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  #41  
Old Monday, January 16, 2006
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Remittances may reach $3.5bn

By our correspondent

KARACHI: Finance Minister Shaukat Aziz has predicted remittances, sent mainly by overseas Pakistanis, will reach around US$3.5 billion this fiscal year.

Addressing the members of Overseas Investors Chamber of Commerce and Industry (OICCI) on Monday, the finance minister expected the agriculture sector to meet growth target of 4.3 per cent because of "improved water availability and fertiliser offtake".

He said cotton, wheat, rice and sugarcane crops had shown good results, adding "this will lead to an estimated Rs65 billion increase in income in the rural areas". That rise, he said, would primarily be due to increase in cotton support price.

He said the manufacturing sector had also been buoyant, growing at the rate of 15 per cent per annum. "As a result of this, the Gross Domestic Product (GDP) is likely to grow between 5.5 and 6 per cent per annum", he expressed optimism.

He said inflation rate had been contained at "about 4 per cent" and there had also been a manifold increase in credit availability to the private sector.

He said the market capitalisation of stock exchanges had improved while price to earning ratio of listed companies stood at 12.

Defending low level of foreign direct investment (FDI) into the country, the minister said at present FDI stood at around $600 million and that had to be seen in the context of the general trend of FDI in the region "which has been low".

The minister sought help of OICCI in attracting foreign investment into the country and agreed "more need to be done to improve the perception of Pakistan among overseas investors".

He assured the chamber the government would take further steps to induce foreign direct investment.

Regarding Preferential Trade Agreement (PTA) and Free Trade Agreement (FTA), Shaukat suggested the chamber "should jointly address the issue and enter into a dialogue with the government".

jang.co.pk
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  #42  
Old Monday, January 16, 2006
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PIA starts Boeing flights for Bahawalpur

KARACHI: Bahawalpur became another domestic destination linked to PIA’s Boeing operation from Sunday. PIA started Boeing service from Karachi to Bahawalpur with the landing of its first Boeing 737 flight at the expanded and upgraded runway with 36 passengers on board.

The runway was extended in December 2002 and completed with the financial help provided by the ruler of Dubai and Finance Minister UAE, Sheikh Hamadan bin Rashid Al-Maktum.

Since then, the Bahawalpur Chamber of Commerce and Industry (BCCI) had been demanding introduction of Boeing service.

Earlier, PIA was connected with the network through Fokker flights and now PIA has started Boeing flights operating on every Friday and Sunday.

At an impressive ceremony held at the airport the District Nazim Bahawlpur, Tariq Bashir Cheema, thanked the management of the national carrier for acceding to the long-standing demand of the people of Bahawalpur for starting the Boeing service.

Local MPA, Parveen Masood Bhutto expressed similar views and said that starting of Boeing service will greatly help the shifting of ailing people from Bahawalpur to Karachi. Earlier, they used to be shifted to Multan and to Karachi from there.

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  #43  
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Attock Cement earns Rs 127m in H1

By Azhar Ali Khan

KARACHI: Attock Cement Company Ltd recently announced 1H-FY04 result depicts an outstanding performance as it posted a net profit of Rs127 million (EPS: Rs1.76) as compared to 1H-FY03 PAT of Rs72.4 million (EPS: Rs1.0) - a 76 per cent increase Y-o-Y basis.

The company did not announce any interim dividend during the first half of the current fiscal.

During 1H-FY04, it’s cement production shot up by 12 per cent period on period basis while the aggregate sales volume of the company surged by 10 per cent on the back of increase in the overall cement demand that registered a growth of about 8 per cent as compared to the same period last year.

During the first half of the current fiscal, the total capacity utilisation of the company remained 84 per cent as compared to the total capacity utilisation of 72 per cent in the same period last year (this is fairly above the average utilised capacity of the cement sector).

The total sales volume of the cement industry increased by 14 per cent during 1H-FY03 due to an increase in the cement demand in the country. "However, the cement demand in the Southern Zone remained sluggish and declined by 2 per cent," said Humaira Zaheer of Capital One Equities.

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  #44  
Old Monday, January 16, 2006
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Concession for investors sought

By Our Reporter

ISLAMABAD, March 29: President of Pakistan Muslim League (Quaid-i-Azam) Chaudhry Shujaat Hussain on Monday said the country could make progress in the field of economy by giving concessions to Pakistani investors. Mr Hussain made this statement while talking to reporters during a reception held in honour of Pakistan-American delegation.

Punjab Chief Minister Chaudhry Pervaiz Elahi, Federal Minister for Religious Affairs Ejazul Haq, Senate deputy chairman Commander (retired) Khalil, US ambassador Nancy Powell, the Russian envoy, Eduard Stepanovich Schevchenko, Chinese ambassador Zhang Chunaxiang, Lt-Gen (retired) Abdul Majid Malik, MNAs and senators were also present on the occasion.

Abdul Rashid Chaudhry was leading the US delegation. Speaking on the occasion, Chaudhry Shujaat Hussain said Pakistanis settled abroad were keen to invest in the country. He said keeping this in view, "we would have to make policies to attract investment in the country".

Chaudhry Pervaiz Elahi, in his speech, said overseas Pakistanis were playing their due role for the progress of the country. He said this was the reason why "our foreign assets have been showing an increase". He said law and order situation in the country in general and the Punjab in particular had been showing improvement.

http://www.dawn.com/2004/03/30/nat2.htm
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  #45  
Old Monday, January 16, 2006
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Rs40.97m approved for three projects

By Our Reporter

ISLAMABAD, March 29: The government on Monday approved allocation of Rs40.97 million from the Export Development Fund (EDF) for initiating three projects during the current year.

The projects were approved in the 32nd meeting of the Board of Administrators of the EDF headed by its chairman Commerce Minister Humayun Akhtar Khan here.

According to an official announcement, the board approved Rs6.35 million for the establishment of apple treatment plant at Quetta. The board also approved meeting of the operational deficits of the plant for the first five years of its operation to ensure sustainability of the project.

The Pakistan Horticulture Development and Export Board (PHDEB) was given go-ahead to proceed with the formation of a company and implementation of the project.

It was also decided that the project for operationalization of the date processing plant lying closed in Turbat, Balochistan, might be resubmitted to the board after further study. It was decided that the PHDEB would study the possibility of setting up a collection point for fruits and vegetables in Khuzdar, Balochistan.

The board also approved financing of $211,000 (Rs12.12 million) for implementation of the industrial cluster development programme being implemented in five existing clusters in collaboration with the UNIDO.

It was agreed that an MoU would be signed with the UNIDO for extension of the cluster development programme to include seven new industrial clusters announced in the trade policy 2003-04.

Financing of Rs22.5 million was approved for the establishment of textile testing laboratory in Faisalabad sponsored by the All Pakistan Cloth Exporters Association (APCEA). The laboratory would get ISO certification within two years of its coming into operation, the announcement added.

http://www.dawn.com/2004/03/30/ebr4.htm
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  #46  
Old Monday, January 16, 2006
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$4.22 billion export target for four months

By Our Reporter

ISLAMABAD, March 29: The government has projected $4.222 billion as export target for four months (March-June) to achieve the annual target of $12.1 billion set for the current financial year.

An official source in the commerce ministry told Dawn on Monday that during the first eight months (July-Feb) of this fiscal year, the value of exports has already gone up by 2.1 per cent over the projected target for the same period.

According to the official during the same period under review, around $4.240 billion worth of goods were exported last year. Keeping this in view, he said that this year the target would be easily achieved.

Further, on month-wise basis, the government has projected $987 million exports for March; $1.035 billion for April; $1.108 billion for May and $1.257 billion for June.

The official said this year wheat has not been exported. However, exports of fish registered a growth of 21 per cent during July-Feb period over the same period of last year, fruits and vegetables by 14 per cent, chemicals by 7 per cent and engineering goods by 21 per cent.

With the total exports of $7.878 billion during the period under review the value of textile and garments stood at $5.278 billion.

http://www.dawn.com/2004/03/30/ebr8.htm
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  #47  
Old Monday, January 16, 2006
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Pakistan not to suffer economic setback due
to WTO regime: Commerce Minister


ISLAMABAD: Minister for Commerce Hamayun Akhtar said Monday that government has taken strong measures for the uplift of industries and Pakistan will face no setback after the implementation of WTO regime.

Speaking on the floor of the National Assembly, the Commerce Minister said the present WTO which was implemented from January 1, 1995 during erstwhile GATT, has brought fruitful results for the country. Under this, the industries gained great protection.

He hoped the new agreement under Doha Development Agenda would prove beneficial for the country's industries. He said, last year the country's exports increased by $ 2 billion from $ 9 billion to $ 11 billion.

Hamayun said the State Bank reserves worth $ 12 billion are enough for the country's imports.

About a supplementary question by MNA Kashmala Tariq regarding the criteria for the posts of Commercial Councillors, the Commerce Minister said only Commerce Ministry had a Selection Board where rigid criteria was being adopted for the selection.

About textile quota, Hamayun said two third of country's export is textile related. Pakistan struggled against the quota system, from 1986 to 1994 when the GAT transformed into WTO.

He said after the abolishment of quota, the industrial sector experienced rapid growth in several sectors.

The Commerce Minister said Pakistan has a robust trade relationship with United States.

Hamayun said he would be visiting the US the next month to attend a meeting of TIFA. More market access in the US would be sought which would prove as a building block between the two countries.

http://www.hipakistan.com/en/detail....&f_type=source
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  #48  
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Pak also feels-good, GDP to surpass target

Press Trust of India/Agence France-Presse

Karachi, March 30: Pakistan's economy continues to be plagued by unemployment and inflation despite a GDP growth rate that looks set to surpass this year's 5.3 per cent target, the central bank said on Tuesday.

“Due to an exceptional rise in the industrial sector and improvement in many other macroeconomic indicators" the economy appeared set to surpass the projection for the year to June, the state bank of Pakistan said in its half yearly review.

“It seems highly probable that real GDP growth during fiscal 2003-2004 will be comfortably above the 5.3 per cent target for the year.”

Pakistan's Gross Domestic Product (GDP) growth rate would come in higher than the 5.1 per cent reached last year despite unemployment and inflation looming large, the bank said

http://www.expressindia.com/fullstory.php?newsid=29856
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Pakistan will get free from IMF debt in next budget: Shaukat Aziz

KARACHI: Pakistan’s Minister of Finance Shaukat Aziz has said that in the next budget Pakistan will be freed from the IMF debt. He was addressing Sardar Ali Sabri memorial seminar under the aegis of Jang Group of Newspapers here.

Chairman, Pakistan Steel Lt. General ® Abdul Qayyum, Federal Tax Ombudsman Justice Saleem Akhtar, Editor Jang Group Mehmood Sham and others also addressed the seminar.

Minister of Finance was also given Mir Khalil-ur-Rehman National Solidarity Award. The first three position holder students of the Mass Communication Department, University of Karachi were also given Sardar Ali Sabri Awards.

Governor of Sindh Dr. Ishrat-ul-Ebad Khan addressing the gathering as chief guest said economic stability was essential for a country’s progress. He invited investors from the Islamic countries to invest in Pakistan particularly in Sindh.

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US democracy-related law no longer
applicable to Pakistan: FO


ISLAMABAD: Pakistan says that instead of yearly certification by the US president, the democracy-related law, which imposes sanctions, should be abrogated altogether.

Spokesman at the Foreign Office Masood Khan said this while responding to a query on implications for Pakistan in which President Bush had signed a yearly certification, lifting democracy-related sanctions on Islamabad.

Addressing a press conference, the spokesman said that since democracy had already returned to Pakistan, this law could no longer be applied on it. Responding to a query about US Defence Secretary Donald Rumsfeld comments on Pakistan’s involvement in nuclear proliferation, he said that investigations were still continuing.

He added that so far it had been revealed that no high-level military official had been involved and the proliferation network had been neutralised.

The spokesman said that there had been no request so far, official or otherwise, by the IAEA to inspect Pakistan’s nuclear installations. He said that since Pakistan was not a member of the NPT club it was under no obligation to do so. But he emphasised thatPakistan was cooperating with the IAEA because it was a member of this organisation and also because it was on the board of governors.

When Pakistan’s mission had contacted the IAEA spokesperson, she said that she had already sent a clarification to the concerned reporter and denied that there had been such a request.

Responding to a query on Vajpayee’s recent statement, the spokesman said that Pakistan agreed with Vajpayee that peace cannot be one sided. He said that the two foreign secretaries would be meeting soon, which would give the process its own momentum.

http://www.hipakistan.com/en/detail....&f_type=source
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