Pakistan's Economy - News and Updates

[Introvert]

Pakistan starts mango exports to South Korea

LAHORE: The Pakistan Horticulture Development and Export Company (PHDEC) has started exporting mangoes to South Korea – a big achievement in its endeavours to promote the export of mangoes.

Speaking at a press conference on Tuesday, PHDEC Chief Executive Officer Bashir Hussein said PHDEC worked closely with the Department of Plant Protection (DPP) Pakistan for opening up the South Korean market for mangoes. The company arranged a visit of South Korean quarantine experts to Pakistan and facilitated meetings with relevant institutions, he said.

During the visit, the experts went to examine mango orchards, the irradiation facility of Paras Foods in Lahore and the hot water treatment facility of Pakistan Hortifresh Private Limited, which is a joint venture between PHDEC and Durrani Associates.

Highlighting other efforts, Hussein said this year the company finalised paperwork for mango exports to Australia, which was an open market and PHDEC’s intervention would make it possible for growers, processors and exporters to ship mangoes.

In this context, an Australian delegation comprising biosafety experts of the Department of Agriculture, Fisheries and Forestry visited Pakistan from May 28 to June 4.

According to Hussein, a mango shipment through sea reached the Netherlands in July and initial reports show that the sea route is going to be the next best option for mango shipments to Europe, which will not only reduce cost but also provide a chance to export the fruit in large quantities.

The shipment to the Netherlands took 26 days and the results were perfectly positive as mangoes were in excellent condition and no trace of withering was found, he stressed.

In 2011-12, the Netherlands imported 537 tons of Pakistani mangoes, three times higher than import of 184 tons in 2010-11.

Responding to questions, Hussain claimed that mango exports were showing a gradual and steady growth as Pakistan exported 75,000 tons in the 2009 season, 85,000 tons in 2010 and 92,000 tons in 2011. This season, exports are expected to remain slightly above 100,000 tons.

Pakistan starts mango exports to South Korea – The Express Tribune

 

[A1Kaid]

Pakistan slashes interest rate by 1.5%

KARACHI — Pakistan's central bank on Friday cut its benchmark interest rate from 12 percent to 10.5 percent as it looks to encourage private sector investment.

The governor of central State Bank of Pakistan, Yaseen Anwar, said the new rate would come into effect on Monday, at the start of the new working week.

The bank had decided to give "relatively higher weight" to private sector credit and investment, given that inflation is projected to rise slightly above the target during the current fiscal year, which runs until June 30, 2013.

He blamed an "unenviable equilibrium of high inflation and low growth" on a protracted energy crisis and "weak fiscal fundamentals", saying that bolstering the balance of payments depends on foreign financial inflows.

External forecasts for the current fiscal year see the budget deficit rising to about seven percent of GDP, while economists warn the government is running out of ways to fund it and is reluctant to embrace reform with polls looming.

Some see little alternative to a major financial crisis or a return to the IMF, which bailed out Pakistan with an $11.3 billion loan package in 2008 that ended last November after Islamabad rejected strict reform demands.

The last time the central bank slashed its benchmark interest rate by 150 basis points, down to 12 percent, was in October 2011.

Source: AFP: Pakistan slashes interest rate by 1.5%

 

[Abdal Ali]

Mangoes would come under Food & Agricultural Exports.

Top Exports of Pakistan, Million USD, 2011

Textile and Related $13,076
Food & Agricultural $4,129
Processed Petrochem $1,706
Chemicals and Pharma $1,090
Leather Manufactures $895
Ores, Minerals & Cement $496
Jewellery & Sports $464
Engineering Goods $423
Software/IT/ITES $244
REF Total Exports G&S $25,243
REF Total Economy Size $210,000

 

[American Pakistani]

Mangoes would come under Food & Agricultural Exports.

Top Exports of Pakistan, Million USD, 2011

Textile and Related $13,076
Food & Agricultural $4,129
Processed Petrochem $1,706
Chemicals and Pharma $1,090
Leather Manufactures $895
Ores, Minerals & Cement $496
Jewellery & Sports $464
Engineering Goods $423
Software/IT/ITES $244
REF Total Exports G&S $25,243
REF Total Economy Size $210,000

Dissappointed to see these figures, just 25 billion$ exports of a country having 5th largest population even when almost 75% are under 35 years of age.

Also sad to see Software exports are far less than my expectations, i thought it would be around 1.5 billion$.

 

[xyxmt]

Dissappointed to see these figures, just 25 billion$ exports of a country having 5th largest population even when almost 75% are under 35 years of age.

Also sad to see Software exports are far less than my expectations, i thought it would be around 1.5 billion$.

I know someone who works for Pakistan software export board, actual figures are around 1.8 billion now

 

[Introvert]

UAE investors eye Pakistan sectors

September 10, 2012

LAHORE: The UAE investors are planning to make investment in Pakistan in different sectors of economy including Cement and Steel sectors.

The Chairman Zarooni Group of Companies, Faisal Muhammad Abdul Karim Al-Zarooni, who was accompanied by Leader of the House in Senate, Senator Jehangir Badr, was talking to LCCI President Irfan Qaiser Sheikh here Monday.

The LCCI Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar also spoke on the occasion.

Al-Zarooni said, no doubt that UAE and Pakistan enjoy excellent relations and have bonded in religion, history and culture, and Pakistan was the first country, which recognised the UAE. There is deep cooperation between the two countries in all fields especially in economic and trade sectors.

He said the UAE is the second largest investor in various sectors of Pakistan including banking and real estate, energy, infrastructure, telecommunications, ports, housing and aviation. Raw material import from Pakistan is cheaper than China, therefore, the UAE investors are giving preference to Pakistan, he added.

Leader of the House in Senate Senator Jahangir Badr said that both the countries have huge potential to increase bilateral trade & investment, so the investors of both the sides should join hands to tap this potential.

While, LCCI President Irfan Qaiser Sheikh said that deep friendly ties exist between Pakistan and UAE and both sides are in unison on various international issues. He said that United Arab Emirates is a big economic and trade partner of Pakistan and bilateral economic relations are further expanding with the passage of time.

He said that Lahore Chamber of Commerce and Industry would be more than willing to facilitate all the UAE investors if they plan to put their money in any new venture in Pakistan.

He said that UAE had played an important role in the rehabilitation of flood affectees during the last flood in Pakistan. He said that the active role of UAE in the public welfare projects and development of Pakistan is commendable.

Irfan Sheikh said the government has evolved a comprehensive strategy for rapid economic development and a special attention has been paid to various sectors including livestock, education, health, communications and information technology, therefore, UAE investors should avail these opportunities.

UAE investors eye Pakistan sectors - thenews.com.pk

 

[Safriz]

Int’l buyers prefer import of Pak tractor parts

LAHORE - In engineering sector, only tractor parts makers have managed to export their components throughout the world, including Europe, America, Africa, Sri Lanka, Bangladesh, Afghanistan and India amidst severe energy crisis, security challenges, political instability and world’s highest interest rate in the country, tractor industry representatives stated.
Mumshad Ali, CEO of RK Gears pointed out that world’s renowned tractor manufacturing companies preferred to import parts for their tractors from Pakistan owing to their high standard and low cost to make cost effective tractors in world market. He said that Pakistan is currently exporting tractor parts, including gears, engine parts, transmission parts, rims and radiators.
Appreciating the performance of local tractor parts makers, who have presently introduced new technology power steering, turbo charge engine, green engine, electronic display and power brake, said that several foreign companies have failed to compete with Pakistani tractor due to its less cost.
For example, John Den, a US tractor company has flopped in Pakistan to compete local tractor makers, as they were not using domestic cheaper components. Though company imported Chinese tractor parts at zero duty but still they remained uncompetitive to operate.
The EDB, which should be a bridge between the public and private sector enterprises, giving them guidelines to set-up industry and facilitating them regarding latest techniques, has absolutely failed to achieve its target, as its chief has no experience of industry. It is claimed that he is ignorant of local engineering issues, which has witnessed a considerable growth despite unfavourable business-doing conditions in the country. Opposing the extension of Aitzaz Niazi, who is waiting for another term as Chief Executive Officer, Engineering Development Board (EDB), he appealed to the government to appoint a person from the engineering sector who should have enough knowledge of auto industry.
On the other hand, EDB CEO criticises local companies for old technology but the board itself is main hurdle in innovation and research, as earlier it delayed approval of Al Ghazi tractor’s advanced model of 4/4 for at least one year for unknown reasons, Mumshad said.
Saeed Iqbal, Director Sazgar Engineering, said that if Pakistan tractor industry is compared with the Indian industry, it is just 20 per cent of the India’s huge engineering sector but Pakistan’s tinny industry is producing tractor just for Rs600,000 while the same product is being sold in Indian market at Rs1.2 million. “This shows that Pakistanis are manufacturing tractors at 50 per cent less price than India,” he reiterated.
Tractor is a most economical agriculture tool in Pakistan as every successive government have given permission to import of tractors but every time it failed due to high price difference. Presently, there is no considerable import of tractor in the country despite the fact that tractors are being imported on zero duty, indicating that customers are availing the facility of cheaper and quality tractors at their doorstep, he claimed.
Tariq Nazir, CEO of Fabman Engineering, while criticising the statement of EDB Chief Executive Officer who had said that local tractor manufacturers had been using technology of 50s and producing substandard tractors in the country, observed that tractor is a machine not a car, whose models are changed every year. He said that world noted companies are still producing the 1960s model even in Europe. He said that in Pakistan landholding is not huge which requires heavy and modern technology tractors and owners can also afford it. He said that in Europe and the USA, the minimum landholding is 500 acres and their cultivators can afford the modern and costly tractors.
Usman Malik, Kortech CEO, welcomed foreign companies including Belarus Tractor Company in Pakistan, saying that it is in the interest of vendors, as their production and sale will rise due to arrival of new OEMs in the country.
Kortech CEO called for measures to overcome energy crisis, security challenges and political instability. He said that if these factors are not taken into account, they would continue to create problems for the economy in general and for the private sector in particular.
He said that the availability of cheaper liquidity to the business community was need of the hour as in the last five years SBP’s tighter monetary policy stance in the name of financial discipline had failed to give any results.
He said that the cut in discount rate will not only give boost to local investments because of ease in cost of doing business but foreign investors’ confidence will also go up and they would be willing to put their money in new ventures in Pakistan.

Int

 

[Introvert]

Pakistan: Kinnow export could reach $100 million

Although heavy rain has made life difficult for many in parts of Pakistan this year, it has made things easier for kinnow exporters in Punjab. Exports are expected to reach $100 million this year.

CEO of Harvest Trading and export member of the Islamabad Chamber of Commerce and Industry, Ahmad Jawad said that the recent monsoon had come at the right time, helping the fruit to develop a good quality.

Quantity as well as quality is expected this season.

Ground prices, Jawad said, seemed to be a bit on the lower side, but it would be confirmed at the time of price negotiation between the farmer and exporter. Roughly it could be between Rs 600 per 40 kg. "This year again, though, we will not be able to export Kinnow to Iran because of non availability of e-forms by banks, Indonesia and India have been added as new markets for the coming season."

"Over a period of time, Russia and Ukraine have also emerged as leading importers of Pakistani oranges. Total exports to both countries may now contribute almost half of Pakistan's total exports." This though, he said, depended on delivering the fruit at the right time and provided good quality produce.

"Last season, 2011-12, we closed at 0.225 million tonnes against the 0.3 million tonnes target. The losses came as a result of difficulties with the Iranian market due to US imposed trade sanctions." Another reason was that fruits sent by unregistered and new companies to Moscow were sold at $4 to $5 per 10 kilograms against the market price of $6.5 per 10 kg because of huge stocks at the Russian ports.

This resulted in registered exporters incurring a loss of $20 million in Russia. The world market for citrus is valued $2.135 billion in which Pakistan's share has remained at $33 million per annum, around 2.5 percent.

Pakistan: Kinnow export could reach $100 million

 

[Introvert]

Malaysia seeks increased trade with Pakistan in agricultural sector

ISLAMABAD: Pakistan was the second largest trading partner of Malaysia in South East Asia last year, therefore both the countries should make efforts to take these relations to a new height by aggressively exploring opportunities for joint ventures in various sectors.

These remarks were made by Dr. Hasrul Sani Bin Mujtabar, High Commissioner of Malaysia to Pakistan, during a meeting with Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI).

He said that Pakistan produces quality and affordable agricultural products especially Pakistani rice and mangoes have great demand in Malaysian markets while Malaysia complements this with its expertise and more access to ASEAN trade civility of free trade agreements.

Malaysian High Commissioner was optimistic that bilateral trade volume of Pakistan and Malaysia could be increased by finding new avenues of opportunities and cooperation. He also assured that his country would increase volume of import of Pakistani agro-products which would enhance bilateral trade relation between two countries.

Speaking on the occasion, Yassar Sakhi Butt, President ICCI said that current increase in bilateral trade between Pakistan and Malaysia was subsequent to the signing of FTA between the two countries in 2007 but Pakistan’s share in the bilateral trade is only $257 million, which has tilted the balance of trade heavily in favour of Malaysia, thus, there is a dire need to balance this gap by increasing export of Pakistani products to Malaysia.

He called on the Malaysian business community to take advantage of vast Pakistani market and investment opportunities in agriculture, construction, livestock and dairy, energy, education, IT and Halal industry sectors.

Yassar Sakhi Butt was of the view that organizing of joint cultural events was the option which could be used to bring people of both nations closer to each other as well as exploit untapped bilateral trade and investment potential in both countries.

ICCI President said that all Muslim countries should further promote and strengthen their economic ties and cooperation for exploiting the existing potential and ensuring maximum possible trade exchange.

Malaysia seeks increased trade with Pakistan in agricultural sector

 

[Introvert]

45 countries to participate in Exposition Pakistan: Amin

Around 700 foreign buyers and importers from 45 countries are likely to visit Pakistan next month to attend the country's biggest trade fair, 7th chapter of Expo Pakistan. Expo Pakistan provides an excellent opportunity to participating exhibitors to display the whole range of products, said Amin Fahim Federal Minister of Commerce during a media briefing here at head office of Trade Development Authority of Pakistan (TDAP) on Friday.

The mega event will help the country in promotion of exports. Expo will also feature Business Roundtable, B2B meetings among foreign buyers and Pakistani exporters. It is hoped that Expo Pakistan shall bring together numerous quality buyers from different parts of the world in a quest to reach out to the prospective local suppliers.

International participants at the exhibition will also develop new partnership and deepen existing ones, for the benefit of all stakeholders. This will also help in attracting foreign direct investment in the country. In reply to query, the minister said that fashion shows being organised by the government was mainly because of the interest of foreigners specially women who are more interested in fashion and cultural designs in garments. Through this show, Pakistani fashion designs/ garments could get better share in the international markets.

To another question, he said that the 'trade officers' abroad who have completed their four years' term, have been another one month extension only to facilitate the visit of foreign buyers to the Expo. They would be finally come back to the country after the event.

Talking about the decreasing trend in exports, the minister claimed that there was a wave of inflation across the world, which has affected demands in major countries. Besides the poor law and order situations mostly shown by our media were defaming the country's image abroad resulting in slow down in economic activities in the country. Much coverage to negativity was adding to negative growths in trade activities. To another question, Amin Fahim claimed that many allegations made about his ministry and government has been proved wrong.

The Minister was accompanied by Tahir Raza Naqvi, Chief Executive (CE) TDAP, Abdul Kabir Kazi, Acting Secretary TDAP and other officials. Later, exclusively talking to Business Recorder, CE TDAP said that the authority has made all arrangements to make the 7th Expo Pakistan scheduled to be held from October 4 to 7 2012 successful event.

This year over 260 plus exhibition stalls of various sizes shall be seen in six big halls of Expo Center Karachi. Besides exhibit stalls, B2B meetings shall be facilitated by provision of specific Meeting Cubicles prepared for this purpose. TDAP has made full preparations to make the show a truly one stop sourcing event for foreign buyers and the local exhibitors.

The show is poised to provide enhanced business opportunities to Pakistani entrepreneurs and exporters. According to him, so far, Expo Pakistan has received confirmations from more than 700 international buyers from around 45 countries. Moreover, the leading Pakistani exporters representing textiles and clothing, engineering, agro food, surgical, pharmaceutical, sports goods, IT, home & decor, handicrafts, and jewellery sectors, have confirmed their participation. Almost 80 percent of stalls have been booked so far.

A large number of foreign buyers are expected to show up. This year more than the last year's estimated import orders are expected. He said that the authority was going to frame a system of recording follow up orders both local exporters and the foreign visitors.

According to him, Fashion Shows are planned to be held on the first two days of the Expo, where Pakistani products including Handicrafts, Garments, Jewellery, Leather shoes and other leather products, shall be displayed. For the first two days of the Expo, would be for foreign visitors while the last day of Expo has been declared a Families Day. Exhibitors shall be allowed spot sale on the last day. This year some foreign companies especially from Japan and China are also participating in the Expo Pakistan. The foreign buyers were mostly from China, Japan, UK, USA, France, Brazil, Greece, Argentina, Belgium, South Africa, South Korea, Poland, Malaysia, Nigeria, New Zealand, Panama, India, Hong Kong, and Columbia.

 

[A.Rafay]

North Korean envoy for enhancing trade ties with Pakistan
ISLAMABAD - Pakistan has diplomatic and economic relations with North Korea but bilateral trade is still below the potential and both countries should work closely to explore the untapped areas.
North Korean Ambassador, Ro Kyong Chol, made these remarks while talking to President Islamabad Chamber of Commerce and Industry, Yassar Sakhi Butt, during his visit to ICCI. He exchanged views on common interests and agreed to strengthen economic relations between the two countries.
He said that North Korea has abundance of natural resources like coal, limonite, steel, graphite and lead and has the largest open-air iron mine and offer lucrative incentives to foreign investors. Ambassador said that the business communities of Pakistan and North Korea have to play a vital role for promotion of bilateral trade and their greater mutual interaction is needed to achieve the ultimate objectives.
In his welcome address, Yassar Sakhi Butt, President ICCI said that by increasing people to people contract, bilateral trade between Pakistan and North Korea could be enhanced.
He suggested that cooperation could be enhanced in petroleum, energy, tourism, surgical, sports goods, textile, agro, pharmaceutical and marble sectors.
ICCI President said that North Korean capital and technology combined with Pakistani manpower in diverse sectors such as textiles, leather, construction, telecommunications, pharmaceuticals and IT could create synergy in manufacturing and service sectors, which would be mutually beneficial for both the countries.
He said that marble and granite sector was fast growing sector in Pakistan with huge investment potential, adding that North Korean business community should come forward and invest in marble and granite industry.
Yassar Sakhi Butt said that exchange of sector-specific trade delegations and a proactive involvement of business community of both the countries could enhance bilateral trade relations between North Korea and Pakistan.
North Korean envoy for enhancing trade ties with Pakistan | Pakistan Today | Latest news | Breaking news | Pakistan News | World news | Business | Sport and Multimedia

 

[RabzonKhan]

Ishq-e-Rasool Day: Economic damage could be as high as Rs76b

The Express Tribune
By Farhan Zaheer / Farooq Tirmizi
Published: September 22, 2012


KARACHI: Business shutdowns on account of “Love of Prophet Muhammad (PBUH) Day” have cost the national economy close to the tune of Rs76 billion, a number that does not include the cost of the property damage due to the many protests that turned violent throughout the country.

Economic analysts who spoke to The Express Tribune on the condition of anonymity said that their estimates are based on average economic output of a given workday. Given the near total shutdown of the entire economy, with hardly any businesses open, they estimate that the economy lost as much as Rs76 billion in economic output.

The Karachi Chamber of Commerce and Industry estimates that the shutdown of the commercial capital’s industrial zones alone cost the economy close to Rs14 billion in losses. That hefty loss, however, was not even close to being the bulk of the losses in Karachi, since despite having the largest industrial base in the country, Karachi’s economy is mostly services based, which were shut down almost completely throughout the city.

Leading industrialists in the city said that they had shut down their businesses to show solidarity with the nation, especially since it was declared a federal holiday by the government. But many nonetheless expressed frustration at the fact that most of the protests against the blasphemous movie – made in the United States, and completely unavailable in Pakistan since the YouTube ban – had turned violent, causing massive property damage, in addition to several fatalities.

Business lobbyists, however, were keen to show their support of the protests, even as they decried their violent nature. “It is no ordinary matter that caused the government to declare a public holiday,” said Ehtesham Uddin, chairman of the Korangi Association of Trade and Industry, a leading business lobby in Karachi. “The issue of the anti-Muslim film is sensitive and we understand the sensitivities of the nation on this matter.”

Many others also expressed what seemed to be a fear of arousing religiously motivated anger against their businesses and cited that fear as a reason for their decision to close their businesses. Many of the people who spoke to The Express Tribune for this article declined to be named, for fear of being targeted as being insufficiently the film.

“It is a religious issue,” said the chairman of an industrial association who do not want to be named, “Nobody can afford any misunderstanding with their workers at this time.”

Exporters had a particularly tough time, since many are often selling in highly competitive markets where their ability to deliver orders on time is a critical element to succeeding in the business. The closure of both ports in Karachi badly hurt their businesses.

Yet the closure of business alone was not what hurt the exporters. “But more than anything else, the arson and looting that we saw on Friday is more dangerous for our image and our clients in outer world,” said one leading exporter in Karachi who wished to remain anonymous.

The closure of the ports, in addition to the shutdown of mobile communications nationwide, is also likely to have a negative impact on the government’s collection of tax revenues, since the overwhelming bulk of government revenues still come from the port. No estimates were immediately available of just how much the government is expected to lose.

Traders in Karachi’s old city, which hosts the largest wholesale commodity markets in the country, said that the one-day shutdown likely cost them between Rs3 billion and Rs5 billion in lost business.

The closure of the wholesale markets is also how Friday’s shutdowns affected the rural economy: while nearly all of the violence and unrest took place in cities, it also shutdown the urban and semi-urban markets that the rural economy relies on to sell their products. Without those markets, economic activity even in rural areas ground to a halt, even though there were no reports of violence in villages.

 

[A.Rafay]

Poor water, sanitation quality costs kitty Rs 343b annually​

ISLAMABAD - Contaminated drinking water and insufficient sanitation facilities cost the national kitty Rs 343 billion annually in terms of ailments and environmental degradation. Experts at a Donors Debriefing Session, organized by the Ministry of Climate Change on Thursday, said that poor water quality and insufficient sanitation related losses that stood at Rs 112 in 2006 had increased to Rs 343 billion annually making that four percent of the GDP. Opening the session for discussion, Secretary Climate Change Mahmood Alam called upon the donors to help Pakistan execute water and sanitation related projects to meet its Millennium Development Goals (MDGs).
He said that according to a World Bank Study of 2006, annual total environmental losses were recorded at Rs 365 billion with Rs 112 billion losses due to poor water quality and sanitation facilities.
“But, these losses have now risen to Rs 343 billion that incur on curing the water borne diseases like diarrhea, hepatitis, malaria and infant mortality caused by lack of proper water and sanitation system.”
Mentioning various commitments and measures taken by the government, the Secretary said that the government was embarking on the implementation of the National and Provincial Sanitation and Drinking Water policies.
“We have been successful in undertaking the UN initiative on Global Analysis and Assessment of Sanitation and Drinking Water (GLAAS),” he added.
Evolving workable strategies and policies that benefit poor villagers for whom the clean water and sanitation facilities remain a dream, were discussed.
In his concluding remarks, Director General Environment at Ministry of
Climate Change, Jawaid Ali Khan reiterated the government’s commitment to pursue the water and sanitation agenda at the global and regional level.
“The challenge is serious and we need to pool efforts to achieve MDG targets. This needs continued and concerted efforts.”
He said that the government valued its partners and would continue playing the role of a facilitator to accommodate them in their projects as much as possible.

 

[SHAMK9]

Didn't know where to post this so i will post it here

55 passenger coaches handed over to PR by China.

 

[Introvert]

Czech group prepares to launch Euro 600m steel venture in Pak

An announcement here on Sunday said that a delegation of Santex Pakistan Limited (SPL) apprised Murad Ali Shah, Sindh Finance Minister, and Muhammad Zubair Motiwala, Chairman Sindh Board of Investment (SBI), about the establishment of steel billets making Plant of 1.2 million ton capacity per annum and 300 MW coal-fired power plant during a meeting at the Sindh Board of Investment.

It said that the project will be launched at Bin Qasim close to Pakistan Steel Mills. Santex Pakistan Limited is a subsidiary of Santex Group based in Czech Republic.

The meeting was chaired by Sindh Finance Minister along with Chairman SBI and was attended by Secretary Finance, Secretary Coal and Energy Department, Secretary Energy, DG SBI and other government officials. Brig (R) Ashraf Executive Director SPL further informed the participants that a cooperation agreement with the suppliers has been concluded and project financing has already been secured on this month during the recent Bron International Trade Fair in Czech Republic.

SPL has also arranged the full amount of equity for the project and is planning to formally announce the project and financial close during the month of October 2012 at a befitting ceremony in Prague.

Explaining the salient features of the project it was told that 300 MW power plant has excess capacity of more than 150 MW, which will subsequently be made available to the national grid. It is expected that project will be completed in 30 months time i.e. by June 2015.

Murad Ali Shah appreciated SPL for bringing such a huge project and FDI in Pakistan and assured complete support of the Government of Sindh in the project at all levels.

SPL Team expressed their complete confidence in Pakistan and thanked the Minister and Sindh Board of Investment for their patronage and assurance of support for this venture.

Czech group prepares to launch Euro 600m steel venture in Pak