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Old Thursday, November 19, 2009
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Malaysia, Pakistan to enhance investment opportunities
RECORDER REPORT
ISLAMABAD (November 19 2009)


Malaysia and Pakistan have agreed to explore and enhance mutual investment opportunities through an interactive co-ordination between the Pakistan Board of Investment and the Malaysian Industrial Development Authority (Mida).

According to an official statement, Secretary Ministry of Investment, Board of Investment (BoI), Tariq Iqbal Puri during his recent official visit to Malaysia along with a high level delegation both the brethren counties were agreed to explore investment opportunities and areas of mutual co-ordination.

The statement added that during a meeting between Tariq Iqbal Puri and Dato Wahab Hamid, Deputy Director General Malaysian Industrial Development Authority (Mida), it was decided to share investment intelligence and encourage cross border investors and intend technical co-operation between the two sister organisations.

The Secretary appreciated the role played by the Mida in the economic stability of Malaysia and told his counterpart that BoI will also consider seriously to follow the steps taken by Mida in regard to promote investment.

One striking feature that has helped the improved effectiveness of Mda is "One Window Operation," which ensures close co-ordination among Immigration, Environment, Telecom, Customs, Labour and Power departments with a change mode from regulation to facilitation.

Investment Counsellor, Dato Muhood. Salim Bin Fateh Din hosted the investor roundtable meeting in his office. Courtesy Pakistan HIC and Pakistan Commercial Counsellors, Pakistan Mission Kuala Lumpur the meeting was attended by prominent business houses like DRB-HICOM Berhad, Renexus (M) Sdn Bhd, MMC Corporation Berhad, Pollution Engineering Sdn Bhd, Bina puri Holdings Bhd, Tenaga National Berhad (TNB), MayBank, Padibernas Nasional Berhad (Bernas).

The Secretary, Ministry of Investment explained the purpose of his visit and methodology, which is to be adopted during the interactive session. Thereafter, leading entrepreneurs in Agriculture, Energy, Housing & Construction, Oil & Gas and Financial sectors were taken up individually and an extremely candid approach was adopted to explain investment potentials, incentives and functional modalities of each sector.

During a visit to Port Klang Free Zone (PKFZ) the General Manager explained the organisational and working modalities of the Port. The facility is based on integrated concept of port cum free industrial zone. Being in close proximity to Kuala Lumpur one could envisage its viability in the area of commerce, trade and industrial activity.

In spite of being quite young among its competitors it is ranked 16th in the container intensity. Later in the day, the delegation proceeded to Meat Value Addition Unit and Abattoir to benefit from their working experience in Hilal Food, since Malaysia is a big name in the region.


Copyright Business Recorder, 2009



Foreign investment declines


RECORDER REPORT
KARACHI (November 19 2009)


The foreign direct investment (FDI) is continuously on the decline for last few months and it posted a decline of 53 percent during the first four months of the current fiscal year. The State Bank of Pakistan (SBP) on Wednesday said that FDI at 621.8 million dollars during the first four months (July-October) of current fiscal year 2009-10, registered a decline of 707.7 million dollars, or 53.2 percent from 1.329 billion dollars in the same period of last fiscal year 2008-09.

However, portfolio investment during this period posted a surge of 266 percent due to some improvement in the equity market. Portfolio investment surged to 288.4 million dollars in July-October of fiscal year 2009-10 against a negative position of 173.9 million dollars in corresponding period of fiscal year 2008-09. Net foreign investment, comprising foreign direct investment and portfolio investment registered a decline of 21.2 percent to 910.1 million dollars during the first four months of fiscal year 2010.

Including privatisation: proceeds, total private investment posted a decline of 19.8 percent to 940.4 million dollars in July-October of 2009 previously stood at 1.172 billion dollar in same period of 2008. Economists said that the country has failed to capitalise on the improvement of economic and political side in attracting more foreign investment as war in the Northern areas badly damaged the country's image.

"Domestic shocks like power shortage, worst law and order situation and uncertainty on the political front have largely hurt the foreign direct investment," they added. They said that after the financial assistance from the International Monetary Fund (IMF), investors had rejoined Pakistan's equity market by investing their capital. Therefore, some increase was witnessed in portfolio investment.


Copyright Business Recorder, 2009



Minister directs industrialists to pay Site Limited dues
RECORDER REPORT
KARACHI (November 19 2009)

Provincial Minister for Industries and Commerce, Rauf Siddiqui has warned industrialists to pay Site Ltd dues otherwise NOC for industrial units transfer letters and new connection of utilities such as power and gas would not be issued.

Talking to newsmen after meeting with Site Association of Industry (SAI) on Wednesday, he said, that Site Ltd have been facing serious financial problems and these problems may have negative impact on the ongoing development work in Site industrial area, Site Super Highway and Korti industrial areas.

He said that around Rs 600 million are due from industrialists of Site industrial area and added that if Site Ltd gets these dues it would continue its development work smoothly. He said that it is also under consideration that Site Ltd should abolish subsiding water supply provided to site industrial area to ease its financial crises.

Speaking at the meeting he was of the view that the industrialists are not interested to get their problems resolved. He stressed that they must start taking interest to get their problems resolved. He advised industrialists to make efforts to remove encroachment in their areas.

He said that laying a bigger pipeline needs around Rs one arab and hoped that its PC-1 would be prepared soon. Chairman, Site Association, Saleem Parikh said that industries are facing serious water shortage which ultimately has negative impact on production.


Copyright Business Recorder, 2009
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