Pakistan to assist India for Islamic Mutual Fund

ISLAMABAD: Pakistan will extend its technical cooperation to India for setting up Islamic Mutual Fund.

This was stated by Zaigham Mehmood Rizvi, chairman Mutual Fund Association of Pakistan (MUFAP) while addressing a news conference here on Wednesday.
He said the Pakistani delegation held meetings with Indian asset management and distribution companies, which included Birla Group, Bajaj Capital and MJ Capital to explore technical cooperation between the two countries’ mutual fund industries.

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27 surveillance cameras to be installed at Sindh Sectt

By our correspondent

KARACHI: Sindh government has decided to install more than two dozens surveillance cameras at the Sindh Secretariat in order to improve the overall security network, it is learnt.

"Some 27 cameras will be installed at several places around different buildings of Sindh secretariat, through which we will monitor all activities," said a senior government official, requesting not to be named.

According to him at present the security system in and around the Sindh secretariat is satisfactory but there is a need to improve it further keeping in view the recent incidents of terrorism through which the terrorists tried to target government officials and offices.

He said that a tender in this regard had already been floated and by the end of June this year, the cameras would be installed.

It may be noted that despite security arrangements, on October 16, 2002, a parcel bomb went off in then Home Secretary’s office situated at the Sindh Secretariat.

Well-informed sources told this correspondent that besides installation of surveillance cameras, the authorities concerned were also taking several other steps to make the offices of top-ranking government functionaries more secure.

The sources said that the surveillance cameras would be inter-connected through a centralised network, which would be monitored by security staff round the clock.

However, some sources termed the installation of surveillance cameras at strongly guarded buildings like Sindh secretariat wastage of resources and public money.

jang.com.pk US investors plan $200m Trade Complex at PQ

By our correspondent

KARACHI: US investors, in a bid to boost business and image of Pakistan, plan to build a $200 million International Trade and Exposition Complex at Port Qasim, sources close to the project said on Thursday.

The project is likely to be completed by December 2007, which, according to foreign investors, the first significant investment move after the President of the United States waived sanctions on Pakistan last February.

The mega project, which was originally designed by Mitsubishi Research Institute, Japan, and architectured by New Jersey Architects will be the largest private sector construction project to date in Pakistan and will encompass a wide range of services based on the development philosophy of Port Authority of New York and New Jersey.

The project, which has been approved by the Board of Investment and CCOI, will enable Karachi to host big international congress and trade fairs, providing a platform for renewal of large-scale economic activity.

While bringing a new dimension to the Port Qasim itself, the Expo City Complex will house a convention centre for 3,000 guests, exhibition and business areas of 3 million sq feet, car park for 8,000 vehicles, a hotel/recreation centre and a large teleport.

The sources said the American investors had given the go ahead for the construction of the multi-million dollar Expo Complex at Port Qasim.

The US led international consortium approved the investment for developing the International Trade and Exposition Complex at Port Qasim in co-operation with a local group.

The investors’ consortium has expressed their delight at resumption of work on this project which was suspended in 1998 because of the economic sanctions imposed on Pakistan following nuclear devices’ tests.

The $200 million facility is being implemented as a member of the New York based World Trade Centre Association and the World Teleport Association in a joint venture with the Arfeen Group of Pakistan, which has holdings in a number of large businesses in the country.

The Group already has a reputation for pioneering investment in technology and innovative sectors of business and industry.

Mike Saltzman, a member of the team has said the project would change the face of business and will give a great boost to the image of Pakistan especially since the consortium partners are also active in implementing multi-billion dollar projects in South East Asia.
jang.com.pk

PICT begins operations

By a correspondent

KARACHI: The Pakistan International Container Terminal held a ceremony to mark the commencement of the operations of its new port handling equipment at its terminal at berths 6 to 9, East Wharf, Karachi Port, said a press release.

The PICT is the second container terminal project at the Karachi Port and has been set up to develop a modern container terminal facility at the East Wharf.

The PICT has acquired state-of-the-art container handling equipment for the completion of its phase-I development at a project cost of $30 million.

The new equipment included 2 quayside container cranes, 4 rubber tyred gantry cranes, 2 reach stackers, 2 empty container handlers, 1 top lifter, 10 terminal tractors and 20 trailers, 2 forklifts and 5 service vehicles.

The PICT has also set up its own power generation plant of 5MW capacity. It has been in commercial operations since 2002 with its existing container handling equipment and handled about 80,000 twenty-foot equivalent container units in 2003.

jang.com.pk

Oman company promoting Gwadar as investment avenue

KARACHI (PPI): Pak- Oman, a Joint Venture Financial Institution between the Governments of Pakistan and Sultanate of Oman, formed in April 2001, subsequent to Sultan Qaboos’s visit to Islamabad, is aggresively promoting Gwadar, on Balochistan coast, as a future investment avenue, both locally as well as in Oman. Pak- Oman Investment Company (Pvt) Ltd., is currently working on major landmark transactions in Gwadar involving sizable foreign investments. The company, whose full fledged operations commenced from February 2002, funded from capital base of Rupees 1.5 billion (US$25 million), launched the first ever commercial paper in the history of Pakistan and so far has been involved with three out of the first four commercial paper issues, its CEO & Managing Director Zafar Iqbal told PPI special correspondent Farooq Moin in an interview Thursday in Karachi. Pak- Oman is also among the elite band of very few financial institutions and first joint venture financial institution to have State Bank of Pakistan’s primary dealer license. Pak Oman is guided by its mandate to support industrial and service sectors with special focus on Agro based industries. The objective to form the venture were to actively develop and promote two way business opportunities between Pakistan and Middle East with a special focus on Sultanate of Oman. Other objectives include facilitating Omani investments into Pakistan and undertaking financially viable projects that meet the socio economic development goals. Zafar Iqbal said Pak- Oman is working on a number of transactions in Pakistan which will involve bringing equity from Omani investors. It is also playing active role facilitating investment between both countries. These efforts will result in increased bilateral trade volumes. Pak- Oman’s Treasury and Investment Banking Divisions have aggressively and consistently proved their worth in the market, thereby establishing themselves as key company strengths. Treasury division is known for its fine pricing and volume trading, which has been a key to successful trading in Government Securities. It also maintains a large portfolio of Term Finance Certificates, which provides for its market making activities. Investment Banking Division has been awarded with numerous mandates to advise and arrange debt issues. The successful closure of these transactions was due to combination of select pricing, excellent distribution network and efficient delivery on all mandates. He said keeping in view the fact that year 2003 was first full year of Pak- Oman’s operations, the company closed the year with exceptional pre-tax profits of Rs 441 million (US$ 7.70 million).

frontierpost.com

Qatar airways launches service to Islamabad

ISLAMABAD (inp): Qatar Airways on Thursday launched its new service from Qatar to Islamabad. The first flight of an official delegation headed by the regional manager for the Qatar Air Ways Ali Al-Rais was received here by Airport authorities early in the morning. “We are very pleased to inaugurate the services for the Islamabad ”, Al-Rais informed the reporters in a news conference here at a local hotel. Ali said that this a great pleasure for us as well as the people of capital city for the inauguration of the services of our airways. “This will help for the promotion of relations of two countries and will set a finest trend for others”, he added. He went on to say that we were already offering our services from the most populated cities of Pakistan including Karachi, Peshawer and Lahore but the capital city was 49th destination in our entire network. Qatar Air Ways is the only air lines who have achieved the best quality services award in America . We have deal the sum of 5.1 million dollars for the purchasing of new fully equipped bowing in air show held in united state last year”, he claimed. He was of the view that we were trying to improve the services of air ways as well as the quality of Air ports adding that in this regard we have approved the sum of 2.2billion dollars for the renovation of Dowoa air port. “This new service will be a gate way for the people of Pakistan . The relation between the two countries will grow more”, he said. He added that flying to the capital was an important new development and it will prove a popular destination of interest for leisure and business travelers from Europe who want to visit Pakistan who thriving the capital city of Pakistan . “This year we will be adding the Istunboul, Loxour, Zurich , Melbourne, and Kabul to our route net work.

frontierpost.com

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Rs160m spent on fish harbour

ISLAMABAD (NNI): The National Assembly was informed on Thursday that about one hundred and sixty million rupees have been spent up to February this year for Gawadar Fish Harbour Project. Communication Minister Babar Khan Ghauri said the Ministry is taking strict action against contractors delaying their work. About transportation of agricultural products on motorways, He said that there was no ban on the transportation of agricultural produce on Motorways through trucks and trailers.Babar Khan Ghauri told the House during question hour that movement of slow moving vehicles on the motorways including tractor trolleys is not allowed because of traffic speed, flow and safety concerns.

frontierpost.com

Govt to provide free education to citizens

F.P. Report PESHAWAR: In another step towards free education facilities in the province the NWFP Minister for Education and Literacy Maulana Fazle Ali Haqqani today announced the total abolition of all kinds of fees in the Centennial Model Schools. The abolition of the fee, as the Minister Education put it, is in accordance with the policy of the Mutahida Majlis-e-Amal government to provide free education facilities to all the citizens. The centennial model schools were established by the previous government where in medium of instructions is English but the students were charged Rs. 50 per month as tuition fee. In each district there are two such schools one for girls and the other for boys. In all there are 50 such schools in the province Last year, the MMA government had abolished all kind of fees in the government schools. Again, the government is distributing free text books among all the students of class KG to Class 5th. Over 2.3 million children will benefit of this scheme. It is worth mentioning that Minister Education had recently ordered to allow all female students in the province single uniform instead of the one type uniform (for girls students) for three days and another type for another three days of the week. This is aimed at getting the parents rid of the burden of the uniforms for each girl child

frontierpost.com

KPT to set up food courts

By Parvaiz Ishfaq Rana

KARACHI, April 1: The Karachi Port Trust will set up food courts on the Napier Mole Bridge (old Nati-Jati Bridge) and under the Jinnah Flyover for recreation purposes.

The Board of Trustees of the KPT in its meeting held on March 8 gave this consent for the establishment of food courts by a private sector company. However, the contract for setting up of food courts, which is on the basis of built, operate and transfer (BOT), is presently awaiting government approval.

The food court will be a unique project, which will provide to Karachiites a much need recreation spot. The location will offer panoramic view of the Karachi Port and during summer a cool sea breeze will be a bonus to the visitors.

Apart from offering a new recreational opportunity, the project will also provide world class facilities for ethnic and international foods. The project consists of 25,000 sq ft retail and restaurant court, public viewing stands and souvenir shops.

It will also include an arena style redevelopment under the Jinnah Flyover for recreation purposes. The abandoned Napier Mole Bridge has been selected as the main food court to give panoramic view to the visitors and enjoy sea breeze for which the Karachiites throng the sea side in front of Sea View apartments every summer.

According to the plans, the KPT had allocated around 25,000 sq ft for retail food courts and 200,000 sq ft for pavement and hard-standing area. There will be arena and fountain for giving soothing atmosphere to the visitors.

Besides, there will be soft and hard landscaping, including car parking area sufficient for at least 500 vehicles. Area adjacent to PNSC building linking with Napier Mole bridge will also be used for landscaping.

The KPT board has accepted the offer by Grand Leisure Corporation (GLC) for the establishment of food court on BOT basis for 20 years on a "Royalty Payment" amounting to Rs350.4 million. However, the board inter alia has directed that it should be ensured that a clause to this effect be incorporated in the agreement to be entered into between the KPT and GLC to safeguard the interest of the KPT.

As per the agreement the successful applicant will have to invest a minimum amount of Rs100 million and equity investment will be 40 per cent minimum. Once the government sanction is obtained the project will be completed and facilities will be opened for commercial operations to the general public within six months from the date of effectiveness of the implementation agreement.

The GLC will be allowed full freedom to plan and run the activities of the food court. However, the KPT will have the right to monitor the activities. Nevertheless, at the end of the concession period the facility will be transferred back to the KPT in a properly maintained and operational condition.

http://www.dawn.com/2004/04/02/ebr8.htm

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=Country's Post Offices To Be Computerized
Updated on 2004-04-02 10:33:11

ISLAMABAD, Pakistan : April 02 (PNS) - Minister for Communications Senator Babar Khan Ghauri on Thursday informed the National Assembly that all the Post Offices of the country would be computerized in one year's time.

Responding to various questions during the Question Hour, he said, new post offices would be established in the parts of the country keeping in view their requirement and demand for the respective areas. However, he said, those private parties interested in opening post offices under recently introduced franchise scheme are welcome to submit applications and they would be allowed if the set criteria was met with accordingly.

http://www.paknews.com/flash.php?id=12&date1=2004-04-02

Austria To Expand Trade Ties With Pakistan

Updated on 2004-04-02 108:18

KARACHI, Pakistan : April 02 (PNS) - Austria is considering expanding trade ties with Pakistan and in this context a high level trade delegation from Austria shall be visiting Pakistan in early October 2004, Nikolaus Seiwald, Commercial Counselor of Austria for Pakistan stationed at UAE, disclosed this during a meeting with the vice President of the Karachi Chamber of Commerce and Industry here Thursday.

Seiwaid also informed the members that an Austrian trade exhibition is being organized in Karachi on 5-6, October 2004, and around 200 Austrian entrepreneurs are expected to participate in the said trade fair. Hamid Nisar, Vice President KCCI, appreciated the decision and extended full support and cooperation, on behalf of the Chamber. During the meeting, he pointed out the pressing issue of imposition of Anti-Dumping duty imposed by the European Union (EU) on Pakistani bed linen, and requested the Austrian Commercial Counselor to convey Pakistan's concern on the matter as the said imposition of duty is in contrast of WTO regime which aims to remove all trade barriers. He also expressed his expectation of favorable support from Austrian government on such matters.

Mian Nasser Hyatt Maggo, former President and member Managing Committee, KCCI, suggested to reopen the Austrian consulate or Commercial Counselor’s office in Karachi to facilitate the local business community. The Austrian Commercial Counselor while explaining the reasons for closure agreed to the suggestion and said that the same may be considered in near future. Seiwaid also briefed the members on visa procedures and possibilities of expanding trade between the two countries through joint ventures and technical collaborations.

http://www.paknews.com/main.php?id=3&date1=2004-04-02

All Important Dams To Be Constructed

Updated on 2004-04-02 109:17

DERA ISMAIL KHAN, Pakistan : April 02 (PNS) - Chairman Senate Muhammad mian Soomro has said that storage of water resources is the need of the hour adding all important dams would be constructed in the larger interest of the country.

This was stated by him while addressing the open katchery here at Circuit House on Thursday. He said the Gomal dam will play an important role in the socio-economic uplift of the area and the development work is being carried out on this gigantic project and expressed the hope that it will be completed within stipulated period.

He said "we also cannot deny the importance of the lift canal project as the utility of Gomal Dam is incomplete without the project which, he said, would bring a large chunk of barren land under cultivation and people of the area would greatly benefit from the project. Chairman Senate said the government despite of its limited resources is providing enormous funds for the various development schemes to bring speedy progress in the area.

He said "we are confronting a lot problems which can be solved on self-help basis and with the cooperation of the masses". He said the all the development projects are being completed by the government within the available sources. On the occasion various delegations including traders, zamindars, and public representatives called on the Chairman senate Muhammad mian Soomro and apprised him of their problems which include supply of sui gas, construction of bye-pass road, expansion of Dera Airport and restoration of suspended flights, reduction in property tax, establishment of eye hospital by Al-Shafa, railway line and drought-like situation in Dhaman, and scarcity of water.

The Chairman Senate assured that all these problems would be resolved on priority basis and adding that the government would lend every support and all out efforts would be made to solve their problems. He also issued orders on the spot in some cases. He said the government is committed to provide basic amenities of life to its people and would complete all the projects of public importance which would benefit the common man.

Senator Waqar Ahmad Khan has announced a grant of Rs.20 million for the development of Dera Ismail Khan and for provision of electricity and water facilities to the area. A large number of people individually and collectively apprised the Chairman Senate of their problems.

http://www.paknews.com/main.php?id=4&date1=2004-04-02

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China working on feasibility of Railways as
part of Gawadar Master Plan: Mehr

ISLAMABAD, : China has been working on the feasibility on the project of developing Infrastructure of Pakistan Railways at Gawadar and rest of the Balochistan.

“The Chinese Company MCCR has been working on the feasibility for the infrastructure to be developed as part of Gawadar Deep See Project’s master plan. This infrastructure once developed would help a lot to link Pakistan Railways to Kandhar—Afghanistan,” Federal Minister of Railways, Chouse Bux Mehr said here Thursday. This project would be part of the Master Plan of Gawadar, he said.

He was speaking at the National Press Club, Islamabad with the reporters. He said that Islamabad has been trying to get the contract from Afghanistan’s authorities to develop infrastructure of Railways in Kandhar to link Afghanistan Railways with Pakistan at Chaman—Balochistan, the Minister said.

The Chinese offer that was accepted by Pakistan includes developing entire infrastructure of Gawadar Railway and also a part of it linking to Balochistan. This company would also extend a soft loan to Islamabad for the completion of this project, the minister said.

China had already engaged in developing the Gawadar Deep See Port project on the basis of build operation and transfer.

However, the Minister clarified that the contract to expand Railways’ facilities to Kandhar from Chaman would be exclusive to Pakistan—once the offer is accepted. “We would use the money from $100 million grant announced by Pakistan for Afghanistan’s development and reconstruction as part of the previous Boon Moot,” Mehr said. He also added that from the same fund if contract awarded to Pakistan Railways, the future Kandhar Railway line would also be connected to Spin Boldak of Afghanistan.

The minister kept on talking the future plan of improving Pakistan Railways at home and on expansion of the Railways for the regional development and growth. “There are great possibilities that Railways would be playing an important role in expediting this region’s (Central Asian States, Afghanistan, Turkey, Iran, India and Pakistan) commerce and trade activities to rest of the world,” Mehr said.

He talked about the Turkish interest for Pakistan to join at Hirat—Afghanistan for access to entire Central Asian States. Iran is also interested that Pakistan from its Balochistan province should join its near future Railway lines from Bam to Zahidan. “Once we are linked at the Railway track of Iran in this region—the access to Saudi Arabia and Middle from Pakistan would be materialized. The pilgrims of Hajj and businessmen would be getting wide range of benefits to use the cheapest mode of traveling to Arab countries,” he said.

The minister also talked on domestic affairs of Pakistan Railways and vowed that beside the facility this financial year “we did not claim Rs 500 million from the State Bank of Pakistan to meet the deficit of the Railways.” He was of the view that Pakistan Railways would be soon becoming a profit oriented organization.

Pakistan and China are also cooperating in restructure to the railways and Pakistan and have already signed an agreement of some 69 coaches and wagons of which Pakistan had received 15 already. This agreement also includes transfer of technology.

The Minister also talked of the plan to double the railway track in various phases. He said that dead assets of Pakistan Railways would be utilized to generate income and for the modernization of Railways.

He said that Union would be not allowed in Pakistan Railways “as the unions in past had established parallel system of the organization—but the problems of the workers could be addressed on priority basis.”

http://www.nni-news.com/current/main/news-03.htm

Pakistan a better place for investment: Gilmore

ISLAMABAD, April 01 (Online): The visiting former governor US state, Virginia James Gilmore said there are great numbers of opportunities for investment in Pakistan.
Mr Gilmore, who was addressing sixth annual convention of Pak-America Business Association on Wednesday said so far as investment is concerned Pakistan is a better place for investment in all field, added, there is a congenial atmosphere for investment here.

He said foreign investors should avail the opportunities of investment in Pakistan.

Appreciating Chairman Senate Muhammad Mian Soomro for his role for promoting economic link between Pakistan and US, he said Mr Soomro played prominent role for creating links between Pakistani and US traders and Industrialists.

Mr Gilmore said Chairman Senate also played pivotal role for promoting foreign investment in Pakistan.

http://paktribune.com/main/index.php?id=11&newsId=60201

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Committees constituted to provide infrastructure to business community

KARACHI, April 02 (Online): The government of Sindh has constituted two committees to solve infrastructure problem and to create conducive-atmosphere for business community in Sindh.
The first committee headed by Mian Zahid Hussain Chairman Korangi Association comprised Nasir Sheikh, chairman SITE Association, Muhammad Sadiq Chairman North Karachi Association, Amin Maniar Chairman FB Area Association, Bashir Ali Muhammad Chairman Landhi Association.

The second committee headed by Riaz Ahmed Tata President Federation of Pakistan Chamber of Commerce and Industry comprised Siraj Qasim Teli President KCCI, SM Munir former President FPCCI and Zubair Motiwala former President KCCI.

The committees will make proposals to improve infrastructure and provide other facilities with in the industrial area, besides recommendations for redressing the grievances of the business community and creating conducive-atmosphere for business community in Sindh.

http://paktribune.com/main/index.php?id=11&newsId=60328

PABA to assist local firms

Staff Report

LAHORE: Hanif Akhtar, president of the Pakistan American Business Association (PABA), said here Thursday that the his body would help local companies to get financial assistance from the $300 million fund allocated by the US government to develop joint ventures.

He said this while addressing executive committee members of the Lahore Chamber of Commerce and Industry (LCCI) here.

He said PABA would soon hold a series of seminars in Pakistan to educate businessmen about starting businesses in collaboration with Americans.

“PABA is also pursuing an ‘Accreditation Agency’ to open its offices in Pakistan to award certifications to Pakistani entrepreneurs exporting to the US,” he said.

Mr Akhtar urged Pakistani counterparts to diversify exports especially in small items which could get a share in the US market.

He said Pakistani businessmen have sought PABA support to run a warehouse, being set up by the government of Pakistan in the US, for urgent delivery of goods imported from Pakistan.

Earlier, Shahzad Ali Malik, vice president LCCI, said Pakistan and US enjoy impressive trade ties for the last many years. Pakistan’s exports to the US stood at $2.6 billion in the year 2002-03, accounting for almost 23.44 percent of Pakistan’s total exports. The total volume of trade with the US stood at 14 percent of aggregate trade with the world.

“It is an impressive profile, keeping in view the fact that world at large has gone through the downturn cycle. Despite all these stumbling blocks, the level of economic cooperation is an encouraging sign to make a sound initiative,” he said.

http://www.dailytimes.com.pk/default...2-4-2004_pg5_6

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British-Pakistan law body launched

By Our Reporter

KARACHI, April 3: The British-Pakistan Law Council (BPLC), a new body that aspires to bring the legal communities in Britain and Pakistan closer together, was launched here on Saturday.

President General Pervez Musharraf, prime minister Mir Zafarullah Jamali and his British counterpart Tony Blair in their messages announced support to the initiative.

The launching ceremony was held at the British Deputy High Commission, and was attended by Sindh Governor Dr Ishratul Ibad, City Nazim Niamatullah Khan, serving and retired judges of superior courts, senior lawyers and others.

The BPLC was formed in conjunction with the Law Society of England and Wales and interested Pakistani lawyers, and its website (www.britpaklaw.com), which was also launched on the occasion, provides a platform to British and Pakistani lawyers, law students and judges to exchange information and ideas.

At the very outset, Mr Hamish St. Clair Bainel, the British Deputy High Commissioner, referred to relations between Pakistan and the UK which, he said, "have always been close, and are continuing to grow". The British-Pakistan Law Council was an example of this close cooperation, he added.

In this context, he referred to recent visits to Pakistan by the British Foreign Secretary, Jack Straw; Home Secretary David Blunkett; and Secretary of State for International Development, Hillary Ben. He also cited visits by Gen. Musharraf, prime minister Jamali and foreign minister Khurshid Mahmood Kasuri.

The British Deputy High Commissioner said that on May 12 Pakistan's High Commissioner to the UK has organized a conference on Pakistan trade and investment entitled the New Frontier. On May 19, the Commonwealth Business Council would launch the South Asia Trade and Investment Network with a focus on Pakistan.

The Deputy High Commissioner then read out the message of prime minister Tony Blair in which, he said: "I am delighted to give my support to the newly-formed British Pakistan Law Council, and, in particular, to the website, which is launched today. It is a further sign of cooperation at all levels between people and professions in our two countries".

Governor Sindh Dr Ishratul Ibad, while appreciating the initiative, read out messages from Gen Musharraf and prime minister Jamali.

President Musharraf in his message said: "The formation of the British-Pakistan Law Council is particularly important and will hopefully create an active link between the legal communities of both nations."

Prime Minister Jamali was of the view that "the council will foster closer relations and promote exchange of expertize and experience. The civil society in both countries needs to establish more such connections. UK is home to a large number of migrants from Pakistan. We also have significant trade and investment relations. The council will hopefully also help enhance Pakistan-UK relations in all fields."

The Law Society President, Peter Williamson, said: "The British-Pakistan Law Council will provide an important platform for lawyers and legal organisations in both countries to work together on matters of common interest, such as: anti-corruption, legal reform and human rights.

Speaking on the occasion, Attorney-General of Pakistan, Makhdoom Ali Khan, said the expanding scope of international law necessitates a greater interaction between lawyers of different countries. Lawyers must not only concern themselves with the legal machinery of their respective states, but also develop an awareness of the workings of other legal systems, he said, adding that international repercussions of municipal acts compelled such an understanding.

In this respect, lawyers of the UK and Pakistan were at an advantage as they already have a base to work from, said Mr Khan.

The genesis of the relations between the lawyers of the UK and Pakistan lie in colonial history and from the mid-19th century onwards many young persons who desired to make a career in law went for studies to England. The father of the nation, Quaid-i-Azam Mohammad Ali Jinnah, the national poet Allama Iqbal, a few prime ministers and a number of distinguished judges and lawyers were barristers of the Inns of Court, he said.

The formation of the BPLC, he hoped, would facilitate the legal communities of the two countries to further promote bilateral relations and work together on international plane. He welcomed the BPLC initiative at a time when law was fast transforming itself from a local discipline into a force which cuts across countries, continents and communities.

Till very recently international law was regarded as the enclave of academic lawyers. It was considered of little importance save in the conduct and practice of states. It provided no right of action to individuals and corporations. The right of action of the states was also restricted.

Today, Mr Khan pointed out, the"international law not only permeates commercial law but is also influencing constitutional and criminal jurisprudence". The "act of the state" doctrine is on the wane. International courts are being established to deter mass atrocities and to hold those found responsible, accountable.

There is a growing realization that as compared to a small state an International Criminal Court may be more secure and thus, deal more effectively with the nationals of powerful countries, said Mr Makhdoom Ali Khan.

He said that tribunals established under the UN Convention on the Law of the Sea, the growth of telecommunications and the continued exploration of air and space are strengthening the traditional foundations of international law. Environmental awareness, the popular demand to protect human rights, globalisation, investment treaties, the internationalisation of dispute resolution and the ever-increasing number of multi-national tribunals have metamorphosed domestic issues into international concerns.

The BPLC's coordinating chair, Mahnaz Malik, said: "The British-Pakistan Law Council will provide a link between Pakistani and British lawyers and help strengthen historical relationship between the two legal communities. At present, interaction between Pakistani and British lawyers is largely restricted to those who can afford to travel abroad. The council's website will provide a free and innovative way to communicate and learn about each other, which will hopefully bring benefits to both nations,"

The Law Society of England and Wales plans to assist the BPLC to provide relevant information, advice and contacts to help British and Pakistani lawyers build closer professional relationships and gain greater understanding of the legal issues affecting their respective jurisdictions.

Mr Hugh McDermott, of the International Unit, The law Society of England & Wales, said the Law Society is the largest legal representative and regulatory body in the UK with some 113,000 members who hold the title of 'solicitor'. Ten per cent of the Law Society's membership is based with international legal practices throughout the world and almost eight per cent of membership is from an Asian background. Solicitors export over US$1.6 billion in legal services advice from the UK.

He said the British Pakistan Law Council and its website were the idea of its coordinating Chair, Mahnaz Malik, who is qualified to practice law in England and Wales, New York and Pakistan.

The council will be co-chaired by The Lord Woolf, Lord Chief Justice of England and Wales and the Chief Justice of Pakistan, Mr Justice Nazim Hussain Siddiqui. The Board of the British-Pakistan Law Council includes:

* Attorney-General for Pakistan, Mr Makhdoom Ali Khan,

* Mr David Lammy, Parliamentary Under-Secretary of State, Department of Constitutional Affairs (Minister in the Department of Constitutional Affairs),

* President of the Law Society of England and Wales, Mr Peter Williamson,

* Chief Justice of the Federal Shariat Court, Mr Justice Chaudhry Ejaz Yousaf,

* British High Commissioner to Pakistan, Mr Mark Lyall Grant CMG and

* Pakistani High Commissioner to the United Kingdom, Dr Maleeha Lodhi.

http://www.dawn.com/2004/04/04/nat19.htm

Steps taken to check Indian lobbying in US

By Abdus Sattar Ghazali

SAN FRANCISCO, April 3: The Pakistan-American Alliance, a leading Pakistani-American group, has launched a campaign to counter the US-India Political Action Committee's drive to stop Pakistan from being designated as a "major non-Nato US ally."

The US Congress will receive a notification from the State Department to designate Pakistan a "major non-NATO ally".

In a statement, the PAA said it is regretted that the US-India Committee has launched this malicious campaign against Pakistan at a time when its relations with India are on a path of friendship and normalization at a very rapid pace.

"The ... Indian American lobby wants to poison the current atmosphere of reconciliation and normalization that followed the January talks between President Pervez Musharraf and Prime Minister Atal Behari Vajpai."

"The US-India Political Committee is arguing that there is a possibility that the US transfers F-16 fighter planes to Pakistan that can be used to drop nuclear weapons, thereby placing the whole region, from Israel to India, in serious danger."

http://www.dawn.com/2004/04/04/nat24.htm

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Tourism picks up in N. Areas

By Our Correspondent

GILGIT, April 3: Tourism in Northern Areas has started gaining momentum with the onset of spring as hundreds of the Japanese tourists have thronged Hunza valley for celebrating Cherry Blossom Festival.

Tour operators and managers told Dawn that over 600 tourists from Japan flew into Hunza valley in March for the celebrations of the festival with which the Japanese have great cultural and spiritual attachment.

They said they were expecting equal arrivals of the Japanese tourists to Hunza in April for celebrating the festival.

Tourism is the mainstay of the region's economy, which slumped during the last three years. But this year, 80 per cent increase had been registered in the flow of foreign tourists, Amjad Ayub and Khurshid of a travel agency said.

"The Northern Areas suffered the heavy blow when Pakistan went nuclear in response to Indian nuclear blasts in 1995 and escalation of tensions on the eastern border, but the events that followed 9/11 ruined tourism in the region," they said.

Due to these events, a loss of Rs600 million was incurred and over 12,000 workers, directly or indirectly affiliated with tourism, were rendered jobless. Almost all the tourist-class hotels, guest houses and motels, local handicraft shops and cottage industries were the worst hit, a tourism expert Mohammad Ismail Khan said.

But, he hoped, tourism would regain the lost footage this year as the thaw in Indo-Pakistan relations would prompt more foreign tourists to visit the region.

Tour operators in Gilgit said they had received a large number of reservations from foreign tourists for July-August in connection with the golden jubilee celebrations of K-2 to be held in Skardu this year.

Official sources claimed that the government was earning an estimated foreign exchange of Rs800 million every year from the foreign tourists in Northern Areas.

http://www.dawn.com/2004/04/04/nat30.htm


$2m orders booked at Asia leather fair

By Our Staff Reporter

KARACHI, April 3: Pakistani leather garment exhibitors at the Asia Pacific Leather Fair, Hong Kong, booked orders worth $2 million. They also received inquiries worth up to $6 million.

This was stated by Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) chairman Fawad Ejaz Khan on his return from the fair.

He said that 29 exhibitors of leather garments from Pakistan displayed their latest styles of leather garments at the APLF held from March 28 to 31. These leather garments were developed according to fashion forecast of the upcoming buying season, he added.

During all the three days of the exhibition, he said, impressive fashion shows were regularly held to display the latest designs of Pakistan's leather garments. "This is the first time that outside Pakistan such exclusive fashion shows have been arranged for our products."

Mr Khan said foreign buyers took keen interest in the leather garments from Pakistan and good contacts were established at the exhibition. He said that more than 150 buyers visited Pakistani pavilion.

The PLGMEA chief said that this year Pakistan was the "focus country" in the fair and due projection of Pakistan's leather garment industry was made in the press and media.

http://www.dawn.com/2004/04/04/ebr7.htm

$2m orders booked at Asia leather fair

By Our Staff Reporter

KARACHI, April 3: Pakistani leather garment exhibitors at the Asia Pacific Leather Fair, Hong Kong, booked orders worth $2 million. They also received inquiries worth up to $6 million.

This was stated by Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) chairman Fawad Ejaz Khan on his return from the fair.

He said that 29 exhibitors of leather garments from Pakistan displayed their latest styles of leather garments at the APLF held from March 28 to 31. These leather garments were developed according to fashion forecast of the upcoming buying season, he added.

During all the three days of the exhibition, he said, impressive fashion shows were regularly held to display the latest designs of Pakistan's leather garments. "This is the first time that outside Pakistan such exclusive fashion shows have been arranged for our products."

Mr Khan said foreign buyers took keen interest in the leather garments from Pakistan and good contacts were established at the exhibition. He said that more than 150 buyers visited Pakistani pavilion.

The PLGMEA chief said that this year Pakistan was the "focus country" in the fair and due projection of Pakistan's leather garment industry was made in the press and media.

http://www.dawn.com/2004/04/04/ebr7.htm

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Cotton production and new agricultural policy

by Mushtaq Ahmad

Cotton provides strategic base for Pakistan’s economy and represents the only segment where we have a sustainable cost position to compete in the international market. Our Agriculture policies have however failed to attract enough investment for maintaining the financial health of this strategic segment of our economy.
We have been experiencing unforeseen out comes in the cotton production consequently, the production cost for cotton has steadily been increasing in recent years. The primary reason of this situation can be attributed to poor efficiency of prevailing pest control practices and our marginal performance in agriculture research.

The cotton production during 2003 has suffered due to shortage of pesticides. The same situation may emerge this year as we do not appear to have learned any thing from the debackle, which the cotton growers have faced last year. In many districts, farmers have also been disappointed by sugar mills and are now in a mood to reduce the cultivation of sugarcane and increase cotton plantings during 2004. Inspite of the growing trend for cotton, there appears no readiness to protect the crop and improve supply systems for pesticides. Thus Government is required to proactively initiate several actions to achieve short and long-term objectives for ensuring smooth supplies of pesticides and improve quality of crop varieties and seed. The short-term objectives should be related to facilitate import of pesticides and providing incentives to farmers such as reducing sales tax on pesticides. The long-term objectives should be set for improving basic capabilities of crop protection such as manufacturing of pesticides with in the country and involving private sector in agriculture research.

Short-term objectives:

The consumption of pesticides has increased so much that regulating supplies is becoming increasing complex and total dependence on imports has further added to the complexity of situation. In order to improve prospects of cotton crop during 2004, government should devise and implement a strategy to improve supply systems in a short span of time by facilitating supply and application systems. In this regard Government should simplify import procedures to avoid shortage of pesticides. Secondly Govt. should seriously consider to provide benefits directly to farmers. In this regard, sales tax regime on pesticides should be brought at par with fertilizers by removing application of 3% further tax over and above 15% general sales tax. The sales tax regime on pesticides should also be reduced from 15 to 10 percent in order to improve economics of cotton farms which have been deteriorating for quite some period.

Long-term objectives:

Crop Protection largely depends on chemical control of pests by applying vast variety of pesticides at different stages of crop. Pesticides are now essential part of agriculture and their use have been steadily increasing over a long period of time and as such dependence of agriculture on pesticides has been continuously increasing.

Cotton needs intensive application of pesticides and therefore we need to develop a capacity for ensuring smooth supply of quality pesticides for all times. In Pakistan, Government has been making tactical applications to influence prices instead of strengthing basic capabilities with in country. Secondly, it has been heavliy regulating operational aspects of the trade. The Government, however, has taken into granted that supplies will remain abundant through imports and have never taken up any strategic initiative to reduce country’s dependence on imports.

The Ministry of Food, Agriculture & Live Stock appears to have not realized this critical nature of the supply position.

It is high time that we must start developing basic capabilities with in the country to avoid shortage especially during period of pest outbreaks. For this purpose, long-term and strategic nature policy initiatives should be launched to attract private investment and develop Pakistan’s own corporate sector.
The manufacturing formulation, distribution and use of pesticides are matter of technical nature and require careful and thorough execution. Local manufacturing of pesticides is required to streamline supply system while efficient applied technologies have to be developed to ensure proper returns for the farmers on their investments. All these functions can be performed through an integrated system involving private sector. It is, therefore, important that this issue should be properly understood and priorities are set right.

At present there appears no clarity in the bureaucratic channels and risks to our rural economy are getting worsened as there are so many confusions about the prevailing system. The pest control failures are frequently caused mostly due to technical reasons but they are attributed often wrongly to quality of pesticides. The Government regularly conducts the field investigations about quality of pesticides with heaviest intensity as samples for laboratory analysis are drawn in such a huge numbers that it represents a unique example in the world. The results of the investigations reveal that pesticides available in Pakistan market mostly meet international standards of quality. While this is a factual position the blame for technical failures which are caused by poor standards in application techniques, application equipment, application timing, poor integrated pest control practices, failures in evolving crop varities suited to changing Agri-Eco system, poor education and limited financial capacity of farmers is assigned to quality of pesticides, every time when accountability of a failure is needed.

Therefore to ensure smooth flow of supplies and quality, a new policy is required which is balanced and addresses strategic aspects of pesticides supply system. We need a policy, which can steer to achieve following objectives:

* Provide quality pesticides to farmers to ensure better crop yield.
* Ensure that required pesticides are timely available in the market and shortage does not occur at any critical time.
* Support transfer of knowledge and technology in Pakistan and attract private investment to create a growing corporate sector involved in research, production and distribution of pesticides, seed & fertilizer.
* Create an efficient and balanced regulatory framework which is fair and supportive to all stakeholders.
* Promote rational use of pesticides and safeguard environment, society and life from adverse effects of pesticides.

To ensure abundant supply of pesticides at all times and ensure quality. The current system has to be improved. The basic flaw in our current system is of our total dependence on imports. The pesticide market is at US$ 250 million which is quite significant but we have even lost the manufacturing capabilities gained in the initial period of our history The policies implemented in the last two decades have been continuously favouring foreign suppliers rather than inviting attraction for investments in the local industry. Until we develop an adequate manufacturing and formulation capability with in the country, shortage cannot be avoided in case of unusual surges of crop pests. The “import based supply system” can at the best meet usual patterns of requirements and it is not possible to import and stock pesticides for unusual peaks caused by weather fluctuations which happen once in few years. Therefore we should carefully examine following considerations:

Firstly we should realize that quality assurance requires local manufacturing as stocking of imported inventories for longer periods under our hot climatic conditions poses risks of getting the products sub-standard. Second consideration should be for transfer of knowledge and technology with in Pakistan. Until we acquire manufacturing capability and as its subsequence, develop research facilities with in the country, our capabilities and resources will stay as undeveloped. The third consideration should be that only technical materials be imported in Pakistan and formulated close to use periods. Stocking of materials in the form of technical is less risky in terms of preserving quality. Therefore, policy directive is required to change the pattern in favor of local formulation and limiting the imports to the technical pesticides. The fourth consideration should be to increase our sourcing options and allow import of technical materials from nearby countries using land routes, thus cutting shipping periods to 3 to 5 days. The fifth consideration should be to review our registration limitations and bring it at par with other countries. The purpose should be to free the local companies to increase their options of sourcing for imports.

New Pesticide Policy:

In order to improve basic capabilities regarding pest control with in Pakistan, we need to set a new direction and introduce a new pesticide policy. India and China have already developed basic capabilities by supporting their corporate sector using favorable policy instruments. Based on these considerations, following incentives are proposed to be provided to private sector.

1- A duty advantage of 20% should be allowed for local manufacture in line with drugs policy introduced by Government of Pakistan in pharmaceutical sector. This level of advantage can be given to develop a local sector under WTO regime.

2- Exemption of sales tax on import of intermediates and chemicals used in basic and semi basic manufacturing of technical pesticides be given to make manufacturing feasible with in country (as has been done in pharmaceuticals).

3- A tax holiday for five years should be announced for manufacturing units producing technical grade pesticides from semi basic stage.

4- A duty advantage of 5% should be introduced in tariff structure for local formulation so that import of formulated products is progressively minimized.

5- Sourcing of a registered pesticide be allowed from any manufacturer provided products meet registered specifications.

6- As has been done in drugs policy, import of intermediates to manufacture technical pesticides may be allowed from India. The import of technical grade and finished pesticides should not be allowed from India for at least 10 years after introduction of this policy to allow local corporate sector to take roots in this field.

7- The regulatory structure should be reviewed to make it fair by introducing accountability of inspectors and ensure justice to all stakeholders.

These measures will create a difference in five years and as a result of implementing this proposed policy package, an efficient private sector will get itself engaged in different tiers of cotton production. By year 2010 Pakistan will have developed a strong local corporate sector involved in basic manufacture of essential pesticides thus meeting the needs as they emerge. The imports will shift to technical pesticides, reducing the exposure of environment by substantially reducing the transported and handled volumes.

Farmers will get freshly manufactured and formulated products and country will have a technical capability to continuously improve technologies for exports and domestic use. The export potential will generate new opportunities in the regional markets for Pakistani companies.”

Shaping New Cotton Varieties:

In addition of pesticides, we need to develop new cotton varieties by continuously improving genotypes and plant characteristics suited to our environment and agronomic practices. Government of Pakistan have been making huge investments in creating research institutes for cotton crop but these institutions are malfunctioning. The reason of our lacking in research is that instead of improving talent and technology or other qualitative aspects of research, the investments have been wrongly directed to support overly number of institutions and manpower. If we have only one or two cotton research stations and had been investing to educate and train the talent and improving basic facilities of research, we could had at a leadership position in the world regarding trade of cotton and cotton made ups. Now, we should encourage private sector to get engaged in research. This objective can be achieved by providing policy incentives to seed industry especially for local seed production.

Until Government encourages research in private sector, our dependence on imported seeds is going to increase in future. Already about 100% seed requirements of corn are being met through imports and now imported seeds of rice crop have started making acceptance in Pakistan.

Soon a similar situation is likely to emerge in case of cotton. As a result cost of seed will be enormous and Pakistani farmers and Government will be reducing too as the minimum gainer from the agricultural productivity. Therefore Govt. should provide tax exemptions to seed companies for local seed production while tax should be applicable on revenues of imported seeds. This policy if consistently implemented over a period of 10 years will certainly lead to certainly lead to transfer of technology to our country.

(The author has been associated with Agriculture and Supply Systems of Pesticides in various capacities- in Government, private sector & on international assignments.)

http://www.nation.com.pk/daily/Apr-2...iness/bn10.asp

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Improving CBR’s links with business

Dr. Ikramul Haq

It is vital for the Government’s tax reform strategy that the administration of the tax appellate system keeps pace with the changing business environment and the legislative programme, so that it is forward looking and business supportive. The Government should undertake a significant programme of modernisation of the tax appellate system, aimed at creating the best possible way of resolving disputes between the taxpayers and tax collectors. The main aim of all tax reform measures should be promotion of investment and facilitating decision making that is driven by commercial factors rather than by tax considerations. The principles underlying tax reforms should not be forcing unnecessary obligations of taxpayers, but to help them boost economic activities that would automatically lead to generation of more revenues. Secondly, the reforms of any kind imposing new obligations should be imposed after consulting the business community and securing their consent.

The present tax dispute resolution system, based on conventional appeal and review system under various tax statutes, is on the verge of collapse. Everybody is totally dissatisfied with it. Those who have to impart justice complain of lack of facilities and huge number of cases, the complainants cry for early orders but have to wait for years (sometimes decades), and the revenue is always worried about the blockade of colossal amount of money in litigation process. There is thus an urgent need to provide a fast track ‘Tax Dispute Resolution System’ aimed at:

(1) expanding the availability to taxpayers of administrative means for resolving disputes, and

(2) ensuring the availability of informal tax dispute resolution system for all taxpayers.

The Central Board of Revenue (CBR) can benefit from the US experience in this regard that was in the form of IRS Restructuring and Reform Act of 1998. The salient features of IRS reform re a fast track ‘Tax Dispute Resolution System’ are:

A. Provision(s) covered: RRA º 3465. IRS Procedures Relating to Appeals of Examinations and Collections. Adds new I.R.C. º 7123.

B. Background: This provision addresses concerns regarding (1) expanding the availability to taxpayers of administrative means for resolving disputes and (2) ensuring the availability of appeals officers and appeals conferences for all taxpayers.

C. Change(s): This provision requires the Secretary to establish procedures for (a) early referral of disputes from Collection or Examination to Appeals, and (b) non-binding mediation of unresolved issues at the conclusion of appeals procedures, or unsuccessful attempts to enter into closing agreements or offers in compromise. This provision further requires the establishment of a pilot program for binding arbitration of unresolved issues. This provision also requires the Service to ensure that an appeals officer is regularly available within each state, and to consider videoconferences in rural or remote areas.

D. Impact: This provision should also increase the number of administratively resolved cases and correspondingly reduce the number of noticed and petitioned cases.

If the CBR wants to modernize it, the best first step can be to provide fast track mediation in tax dispute resolution that is going to restore its much-tarnished image in the eye of the public in general and taxpayers in particular. The following can be the salient features of fast track mediation tax dispute resolution system:

* Fast track mediation can be offered to taxpayers universally without any conditionality.

* The program should be designed to assist in resolving tax disputes arising from an assessment, audit, raid etc.

* Taxpayers may not give up any legal rights available under the statutes by using fast track mediation. The decisions under this mechanism should be appealable, and any unresolved issues can move forward to another court of law.

The CBR can take further help in this regard from the published material of IRS titled Fast Track Mediation Public Procedures that provides an overview of the scope and process of this programme in USA and Fast Track Mediation Brochure, which highlights information on who qualifies, how to start, the mediator’s role, representation, and unresolved issues.

In any society, the administration and dispensation of justice should be the top most priority. A society without a sound, reliable and speedy judicial system that does not ensure effective justice dispensation cannot survive for a long. The administration and dispensation of justice under the various tax laws in Pakistan need serious attention. The entire system is now at the brink of disaster. There is an urgent need to ensure “justice”, “rule of law”, “fairness”, “equity” and independence of appellate authorities from administration. The alternate informal tax resolution system on the pattern of Fast Track Mediation in USA, UK and EEC countries can be of immense help to improve the collection of taxes and restoration of public faith in our tax machinery.

Appellate authorities, as a matter of law and principle, should be independent in the true sense of the word. At present, the taxpayer, if aggrieved, can file an appeal against the order of the Deputy Commissioner of Income Tax (DCIT)/Assistant Collector of Customs/Sales Tax before the Commissioner of Appeals/Collector Appeals who works under the administrative control of Central Board of Revenue. It is a mockery of justice that an important functionary in the hierarchy of judicial system is directly subordinate to Central Board of Revenue, which is the highest administrative authority under the Tax Laws. Everybody knows the attitude problems of these worthy Commissioners of Appeals/Collector of Appeals (sic!). They are part and parcel of revenue collection machinery. They work as a strong arm of assessing officers/collectors and their fellow field Commissioners/Collectors, who are assigned with budgetary targets. The genuine appellant, victim of arbitrariness of the DCIT/Assistant Collector, cannot get any relief unless he pays “due” share to the first appellate authorities.

The judicial system under the tax statutes, or for that matter under any statute, should be completely and truly independent of administrative interference or control. It is an essential prerequisite for ensuring proper tax compliance and confidence of taxpayer in the system.

The present tax culture is based on “bad faith” between the taxpayers and the tax collectors. Both are victims of self-interest and their main aim is to cheat each other. This culture can only be changed if an effective judicial system is introduced and properly implemented. All appellate authorities should be part of judicial service working under the administrative control of the Honourable High Court. The present working of Tribunal under the Ministry of Law is against the principle of “independence of judiciary”. The Tribunal as well as first appellate forum (commissioner/collector appeals) should work under the High Court of their territorial jurisdiction. The same system is presently in vogue for civil judges/magistrates.

The present pathetic state of tax administration can be measured from the fact that every year over 75,000 writ petitions/appeals are filed in Pakistan against the orders of the tax authorities. The litigants have to wait for years to obtain orders. On the contrary, in the civilized countries, only a few cases go for litigation to higher courts. A case in point is the United Kingdom where the number of income tax payers alone is 30 million whereas the number of appeals reaching the Lord Chancellor is only around 30 in a year.

This confirms the tremendous public satisfaction with the quality of law and fiscal administration. In Pakistan we have barely 1 million registered income tax payers but the numbers of appeals filed annually are in thousands.

In addition to revamping our existing tax appellate structures, there is an urgent need that the CBR reviews its links with businessmen and provide them a fast track dispute resolution system thus helping them instead of forcing them to enter into costly and time-consuming litigation in courts/tribunals. Taxpayers, especially huge transnational corporations and foreign investors, want certainty on the tax treatment of transactions as quickly as possible (and preferably in real time).
Closely related to this is a desire for transparent processes that enable business to predict with reasonable confidence what the Revenue’s attitude to an issue will be.

There will be times when dispute is unavoidable but a mature relationship, built on mutual understanding and openness, should be capable of accommodating an element of business-like disagreement. To achieve this goal the CBR needs to introduce a fast track dispute resolution system without any further delay.
(The author is a international tax counsel, is a well-known author specialising in international tax, press, intellectual property, corporate and constitutional law).

http://www.nation.com.pk/daily/Apr-2...siness/bn2.asp


People need awareness of economy, says Shaukat

KARACHI (APP)–Federal Minister for Finance and Economic Affairs, Shaukat Aziz said on Saturday evening the country needs more people with understanding of the economy and give their critical analysis and suggestions to the government instead of a majority indulging in simple criticism.

People like Dr Ikhtiar Baig have started writing on economic issues and electronic and print media has been focussing on trade and investment activity. However, more is to be done in this regard, he remarked while speaking at the launching ceremony of a book “Sheh-rag” (jugular vein) written by senior businessman, Dr Mirza Ikhtiar Baig here.

The book is a collection of 60 articles on economic issues, published in Urdu newspapers and periodicals.

Shaukat Aziz said a global vision was much needed and Dr Baig has institutionalised his valuable ideas on economic issues specially the textile sector. He termed his approach very positive and realistic.

“A good writer gives true hope to the people,” he remarked.

Shaukat Aziz listed the achievements on economic, social and political fronts during the last four years due to sound policies of President General Pervez Musharraf which now were being continued by Prime Minister Jamali’s government.
He specially mentioned that Government had crossed the investment target of 16 per cent of GDP to 16.5 per cent whereas last year it was 15 per cent of GDP.
He was very happy about the 15 per cent industrial growth in the country over last seven months. The services sector was also doing well. Exports have gone up by 14 per cent and the revenue enhanced by 13 per cent during the current fiscal year, he observed.

The Minister said the country had graduated and no IMF loan would be needed in future after the completion of the current IMF PRGF programme.
He said the government was looking for diverse investment.
There is political stability and security conditions are better. National Security Council (NSC) would soon be set up which would further promote political stability, he said.

The Federal Minister noted that serious efforts were required to develop human capital. There was a shortage of skilled workers for various industries like construction industry.

“In many cases the workers mis-match to their jobs ,” he pointed.
About the next annual budget, he said it would be economic growth and investment- oriented.

Bringing more investment and creating more jobs were the two major challenges for the government, he said adding that more attention was being given to the construction industry which could provide a lot of jobs.

President Karachi Chamber of Commerce and Industry (KCCI) Siraj Kassam Teli expressed satisfaction over the steps taken by the Government and said now the business community had a short list of problems contrary to the past.

Former KCCI chief, M. Zubair Motiwala proposed to the Finance Minister to withdraw sales tax from textile sector which would increase the country’s textile exports manifold against the temporary loss of Rs 2 to 3 billion to the government behind this decision.

The Consul-General of Italy on the occasion said Pakistan now is having very business- friendly environment and foreign investors should come into the country without any hesitation and fear of any kind. Pakistan was strategically progressing, he added.

Chairman Pakistan Steel, Lt.-General Abdul Qayyum said the economic growth of a country owed to better internal situation including political stability and domestic peace. Europe, China and Japan all made progress only because of these factors.
Federal Tax Ombudsman, Justice (Retd) Saleem Akhtar said the change of mind of the administrators, political stability and public support was very much required for national economic progress and prosperity.

Writer of the book “Sheh-rag” recalled his experiences leading to the number of articles which have been shaped into a book.

He announced that next edition of the book would come soon.
Others who spoke were Editor of daily Jang Karachi, Mehmood Sham, President National Bank of Pakistan, Ali Raza, President of First Woman Bank Limited, Ms Zarine Aziz, S.H. Hashmi and Tahir Khan.

http://www.nation.com.pk/daily/Apr-2...ational/k6.asp

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