative geographic and social conditions, he added. Arnaud M. Cauchois said, less than 10 percent of the total crop output is produced from the barani cultivated land of Punjab and North West Frontier provinces. This low productivity that affects 18.6 percent and 49 percent of the Punjab and NWFP total cultivated area respectively is further constraining an already low national agricultural growth and is forcing Barani residents to migrate or live in poverty. Yet significant gains in agriculture and livestock productivity and related economic growth can be obtained through water resources development for which little investment support has been made available to date. With suitable topography and rainfall, the best potential option appears to be the development of water storage through the construction of small to medium dams, he added.

He mentioned that previous experiences show that small to medium dam development in Barani areas needs to be developed through an integrated approach to ensure the full development of the potential economic benefits.

Guidelines on the Use of Consultants by Asian Development Bank and its borrowers (2007, as amended from time to time). The project will provide 569 p/m of national project implementation consultants (8 long term consultants) for the PMU.

Business Recorder [Pakistan's First Financial Daily]

 

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Trade and economic relationship: Salman to hold talks with senior US officials ​

WASHINGTON (October 19 2007): Adviser to Prime Minister Dr Salman Shah, who represents Pakistan at next week's strategic economic dialogue with the United States, has voiced the confidence the two countries would avail existing vast opportunities for further bolstering bilateral trade and economic relationship.

Dr Shah will hold extensive talks with senior US officials and explore possibilities for enhanced trade, economic and investment ties as part of the broader strategic partnership between the two countries.

"The US-Pakistan economic dialogue aims at invigorating the economic co-operation, Pakistan can impart further momentum to its development through greater access into the robust US market -- and Pakistan being an emerging economy and the US being the world's largest economy, I see a lot of scope for further expansion in our relationship," he told APP in an interview.

The United States is one the largest trading partners of Pakistan, which has chalked up remarkable growth in recent years with investment inflows spiralling consistently, a factor which, Shah said, reflected the strength of the South Asian nation's economic potential. The US is destination for about 29 per cent of Pakistan's annual exports.

The top economic manager is due to meet senior officials at the US departments of state and treasury and also to interact with American business leaders and investors. Ahead of economic dialogue, Dr Shah is leading Pakistan's delegation at the annual World Bank-IMF meetings and is due to meet the new WB president Robert Zoellick.

Stressing on US-Pakistan relations, the adviser on economic and financial affairs said, "America is also one of the largest capital markets of the world and a huge market for the country's products.

"Pakistan has a large population, with over 100 million people under the age of 25, so it is very important for a country like Pakistan to be able to participate in global markets like the United States - it is in line with our policy to integrate with the large markets like the US, EU, China and Japan - we should be able to have access to these markets, and tap the capital markets and also be able to sell our services and goods to products markets."

Shah identified technical training for Pakistanis, higher education, manufacturing and investment possibilities as areas of prospective co-operation. Besides, he said, Pakistan has a great opportunity for outsourcing business in the information technology sector.

On proposed creation of Reconstruction Opportunity Zones in tribal areas, NWFP, Balochistan, and earthquake-hit areas of Azad Kashmir, Shah said the launch of initiative will be important in terms of Pakistan gaining greater access to the US market and added this will be one of the subjects on dialogue agenda.

Pakistan, he said, has a very large competitive workforce and is looking for utilisation of this labour force in value-added activities like engineering, ship building, automobiles, consumer durable, services sector, financial services etc.

"Pakistan has common legal system with the West, we also have the English language advantage, our accounting systems are up to the mark, so the country is very well-placed to provide manpower for the world in these services areas."

Questioned about the impact of politician transition on Pakistan's economic growth prospects, Dr Shah said since the presidential election, the country has "already received close to $300 million in portfolio investment in a couple of weeks, which shows that there is so much interest in investing in Pakistan."

"And as our political transition happens successfully and there is this semblance of continuity with the president being there for the next five years, and if the general elections return a parliament which continues economic policies, there will be immense pouring in of investment and investment is what Pakistan needs."

The adviser, who will also interact with members of the influential US Congress, said the battle against extremism affecting the country's areas along Afghan border, requires a major socio-economic initiative, where the country can grow rapidly and create the jobs for the youth.

Business Recorder [Pakistan's First Financial Daily]

 

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SIE to provide 60,000 direct, 600,000 indirect job opportunities ​

LAHORE (October 19 2007): Provincial Minister for Industries, Muhammad Ajmal Cheema has said the government measures and projects for industrial and social development have started yielding results. The Sunder Industrial Estate (SIE) being the best industrial estate of the country will provide 60,000 direct and 600,000 indirect job opportunities to people.

Industrial estates are being established throughout the province to expedite the pace of industrial development and generation of employment opportunities and their management has been given to the private sector. Cheema said promotion of industrial development and provision of employment was part of vision 2020.

He told a delegation of industrialists in Eid at his home here that the Sundar Industrial Estate project started in 2004 at a cost of Rs 1 billion under the Public Private Partnership and its management was given to the private sector. He said the estate made up of 1,500 acre of land had been provided state-of-the-art infrastructure.

The minister said plots in this industrial estate had been sold and it had its own power generation system. He said pharmaceutical, medicines, chemical, pesticides, plastic, food beverage and other industries were being set up in the estate. He said water treatment plant was also being installed here to provide water. He said there was a labour colony being constructed to provide residential facilities to labourers plus facilities to educate them.

Business Recorder [Pakistan's First Financial Daily]

 

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Interpreters having language skill vital to cope with rising demand ​

ISLAMABAD (October 19 2007): Pakistan should have a cadre of interpreters with efficient language skill to cope with rising demand for interpreters as country's increased participation in international forums, like WTO. Interpreter's job offers excellent opportunities of high remuneration and social stature.

It may be pointed out that many trade institutions in the country and abroad need the services of qualified interpreters for developing contacts with overseas agents. However, there are few takers because of the shortage of competent and qualified persons with foreign language skills.

Syed Mukhtar Haidar Shah, Joint Secretary (Administration) of National Assembly told Business Recorder that the NA secretariat recently advertised the job of interpreter to do simultaneous rendering in English and Urdu of Members' speeches but only a few candidates with relevant diploma or degrees responded to the advertisement. He pointed out that even the Foreign Office does not possess cadres of qualified interpreters in foreign languages.

Senate and National Assembly need skilled hands not only for interpreting speeches made on the floor, and in the standing committees, but also to deal with visiting parliamentary delegations.

Heads of foreign delegations usually like to speak in their own mother tongue. To meet this need Parliament hires interpreters from the National University of Modern Languages (NUML).

Considering the very close relationship with Chinese Parliament, the NA Secretariat has sent its research director Razia Sultana to learn the Chinese language.

It might be mentioned that the Chinese Radio in Beijing almost invariably hires a Pakistani for external Urdu language service. So do BBC, Deutsche. Wales, Danish Radio and Voice of America, to name a few, for Urdu broadcasts beamed to this region. When contacted, Brigadier Aziz, Rector of NUML, said his university offered a two years' course of interpretership, in 22 foreign languages.

The NUML courses were tailored to suit the need to get ahead fast in intensive instructive course designed for a personalised programme, that integrates professional and personal skill to speak in native languages such as Arabic, Chinese, French, English, German, Italian, Persian, Japanese, Spanish, Dutch, Portuguese, Polish, as well as prepare documents, presentations and write details for real professional situations with a good control of the language.

The Rector added that after passing out, NUML diploma holders are quickly absorbed in foreign embassies. Besides NUML, institutions such as Alliance Francais, British Council, Khana-e-Farhang Iran, Goethe Institute, etc teach the language spoken in their own country.

Interpreters are also needed by commercial and trade bodies to establish contacts, which need to follow WTO standards, as well as for meeting international objections often raised about the quality of goods, as well as in participation in international conferences and seminars, which are being organised in Pakistan at a fair pace.

However, English is used as the principal language in international meetings held in Pakistan, although many interpreters would be needed for day to day contacts with foreign delegates and guests who visit Pakistan on official invitations.

Amjad Farooq of the Federation of Chambers of Commerce in Karachi informed this scribe they maintain a directory of persons with foreign language skills and hire their services for extending hospitality to foreign guests and delegates, who have only rudimentary knowledge of English. He also said now a days, much of the interpreting is done by computers. You feed the data in, and the computer will translate you in the knowledge you want it to be done.

A public relations official of the Industries Minister related the story of recent gems and jewel exhibition organised by his Ministry in Bangkok. They hired a Thai girl to meet the needs of local language transmission and ended up with orders of 800 million dollar. From these two examples, quoted above, one could come to conclusion that local commercial and business houses need to be synthesised to hire more interpreters.

Business Recorder [Pakistan's First Financial Daily]

 

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Government committed to develop NWFP and Fata: Musharraf ​

ISLAMABAD (October 18 2007): President General Pervez Musharraf on Wednesday said that government was firmly committed to bringing about fast track socio-economic uplift for the people of NWFP and Fata.

Chairing a high level meeting, also attended by Prime Minister Shaukat Aziz, here at the Aiwan-e-Sadr on the prevailing situation in NWFP and Fata, the President said the vast majority of the people are moderate and want peace and progress in their areas.

President General Pervez Musharraf said the government was pursuing a comprehensive strategy for the uplift of Fata and the underdeveloped areas of NWFP on a fast pace basis as it would help defeat extremism and terrorism and usher in a new era of progress and prosperity for the people.

The meeting was also attended by Governor NWFP Lieutenant General (Retd) Ali Muhammad Jan Aurakzai, Caretaker Chief Minister Shams ul Mulk, Interior Minister Aftab Sherpao and senior officials.

Business Recorder [Pakistan's First Financial Daily]