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  #21  
Old Monday, January 16, 2006
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Thar coal is vital to Pakistani economy: PM

ISLAMABAD: The prime minister met Sindh Communications and Services Minister Arbab Ghulam Rahim on Sunday and said it was important for the country to explore more energy resources.

Zafarullah Jamali Khan said the exploration of Thar coal would increase the current energy output and Sindh’s economy. “Our future development strategy will focus on infrastructure development to ensure an accelerated economic growth.

This will boost our domestic and foreign investment, create more jobs and alleviate poverty,” Mr Jamali told the minister.

Mr Rahim told the prime minister that his government was running a string of development projects, including roads, in Sindh. The latest political developments in the province also came up for discussion.

Later, businessmen from Gujar Khan, Iftikhar Chaudhry and Amanullah, met Mr Jamali and thanked him for the new gas supply to Changa Mera Village in Gujar Khan Tehsil. —Online

http://www.dailytimes.com.pk/default...-3-2004_pg7_58
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  #22  
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EU frames new rules for basmati rice imports

By Noshad Ali

LAHORE: Dr Mark Woolfe, director of the Food Standard Agency (FSA) of the European Union, has finalized a Code of Practice on Basmati Rice which is a new code for rice imports to the EU and the FSA has sent new code to local traders soliciting their comments.

Formal approval for the new code is expected to be given by the working group in next meeting that would held on May 14 at London.

Sources said a meeting was held in London on March 17, attended by representatives of the Rice Exporters Association of Pakistan (REAP), Export Promotion Bureau and All India Rice Exporters Association (AIREA).

According to new rules, ‘Product of Pakistan’ could only be written on basmati rice pack or bags if it includes at-least 97 percent of basmati grains of the same country.

The basmati would be considered in which there would 93 percent pure basmati grain and the consignment would not be cleared if there would be more than 25 percent broken grains in the basmati consignment.

Industry sources said that from a list of around 73 new varieties sent for approval, Pakistan would be able to export around 52 different historical land race (HLR) basmati varieties in the future whereas around 20 more varieties could further be included in the permission list for Pakistan if it will provide documentation or record that those 20 varieties belongs to the same land.

“Indian Basmati that was presented to be the supreme quality basmati before the world is as same as Pakistani basmati and now India would only be able to export its six varieties to the EU,” a source said.

http://www.dailytimes.com.pk/default...8-3-2004_pg5_5
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  #23  
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Pakistan Attracts More Egyptian Investments

ISLAMABAD, Pakistan: An important economic delegation from Egypt is due in Islamabad next week to explore possibilities of expanding Egyptian investments in Pakistan, mainly in the fields of Telecommunication, Information Technology and Tourism.

The President of ORASCOM Telecom-Egypt, and major Partner of MOBILINK- Pakistan, Mr. Naguib Sawiris, will head a large delegation of businessmen from Egypt in a 3 day official visit.

In an interview, the Ambassador of Egypt to Pakistan Hisham El-Zimaity, said that Pakistan was an investment friendly country, and that Completion of the process of return to democracy which materialized with the Recent Senate elections further enhanced the stability of the market and Its credibility.

"It will definitely help more investors from Egypt & other countries to consider expanding their activities in Pakistan," he said.

Hisham El-Zimaity said that Pakistan and Egypt were brotherly Countries and the two Governments were committed to take cooperation to higher grounds by encouraging the private enterprises to consider working with partners in the two countries.

The projected increase of Orascom investments in Pakistan by US $150 in 2003 and another by US $ 250 million in 2004 was an excellent example of true will and determination for more cooperation between the two countries.

He said that Pakistan and Egypt were both members of the D-8 (the group of most developing Muslim countries) and were committed at the highest level to ensure their cooperation gets solid and beneficial to both sides.

The Ambassador of Egypt also said that more delegations from Egypt are due in Pakistan within the coming months to open new vistas and explore ways and means to further cooperate in different fields.

ORASCOM, was founded in 1950, and is one of the largest Holding companies in Egypt, with investments above US $ 2 billion and Current operations in 21st country, in the fields of industry, construction, education, Information Technology & Telecommunications, as well as tourism and hotel management.

It operates Mobile networks in many countries such as Egypt, Pakistan, Algeria, Tunisia, Yeman, Zimbabwe, Congo, Chab, Lebanon and Syria.

It also runs a series of luxurious hotels and fine restaurant as well as sea resorts mainly on the Red Sea and other parts of Egypt.

Mr. Sawiris visited Pakistan before and is happy to be back to work together With officials to further cooperate and expand activities in the country.
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  #24  
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PIA evolves new marketing strategy

KARACHI, March 09 (Online): With the induction of Boeing 777-200, ERs, Pakistan International Airlines (PIA) has evolved a new marketing strategy which aims at enhanced revenue generation for the national carrier and to facilitate ticketing and reservation procedures for its valued customers.

In order to implement effectively the new policy, PIA has revamped its marketing department throughout its domestic network.

The position of three field General managers of Punjab, Balochistan and Sindh have been abolished. Consequently, District Managers will be responsible for their respective areas and will report Head Office directly.

General Manager (Punjab) Lt. Col (Retd) Talat Oman has been reassigned duties as General Manager Investigators (North), General Manager Balochistan; Salman Javed will relinquish additional charges as General Manager Balochistan and continue working at Head office as General Manager, Passenger Sales.

A fresh criteria for Sales promotion Officers throughout domestic network has been evolved under which all those SPO’s who have completed their five years at their present positions have replaced.

The Sales Promotions Officers have been given sale targets to be achieved within the specified time period.

Postings and transfers at foreign stations are also in the pipeline.

The changes in the marketing set-up have been made the new challenges ahead. The new marketing plan envisages route re-structuring flight rescheduling start of operations to Houston and Shanghai from May this year and increase in the number of flights to UK and India.

http://www.paktribune.com/news/index.php?id=57420
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  #25  
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Islamabad agrees to FTA status for Dhaka

DHAKA: Pakistan agreed to give Bangladesh special trade preferences under a free trade agreement (FTA), concluding two days of bilateral talks on Monday.

Bangladesh also sought longer time than Pakistan to phase out tariffs under the FTA and immediate free entry of its products to the Pakistani market. Elias Ahmed, joint secretary of the Bangladeshi Ministry of Commerce, and his Pakistani counterpart, Jafar Iqbal Qadir, led their sides in the talks. “Pakistan proposed the FTA and Dhaka responded positively. Luckily, we reached a consensus on most issues during today’s discussion,” Mr Qadir told journalists. He said tariff phase-out period, reduction of direct tariff and elimination of non-tariff barriers were the focus of the discussion. “The trade gap tilts in favour of Pakistan. But we think trade volume between the two countries should increase,” Mr Ahmed said after the meeting. According to sources who attended the meeting, Bangladesh had proposed free access to Pakistani products 12 years after signing the FTA, while Islamabad was asked to open its market one year after the deal. “However, Pakistan did not agree to this proposal,” sources said.

Islamabad earlier allowed duty-free access to a limited quantity of jute and tea from Dhaka. Bangladesh demands unlimited market access.
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  #26  
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PICIC emerges as high profitable organization: Khoja

KARACHI, March 28 (Online): Managing Director Pakistan Industrial Credit and Investment Corporation (PICIC) Muhammad Ali Khoja has been made a high profitable organization in the country.
He expressed these views here on Saturday while addressing the participants of NIPA course in financial management and budgeting, who visited the head office of PICIC.

Talking about PICIC vision 2005, he said that leasing company, commercial bank and mutual funds have been added to the fold of PICIC since 2000.

The idea of PICIC vision has been derived from the vision of the father of nation Quaid-I-Azam Muhammad Ali Jinnah about Pakistan, he said.

The consumer banking, he said, has been launched in a big way offering housing loans.

http://www.paktribune.com/main/index...3&newsId=59732
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  #27  
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Foreign Reserves Reach Record Level

Updated on 2004-03-29 09:47:45

ISLAMABAD, Pakistan : March 29 (PNS) - The foreign reserves have risen to twelve point five billion dollars which is the highest ever record in the history of the country.

This was stated by Governor State Bank, Dr. Ishrat Hussain, while talking to the Radio Pakistan's Lahore representative Muhammad Abrahim Kawan on Sunday. To a question, he said there is a congenial and peaceful atmosphere in the country for investment.

http://www.paknews.com/business.php?...te1=2004-03-29
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  #28  
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ASAP Global Sourcing Show: 'Focus Country' status offered to Pakistan

RECORDER REPORT

ISLAMABAD (March 30 2004): 'ASAP Global Sourcing Show' has offered certain incentives to Pakistan for the promotion of garments' exports through participation in the show to be held in Las Vegas, USA, during August 2004. The offer has been made to the Export Promotion Bureau (EPB).

According to details revealed here on Monday, ASAP is the largest garment sourcing show held in the United States and textile-exporting countries are planning big national pavilions to popularise their products in the US market.

The 'Focus Country' status would give Pakistan several free-of-cost benefits, which include premium show floor location, special media coverage of Pakistan pavilion, special mention in the pre-show marketing campaign, full page colour advertisement in ASAP Sourcing Guide, specific marketing of Pakistan's sourcing strengths, etc.

The EPB has spent more than $95,000 for getting 'Focus Country' status at the APLF being held at Hong Kong in March 2004 while the ASAP offer is without any financial implication.

Textile products constitute more than 65 percent of Pakistan's total exports and the United States is the largest importer of textile garments from Pakistan.

The United States textile import regime, so far regulated by Multi-Fiber Agreement (MFA), will undergo a radical change in 2005 with the removal of textile quotas.

Under the quota regime, US importers have been constrained to import from countries having textile quotas; after 2004, they will be free to import from the most efficient producer regardless of his geographical location. It will lead to a healthy competition amongst the supplying nations.

In post-2004 era, the share of different textile exporting countries in the US textile market will be quite different from what it used to be. The market share will be determined by (i) efficiency in production and (ii) efficacy of marketing strategy.

With the countdown to 2005 growing louder and more intense, textile-producing countries have intensified their marketing campaigns in the US for maximum penetration in the post-quota market.

The 'Focus Country' status in the ASAP gives a significant advantage to Pakistan vis-à-vis her competitors.

The ASAP August 2004 provides an excellent platform to garment producers to make an effective presentation at the time when most of the US buyers will be making their buying decisions for 2005.

Featuring as a 'Focus Country', Pakistan would be able to present and establish its status as the leading producer of textile garments.

The EPB has invited applications from textile exporters for participation in the ASAP and several textile exporters have contacted the bureau for participation.

Copyright Business Recorder, 2004

www.brecorder.com
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  #29  
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More steps to be taken to attract FDI

RECORDER REPORT

KARACHI (March 30 2004): Federal Finance Minister Shaukat Aziz said in Karachi on Monday that the government would take more steps to attract more foreign direct investment (FDI) into the country.

Addressing the Overseas Investors Chamber of Commerce and Industry (OICCI), he said that the flow of FDI in Pakistan has been around 600 million dollars. This, he added, should be seen in the context of the general trend of FDI in the region, which has been low.

He asked the OICCI to suggest ways and means to check the menace of under-invoicing.

The Chamber should also jointly address the issue of preferential Trade Agreement and Forced Trade Agreements and enter into dialogue with the Government, he added.

Shaukat gave figures for seven months of the current fiscal year. He said: "Water availability and fertiliser offtake have improved considerably, as a result of which growth in the agricultural sector is as per target of 4.3 percent per annum. Cotton, wheat, rice and sugarcane crops have all shown good gains.

This will result in Rs 65 billion increase in income in the rural areas, primarily because of the increase in cotton support price."

Manufacturing sector also has been very buoyant and has grown at the rate of 15 percent per annum. As a result of all this, the GDP is likely to grow by 5.5 to 6.0 percent per annum.

Inflation has been contained to about 4 percent. There has also been manifold increase in credit availability to private sector. Market capitalisation has also improved and the PE ratio is around 12, he said.

Inward remittances are expected to be around $3.5 billion. The flow of FDI into Pakistan has been around $ 600 million.

This has to be seen in the context of the general trend of FDI in the region, which has been low, he added.

The minister agreed with the chamber proposal that more needs to be done to improve the overseas perception of Pakistan.

In his address of welcome, OICCI President Farooq Rahmatullah acknowledged the tremendous achievements in respect of the economic reforms agenda. He also pointed out measures that are needed to make Pakistan more investor-friendly.

Copyright Business Recorder, 2004

www.brecorder.com
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  #30  
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TRG buys fifth US call center

RECORDER REPORT

KARACHI (March 30 2004): The Resource Group (TRG), the largest IT enabled service company in Pakistan, has concluded an acquisition of A Alpha Answering Services Inc (A Alpha), which a US provider of telephone answering services located in Temecula, California.

The TRG has made this acquisition through an equity investment in its existing portfolio company, Central Voice, LLC (central voice), which is the entity that, in turn, has acquired the assets of 'A Alpha'.

This transaction represents TRG's fifth acquisition in the US call center services industry and fourth since November 2003.

With the 'A Alpha' acquisition the annual revenue of TRG's portfolio company, Central Voice, has increased by about 30 percent to about $4.2 million, according to a notice issued by the TRG to the Karachi Stock Exchange (KSE) on Monday.

The Central Voice will integrate all A Alpha accounts to its existing facilities in New York and New Jersey, which will result in significant overhead savings. Through this acquisition, he Central Voice will expand its geographical reach to the Western Coast of the US, making it one of the largest nation-wide telephone answering service operations in the country.

The TRG employs an innovative business model, which consists of taking controlling stakes in US call center companies and shifting their operations to its offshore facility in Pakistan. Currently, it employs nearly 150 people at its 10,000 square feet facility in Lahore.

"The 'A Alpha' transaction illustrates the flexibility and robustness of the TRG business model", said TRG Chief Executive Officer Zia Chishti, adding: "This is our second acquisition that has been channelled through a portfolio company and recognises the increasing options available to us as we grow the TRG family. I am extremely pleased to welcome 'A Alpha' into TRG, and trust that together with our partners at the Central Voice, we will be able to realise significant value through our compelling business model".

"The acquisition of 'A Alpha' is the perfect illustration of the TRG value proposition for us", said Central Voice LLC President Thomas Halton, adding: "In the case of 'A Alpha', the Central Voice provided the ideal platform for the TRG to leverage its unique combination of capital resources and offshore service delivery".

Halton has co-invested along side the TRG in the 'A Alpha' transaction, and maintained his 10 percent stakes in the Central Voice.

The TRG is listed on the Karachi Stock Exchange, having raised a total of Rs 600 million in an initial public offering in May 2003, and is in the process of issuing a two for 1 rights shares of Rs 1.44 billion.

The proceeds of these funds are being utilised towards acquisitions of US call center companies as well as the build out of Pakistan-based infrastructure.

Copyright Business Recorder, 2004

www.brecorder.com
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