Govt. to facilitate investors more

KARACHI : The Federal Finance Minister Shaukat Aziz has stated that the government would provide all facilities to multinational and foreign investors who are willing to exploit potential of Pakistan economy.

He said this while addressing members of Overseas Investors Chamber of Commerce and Industry (OICCI) here at the chamber office.

The finance minister said that menace of invoicing would be stopped and all requests made by the members for addressing Preferential Trade Agreement (PTA’s) and Forced Trade Agreement (FTA’s) would be looked into.

President M. Farooq Rahmatullah welcoming the minister recognised the government economic reform agenda, he also asked the minister to take appropriate measures to make the environment friendlier.

Minister said manufacturing sector has also been very buoyant and has grown at the rate of 15 per cent per annum. As a result of all this, the GDP is likely to grow between 5.5 to 6.0 per cent per annum.

http://www.pakistanlink.com/headline...h04/31/06.html


Promotion of agriculture: laser technology being introduced in Sialkot

SIALKOT: Sialkot District Government has adopted special measures for the promotion and expansion of agriculture on modern and scientific lines in the district.

Official sources told Business Recorder here on Friday that the Sialkot District Government was spending Rs 20 million during the current fiscal year on introducing laser technology for land levelling and improvement of watercourses in the district.

"In order to ensure and to avoid wastage of water, 132 watercourses are being improved in Daska, Sialkot and Pasrur tehsils," he said, adding, "the District Government is also mobilising Rs 110 million for the completion of new and on-going schemes pertaining to farm-to-market roads in these tehisils."

Besides, local agriculture department was making hectic efforts for motivating the growers and farmers for adopting modern farm techniques aimed at enhancing per acre yield of different crops in these three tehsils of the district.

The step has been taken for ensuring sufficient water for irrigation purposes to the tail-end farmers of these tehsils.

In addition to this, three forest nurseries have also been set up and over 10.5 million plants and saplings of different kinds have been prepared to facilitate the people in the district. As many as 36,000 plants have been planted along with link roads while efforts are being made for planting ornamental plants in forest nurseries, sources added.

WHEAT HARVESTING:
The wheat harvesting would be started in the third week of April in Sialkot district.

The agriculture department sources told Business Recorder here on Friday that over 40 million acres of land had been brought under wheat crop in Sialkot, Daska and Pasrur Tehsils.

The overall condition of wheat crop is quite satisfactory in the area and it is expected that the production of wheat crop would be exceeded as compared to the previous year that will help in attaining the fixed target easily.

http://www.pakissan.com/english/news...iculture.shtml

Pakistan, Indian flour millers join hands

LAHORE : Pakistan Flour Mills Association (PFMA) and Rollers Flour Millers Federation of India (RFMFI) have announced the setting up of an Indo-Pak Roller Flour Mills Federation (IPRFMF) here on Thursday in order to solve their combined problems and exchange and share technology.

Gopal Bhushan Gupta, president RFMFI, who is leading a five-member delegation from India, said both countries could exchange technical expertise and experiences.

Mr Gupta said the new body would comprise five executive committee members from each side. Bilal Ahmed Soofi, the honorary advisor of PFMA, was selected as president of the IPRFMF for a two-year term after which president and the secretary would be appointed from India for the next couple of years.

Mr Gupta said the delegation came to Pakistan with an aim of friendship and established a joint platform to solve combined problems of the millers of both countries.

He said Indian wheat is ‘Karnal Bunt’ free and India has surplus wheat of 8.4 million tonnes but the Indian government imposed a ban on wheat export last year. He said that Pakistan should purchase wheat from India, which is cheaper than Australian wheat.

The new office bearers of IPRFMF said they would try to establish a flour milling school to modernize the industry.

http://www.pakissan.com/english/news...in.hands.shtml

Bona fide Pakistanis before Dec 16 1971 eligible to get national identity cards: Sanaullah

ISLAMABAD, : The National Assembly was informed Tuesday that all bona fide Pakistanis are eligible to get national identity cards however those who have come Pakistan after 16th December, 1971 do not fulfill the criteria to get National Identity Card.

The Parliamentary Secretary for Interior Sanaullah Khan responding points of order informed the House that under special permission, one hundred thousand identity cards have been issued by NADRA in Karachi West to those who migrated from Bangladesh.

He said the matter to issue cards to more 1300 Pakistanis who have migrated is in process and issue will be resolved with the satisfaction of the MNAs concerned.

The points of order were raised Dr. Farooq Sattar, Laeeq Khan, Kunwar Khalid Yunus, Qazi Fayyazur Rehman and Qari Gul Rehman regarding non-issuance of national identity cards to those who have migrated from Bangladesh to Pakistan.

The House also referred two privileges motions to the Standing Committee concerned. The motions were moved by Ms. Kashmala Tariq and Maulana Abdul Akbar regarding misbehaviour of PIA officials with them.

The Speaker reserved ruling on two identical privilege motions moved by Mrs. Tahmina Daultana and Syed Khurshid Ahmed Shah.

The members maintained that they were not allowed to attend National Assembly session on the 17th of January this year and their flights were diverted to Peshawar deliberately. They demanded an inquiry into the matter.

Earlier, the Minister of State for Parliamentary Affairs Mr. Raza Hayat Hiraj and Parliamentary Secretary for Defence Mr. Tanvir Hussain Syed opposed the motions and said that government did not stop any parliamentarian to attend the joint sitting of the Parliament on that day. They said the flights were diverted to Peshawar due to high security alert at Islamabad airport.

Govt. to take serious notice on honour killing: Faisal

The Interior Minister Makhdoom Syed Faisal Saleh Hayat has said the government is committed to uphold the supremacy of law in the country without any discrimination.

Speaking on a calling attention notice in the National Assembly, he said government will ensure implementation of law in its true spirit and will take serious notice for not registering FIR in any case of honour killing.

He said although maintaining the law and order is purely provincial issue however the federal government will take notice of any case of honour killing if reported by the members of the parliament.

The calling attention notice was moved by M. P. Bhandara, Mrs. Mehnaz Rafi, Ms. Kashmala Tariq, Mian Riaz Hussain Pirzada and Dr. Muhammad Farooq Sattar regarding alleged incident of karo karee and selling of a girl-bride by her father against her wishes at Mirpur Mathelo in Sindh Province.

The House, which is transacting private members' business resumed discussion on a Bill "The Protection and Empowerment of Women".

Bill, 2004" regarding elimination of gender discrimination as provided by the constitution.

Taking part in the debate members did not oppose the bill however; they were of the view that the amendment should be made keeping in view the Islamic principles and the provisions of the constitution.

They were of the view that measures should be taken to ensure the rights of women as provided by the constitution and provision of equal opportunities to them so that they can play their active role for the progress of the country.

Those who took part in the debate included Mrs. Naheed Khan, Hafiz Hussain Ahmed, Ms. Nafeesa Munawar Raja and Sahibzada Fazal Karim. Opposition criticizes govt policies, treasurery benches eulogizes

The House resumed debate Tuesday on the President's address to the parliament on the 17thh of January this year.

Ms. Mehreen Anwar Raja criticized the policies of the government and said that proper attention is not being paid to human resources development and we are lacking behind in education and health sector.

She emphasised that measures should be taken improve the judicial system for ensure early and inexpensive justice to the people.

Nawab Mirza appreciated policies of President General Pervez Musharraf and said he has taken solid steps to ensure good governance and eliminate corruption from all fields.

He said President adopted durable policies to handle various issues including Afghanistan and Iraq. He also appreciated President who took bold steps to eliminate all sorts of terrorism from the country.

Maulana Abdul Akbar Khan emphasised to take measures for poverty reduction, ensure education to the children and provision of cheap justice to the people according to the principles of Islam.

He said Deeni Madaris and religious parties have no concern with terrorism and they are playing important role in promotion of Islamic education. Zaheer Abbas Khokhar said the President in his address gave a clear vision for the development and progress of the country in future.

He appreciated the policies of the present regime which it has adopted for poverty reduction and improve infrastructure specially in communication sector which will help generate employment opportunities to the people besides overall development of the country.

Ms. Khalida Mohsin Qureshi said that 17th amendment has affected the sovereignty of Parliament and it has shifted the centre of power from parliament to somewhere else. She criticised the policies on Wana operation, terrorism and Kashmir and emphasised to take the political parties into confidence while taking major decisions.

Chaudhry Shahbaz Hussain welcomed President's address and said he has pin pointed various issues and challenges facing the country. He said President has raised the image of Pakistan in the comity of nations by taking bold steps on war against terrorism. He appealed to the opposition parties to cooperate with the government and strengthen its hand in tackling national and international issues.

Mrs. Asiya Nasir called for taking more steps for protecting the rights of minorities and their sacred places. She also demanded more basic rights for minorities and maximum representation in educational institutions and government departments. She was critical of law and order situation in the country and Wana operation.

Maulana Rehmatullah Khalil demanded revival of real democracy and said the system of local government is generating more corruption in the society. He criticised Wana operation and said Tribal people are patriotic and they are not terrorists. He said the problem must be resolved through dialogue instead of military operation. He also demanded more provincial autonomy and basic amenities to the people.

Ms. Shamim Akhtar congratulated President for his speech and said he gave a guideline for future development of the country and underlined challenges and issues facing the country. She appreciated government's policies especially the action being taken against terrorists and extremists. She appealed to the opposition to cooperate with the government in strengthening democratic institutions.

Mrs. Belum Hasnain said corruption and poverty is on the rise which must be checked. She accused the Government of indulging of political victimization of the PPPP workers. She urged the Government to take measures to control inflation that has caused more burden on the common man.

Maulana Abdul Maalik said the United States was taking action against Muslim states and individuals on false charges of terrorism. He said those being targeted have never been tried in a court of law. He opposed operation in tribal areas and alleged that we are creating troubles at the behest of the United States. He asked the government to address the issues of corruption and poverty.

Israrul Ebad Khan pointed out that as a result of the policies pursued by President Pervez Musharraf the economy has improved a lot as is witnessed by boom in stock market, stability of the rupee and fabulous foreign exchange reserves. He said instead of obtaining more loans, the Government is now repaying and pre-paying them.

Mrs. Yasmin Rehman said the Government boasts of rising foreign exchange reserves but addition of more people to the poverty line shows that the benefits are not reaching to the masses. She regretted that there was no proper arrangement for export of perishable items despite great demand of Pakistani fruits and vegetables in different countries.

Mrs. Samina Khalid Ghurki said contrary to claims of the Government, difficulties of the people have increased due to health, education and unemployment problems. She demanded compensation for those affected in border belt during military stand off between Pakistan and India.

Prof. Khalid Wahab said the President has rightly pointed out that the country faces charges of extremism and we will have to tackle the problem. He called for strengthening of provincial autonomy, which, according to him, is a guarantee for progress and very survival of the country. He was of the view that semi-autonomous status of the tribal areas was not in the interest of Pakistan.

Mrs. Kaniz Ayesha was of the view that the political parties were not allowed to function as a result of which political institutions were weak. She criticized Government's handling of the nuclear proliferation issue and said this will have negative impact on the youth. She demanded autonomy for the provinces as envisaged in the constitution.

Mrs. Kaniz Ayesha was of the view that the political parties were not allowed to function as a result of which political institutions were weak. She criticized Government's handling of the nuclear proliferation issue and said this will have negative impact on the youth. She demanded autonomy for the provinces as envisaged in the constitution.

Khalid Iqbal Memon called for resolution of the problems being faced by the journalists and said release of government advertisements to newspapers should be subject to enforcement of wage award by them. He was of the view that majority of people were not getting clean drinking water and law and order situation was deteriorating.

Maulana Muhammad Hussain Mehnti said the President, in his speech, should have presented strategy to deal with problems like price hike, unemployment, law and order situation, injustice and shortage of irrigation water. She said the Government is talking about positive economic indicators but the common man is fed up with rising cost of living. He believed that there was need to change economic policies to make them pro-poor.

http://www.nni-news.com/current/main/news-05.htm

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Australia to pursue Pakistan over wheat issue

CANBERRA: Australia on Tuesday vowed to pursue Pakistan until it gives a satisfactory explanation for rejecting a multimillion-dollar consignment of wheat on claims that it was infected with a fungus.

Pakistan triggered a diplomatic spat on March 10 when it turned back four shipments totalling 150,000 metric tons of wheat from the state of Western Australia because its scientists claimed that they were contaminated by the fungus, Karnal Bunt. The fungus gives off a fishy smell that makes the wheat unfit for human consumption.

Canberra said the fungus does not exist in Australia and says the stigma from the rejected shipments threatens the country’s $2.3 billion a year wheat export industry.

Trade Minister Mark Vaile said that the wheat was not contaminated and diplomatic efforts would continue until they elicited a satisfactory explanation from Pakistan. "We can’t leave it hanging out there that there’s been an allegation that exports of Australian wheat are contaminated with Karnal Bunt," Vaile told reporters. "We’re not satisfied with the outcome."

Pakistan has failed to respond to requests from top Australian officials, including Prime Minister John Howard, to allow scientists from a third country to settle the contamination question. Vaile suggested that Pakistan might have reversed its decision to import the wheat after reaping its own substantial winter crop.

http://www.jang.com.pk/thenews/index.html

‘Government determined to
make education accessible to all’

By our correspondent

PESHAWAR: The NWFP government is determined to make education accessible to all, besides its plans to provide free textbooks to 2.4 million primary school students, eliminating two style uniforms at the government girls schools is also under consideration.

In more than 200 government girls schools in NWFP, thousands of students wear two type uniforms instead of one. Usually on Friday and Saturday girl students are supposed to wear white uniform for their physical training (PT) classes and rest of the week days they wear blue shirts and white trousers. The issue of two uniforms, however has created debate as the government said that financial burden on poor parents should be reduced by declaring only one uniform, while the principals, teachers and even majority of the parents think that the two uniforms were not a big problem as for as expenses are concerned.

Education executive office Peshawar claims to have issued notices to all the schools, and letter for the same was published in newspapers in this regard.

However, principals of Government Girls High School Hayatabad and University Model School when contacted in this connection denied receiving any such notice to ban use of two school types of uniforms. "The government’s point in eliminating use of two uniforms is to make education easy for the people who find it difficult to make both ends meet. It is burden on parents and needs to be eliminated," said provincial minister for education Maulana Fazal Ali Haqani.

The school staff opposing the use of one uniform suggestion and argued that the education department has taken the decision without consulting administration of the schools and parents.

Talking to the administrator of Government Girls High School revealed that they were favouring the use of two uniforms. "It is an essential requirement for annual day PT show," said principal of a school.

"This change gives good feeling to the students and is source of entertainment," said Mrs Nazir, Principal of University Model School. She further elaborated that variety in education and extra curricular activities should not be denied to the students on the plea of expenditure for the reason that almost all the schools have ‘Poor Pupil Fund’ and those unable to afford are provided with uniforms and books.

The principals commented that never did they get any complaint from parents regarding two uniforms.

Expressing their thoughts on this issue parents Mr. and Mrs Gul Muhammad, whose children are studying in government schools, also agreed with the views of the school staff.

jang.co.pk

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CBR to be revolutionised

By our correspondent

KARACHI: The new chief of the Central Board of Revenue (CBR) Abdullah Yousuf vowed to revolutionise the organisation through automation of the entire machinery.

He was addressing prominent members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) at the Federation House on Tuesday.

"Trying to deal with the problems in a manual manner will not give results", he said.

At the moment, the tax collecting machinery is running through partially automated system that could not address the problems, he said.

"Our ultimate goal is to chalk out a roadmap and it cannot happen overnight. It takes time", he said.

The GDP growth rate of China last year was 10 per cent. Why Pakistan could not touch this target? He asked.

Once I asked Dr. Mohatair on the trick of Malaysia’s rapid development. He replied ‘we have treated Malaysian government as Malaysian Incorporated and the Malaysian government is considered as the shareholders’.

The unfortunate thing here is that every civil servant tries to find a lacuna to stop work instead of expediting it.

He said that the present culture would be changed. Tax structure would be rationalised.

Tax on capital is not a good thing. We will find other ways for the collection of tax.

Earlier, the FPCCI President Riaz Ahmed Tata, in his welcome address said that it is high time that the government and the private sector start working together as partners for the socio-economic development of the country.

http://www.jang.com.pk/thenews/index.html

Netherlands invites ‘Ten Golden Rules’

By our correspondent

KARACHI: The Netherlands, one of the biggest trade centre of the world, on Tuesday invited ‘Ten Golden Rules’ from businessmen for doing business or investment in Pakistan, which according to its Islamabad-based envoy, Dr P M Kurpenshoek, was on an upward economic movement.

"We see an upward movement, which is not a spectacular but it is significant," the ambassador told a Dutch Business Luncheon meeting at a local hotel, soon after his visits to Gwadar, Jiwani, K2 and some other remote areas in northern Pakistan.

Kurpenshoek said a new era of development had begun in Pakistan and particularly in the important city of Karachi, which generates more than 60 per cent revenues for the government.

"My government is giving an increased importance to Pakistan," said the ambassador as he gave numerous statistics of trade between the two countries and details of thousands of multinational companies, which are doing billions of dollars business in the Netherlands.

The ambassador said the two countries could work together and help each other to promote trade and business.

Pakistan imports machinery and some other items from the Netherlands while the important member of the European Union imports textiles, apparel, sports and surgical goods from Pakistan.

Pakistan’s industrial base was narrow, he added.

The participants applauded the gesture of the Netherlands, which according to the ambassador, had agreed to issue one-year visa to business community eager to promote trade between the two countries.

"This is another example of working together."

While referring to the anti-dumping regulations of the Netherlands and their impact on Pakistan, he said: "It was a pity."

He said the business environment was changing in Pakistan, which was now moving to a respectable positive side from technically a negative side. "

jang.co.pk

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Gawadar Port to start functioning from next year: Shaukat Aziz

QUETTA : Finance Minister Shaukat Aziz Tuesday said that Gawadar port will start functioning from next year and it will give a boost to country's economy.

He divulged that due to present government's better management economic stability has been achieved, GDP has been raised and industrial production has been increased. He said we have been able to return loans before its schedule time due to last three years better economic performance.

The Finance Minister was addressing a meeting of Balochistan Chamber of Commerce and Industries here. He said that Balochistan has a vast potential to generate economic activity in all fields including mining, trade, industry, fisheries, agriculture and tourism. With the construction of coastal highway, the fisheries sector has got a positive improvement, he added.

Shaukat Aziz said that the government is attaching utmost importance to Balochistan, different mega projects like Gawadar Port, Coastal highway, Karachi Canal and Quetta water supply schemes was the ample proof of it. He said that Gawadar would be connected with upward country through road and rail links. He disclosed that a road would be constructed from Basima and Kharan while another will be via Rato Dero.

The Finance Minister said that the Saindak Project is working positively giving encouraging results. He said that President Musharraf has taken efforts to restart Saindak project, which was positively responded by the Chinese friends.

He said that another copper and gold project is coming to the fore very soon where Australians are working and government of Balochistan is also a partner to it. Its initial results are very much encouraging.

He said that Blaochistan is also having a potential is oil and gas sector, which he said also, will be tapped he said that there are big deposits of iron ore in Balochistan; its samples are being tested in Pakistan Steel Mills. The entire iron ore will be utilized within the country. This will generate economic activity and the region will prosper.

He said that Balochistan produces unique kind of fruits whose processing plants were being set up. It will also bring boom in trade sector. He said there was also vast potential for tourism industry to develop in Balochistan. Gawadar and Gadani have been very attractive resorts and the beaches will certainly invite the tourist from all over the world.

He said that two berths at Gawadar Port will start functioning from next year and trans shipment facility will be provided at this port.

Referring to trade with Afghanistan sand Iran, he said that Pakistan was big partner of Afghanistan in bilateral trade. Trade relations with Iran were also encouraging. During last four months Rs. 4 billion trade was conducted with Afghanistan. He said that in order to boost further trade with Afghanistan Railway Line would be extended upto Kandahar. In this context preliminary survey has been conducted and working on it will be started after second survey. He said that trucks will be provided special facilities at Chaman and Torkham in order to enhance trade with Afghanistan.

Referring to transit trade, he said that X-ray machines will be installed at Karachi, Chaman and Torkham in order to ensure transparency.

Answering a question about increase in diesel rates, the Minister said that government imposed no more duty but the diesel rates observed an upward trend in international market.

Referring to another question about electricity tariff, the Minister said that government was providing subsidy on it. He said problems came in this sector due to agreements with IPPs. He disclosed that we will be getting rid of IPPs in next year which will help WAPDA to recover its deficit.

The Federal Minister again responding to a question regarding taxes said that there were only three taxes i.e. Custom, Income and Excise. He said that government has been slashing the excise duty on number of items gradually. In this budget more items will be declared as excise free.

Shaukat Aziz said that coming budget would be investment friendly budget. He said that more jobs would be also created in order to alleviate the poverty. Balochistan will be provided special funds for development in coming budget.

He said that government was taking steps to check upward trend in steel and cement prices. In this context government was pro-active and taxes on re-rollable steel have already been reduced which has given positive results and rate of steel have come down. He said that increase in prices of cement and steel is also a proof that a large construction activity is going on in the country, which also created new jobs in this sector.

He recommended that business community not only to look towards the government but also take initiative on self-help basis. Government was ready to provide any help if required.

The Finance Minister said that micro finance institutions like NRSP and Khushhali Bank were playing these institutions start earning their livelihood in a better way. He said that mark up on micro loans would be reduced with the passage of time.

http://www.nni-news.com/current/main/news-06.htm

Romania invites Pak business entrepreneurs

RAWALPINDI : Romania has invited Pakistani business entrepreneurs, investors and exporters to take part in the forthcoming industrial exhibition in Bucharest (Romania) in June this year in order to further enhance commerce, trade and cultural relations between the two nations.

This invitation was made by Romanian Ambassador Dr. Emil Ghitulescu while talking to the Hussain Ahmed Ozgen president of the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Tuesday in chamber office. Vice President RCCI Fazal ur Rehman, former president RCCI Osman Khalid Waheed, Nabi Nowsherwan Erkin, Asad Mashadi were also president during the occasion.

Romanian Ambassador, Dr.Emil Ghitulescu while expressing his views said that for the last few year the trade and commerce relations have increased and it was doubled in last year which is a healthy sign, but he said there is still need to do a lot in this regards. He noted that the present trade volume is not sufficient as there exists great potential between the two countries.

He said in order to increase trade and commerce relations it is necessary to start and work on one or two concrete projects initially.

Talking on this occasion Hussain Ahmed Ozgen president RCCI said Romania and Pakistan have traditionally enjoyed good relations. Both Pakistan and Romania could help each other as a bridge for promoting their products in Afghanistan and Central Asian Republics, respectively in Central and Western Europe.

He said Pakistan and Romania have great business opportunities and by the exchange of trade delegations would open a new chapter of trade ties between Pakistan and Romania in the coming years.

He said both the countries have opportunities to start joint ventures in various field like Railway, textile, agriculture machinery, fertilizer and steel products etc.

President RCCI assured the ambassador that a delegation from Rawalpindi chamber would participate in forthcoming exhibition in Romania. In the end president RCCI presented Chamber crest to the guest.

http://www.nni-news.com/current/main/news-08.htm

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Pakistan To Introduce Small And Cheapest Car In July

Updated on 2004-03-31 10:20:41

ISLAMABAD, Paksiatn : March 31 (PNS) - A Pakistani Company will introduce 800 cc small car in July next at a cheaper price for the common man of the country. Sources said that the proposed car with Chinese technology is 800 cc with wide seating capacity and likely to be marketed in August-September after its introduction in July.

The company, following the desire of the Prime Minister and the Federal Minister for Industries and Production, Liaquat Ali Jatoi for manufacturing of affordable small car for the low income people of the country had decided to produce the car. Most of the parts for this car would be manufactured in Pakistan. Sources added that the price of the car would affordable and create a compettition in the market and attract the buyers.

http://www.paknews.com/business.php?...te1=2004-03-31

EXPORTS TO AFGHANISTAN RISE TO RS25 BILLION

Exports to Afghanistan via land routes of NWFP and Fata rose to more than Rs25 billion during the first seven months (July-Feb) of 2003-04, according to official sources. The customs collectorate, Peshawar, recorded total exports of over Rs25 billion to Afghanistan from its different outlets including Torkham, Bakka Khel and Ghulam Khan checkposts. "It's an all-time high figure with exports to Afghanistan touching new heights at the end of every passing month," said an official source.

At the Torkham checkpost exports to Afghanistan stood at over Rs1 billion by the end of July and rose to over Rs2.4 billion by the end of August, to Rs3.7 billion by the end of September, to Rs5.1 billion by the end of October, to Rs5.9 billion by the end of November, to 7.3 billion by the end of December, to Rs10.2 billion by the end of January and to Rs12.3 billion by the end of February 2004.

Even the newly established checkpost at Ghulam Khan on the Pakistan-Afghanistan borders from the North Waziristan agency side substantial increase in exports had been recorded during the last couple of months, said the sources.

In all, exports to Afghanistan grew by 36 per cent in comparison with the exports recorded during the corresponding period of the last year at Rs9 billion.

Substantial increase has been recorded during January and February when, from the Torkham route, goods of the market value of Rs2.9 billion and Rs2.1 billion, respectively, were exported to Afghanistan.

The sources said that more than 100 trucks loaded with variety of goods were crossing over other side of the Torkham border town from Pakistan every day.

pakistaneconomist.com


PAKISTAN WANTS MORE ACCESS TO US MARKETS

Pakistan needs more trade and investment than aid from the United States, Commerce Minister Humayun Akhtar Khan said during a meeting with a six-member delegation of Pakistan American Business Association (PABA) last week. He said that market access was more important for Pakistan than getting aid from the US. Mr Khan said that comparative tariffs for Pakistani textiles exported to US were high due to which our exports become less competitive compared to those from other countries.

The minister said he was confident about future trade and economic relations between the US and Pakistan. He briefed the delegation on the upcoming Trade and Investment Framework Agreement (TIFA) council meeting and signing of Bilateral Investment Treaty (BIT) between US and Pakistan in April 2004. He said that it would be the first step towards establishing sounder trade relationship leading towards the ultimate goal of Free Trade Agreement (FTA) between the two countries.

The delegation led by ex-Governor of Virginia, James Gillmore III apprised the minister that the purpose of their visit was to make investment proposals in oil, shipping and pharmaceutical sectors in Pakistan.

Mr Gillmore said that Pakistan offered tremendous opportunities for investment in various sectors and US business community wanted to avail these opportunities for the benefit of both the countries.

Talking about Pakistan-US relations Mr Gillmore declared that there was the popular sense in US that Pakistan was a close friend. The delegation told the minister that on their return to US they would approach those businessmen who never came to Pakistan and convince them to invest in Pakistan. Furthermore they would project the image of Pakistan as a business-friendly country.

pakistaneconomist.com

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SAUDI ARABIA FOR ENHANCING TRADE WITH PAKISTAN

The Saudi government has proposed various measures to increase the volume of trade between the two countries.

Well-placed sources in the Commerce Ministry said that Saudi government had proposed joint ventures in various sectors, signing of protocol agreements between various ministries and agencies of the two countries to enhance trade and cooperation.

According to the sources, there existed ample prospects for new investments and joint ventures provided the private sectors in the two countries gear up and seriously explore the opportunities.

It is, therefore, proposed to invite big time investors from Saudi Arabia to visit Pakistan to familiarize themselves with the investment environment existing in this country.

pakistaneconomist.com


IFAC RECOGNIZES SAFA

The International Federation of Accountants (IFAC) has given its recognition to the South Asian Federation of Accountants (SAFA) as a regional group.

A statement issued by the Institute of Cost and Management Accountants of Pakistan (ICMAP) stated that the President of IFAC, Mr. Renie Recol while addressing the Assembly of SAFA held in Jaipur announced that IFAC Board had accorded its approval to recognize SAFA as a regional group. President IFAC hoped that SAFA would help IFAC in the compliance of International Accounting and Audit Standards in South Asian Region. SAFA Assembly was attended by the delegates from accounting bodies of India, Pakistan, Bangladesh Sri Lanka, Nepal, the US and Malaysia.

pakistaneconomist.com

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EXIM BANK UPGRADES PAKISTAN'S RATING

Recent positive economic and political developments in Pakistan encouraged the US Export-Import Bank to upgrade the country's risk rating, said a statement issued in Washington recently.

The expanded coverage includes short, medium and long-term financing and is the "result of improving economic and political fundamentals in Pakistan," the bank said. "Such developments led to a likewise improvement in Pakistan's risk profile." The Exim Bank is an independent federal agency of the US government and authorizes financing to support US investments abroad. Last year, the bank authorized $14.3 billion to support US exports worldwide.

The bank has now agreed to offer expanded financing opportunities for US exports to the public sector in Pakistan as well.

pakistaneconomist.com

Microsoft set to make millions of dollars investment in Pakistan

19 February 2004 - Pakistan Link

Microsoft Corporation is coming to Pakistan in a big way with intentions of transferring technology and making investment in millions of dollars to start with as a follow up of President General Pervez Musharraf’s meeting with Corporation’s Chairman Bill Gates a few weeks ago in Davos.

Two of the Corporation’s Vice Presidents namely Emre Berkin VP Europe, Middle East and Africa and Jonathan Murray VP and Chief Technology Officer are in the Federal Capital and are preparing for their high profile meetings with Ministry of Information Technology besides attending a government’s IT workshop at National Defence Collage, Rawalpindi.

Along their country manager Jawwad Rehman, the Microsoft’s visiting VPs briefed local media and vowed that they were building their presence level in Pakistan with the commitment to transfer information technology know-how and investment here.

Answering a question about Microsoft’s potential to win contract of the government in Pakistan, the senior company officials said that “we would be offering over services and technological solutions to the requirements of the govt along various competitors.”

According to the country Manager, Microsoft in collaboration with National Defence College is organizing a high profile seminar to be attended by President Musharraf on the issues including contribution of e-government to education in Pakistan, contribution of IT industry to attract investments, and e-government solutions.

Berkin said that following the meeting of President Musharraf with Bill Gates in Davos last month, the Microsoft is here to pursue its earlier commitments and negotiate fresh projects with the government. “We are convinced that IT can play major role in Pakistan’s economy, and for the purpose we are here to compliment government’s efforts in this regard.”

In his view Pakistan with its geo-political situation in the region possesses good potential and for the purpose Microsoft is keen to invest and provide skills in five area out of which it is already working on three and two are in process. “The first area in which Microsoft is already assisting the government is education, in it is providing IT labs in schools, providing IT curriculum in schools and teachers training facilities,” he said.

Second is in collaboration with National Commission of Human Development (NCHD) where IT centers are being opened in 16 districts of the country for IT skills and training to community at large. Third, we are engaged in business sector providing IT solutions to banks, manufacturing sector and telecom sector.

The fourth area is IT itself where it is still in the process of making the technology sector viable in Pakistan, with engaging new talent, providing job opportunities through facilitating the opening of new IT companies, which can engage in developing software, establishing of independent software vendor industry.

Last but obviously not the least, he said, is related to government where Microsoft be offering assistance along investment. In this regard we are engaged with the government and hope to conclude the issue pretty soon, he added.

Jonathan described three key priorities for Microsoft including engagement with the government for re-engineering of public processes by applying modern IT solutions, the implement of the same through single unified architecture, and implementing the services by taking them to consumers, who should have easy access to IT services.

http://www.pabe.org/news56.htm

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July-December PRSP spending shows 19.6 percent growth

AHMED MUKHTAR

ISLAMABAD (April 01 2004): The PRSP expenditures during Jul-December 2003-04 amounted to Rs 98.416 billion against Rs 82.304 billion for the corresponding period of last year, registering an increase of 19.6 percent, according to Finance Ministry.

The break-up of the Poverty Reduction Strategy Paper (PRSP) spending delineates that the increase was 34.4 percent in Punjab, 2 percent in Sindh and 15 percent in Balochistan over the first half of FY 03-04. NWFP, however, registered a decline of 21 percent.

In retrospect, this indicates that significant ground had been covered since the first year of devolution (FY 2001-02) when the PRSP expenditures in Punjab, NWFP, and Balochistan registered a decline of 21 percent, 26 percent, and 5 percent, respectively, on year-on-year (yoy) basis.

At the federal level, new policy of expenditure management allowing the ministries to spend 50 percent of PSDP allocations in social sectors and 45 percent in other sectors during the first half of the financial year without reference to ways and means position has started paying dividends in the form of substantial increase at the federal level.

The report says that the pace of pro-poor expenditures is picking up and the provinces and districts seem to have overcome expected procedural hiccups during the first quarter of a financial year.

Sectoral analysis exhibited increase in critical areas like 46 percent in Roads and Bridges, 31 percent in Education, 13 percent in Health, 14 percent in Population Planning, 17 percent in Social Security, 15 percent in Land Reclamation, 9 percent in Law and Order, 14 percent in Administration of Justice, and 14 percent in Water Supply and Sanitation.

However, some of the important sectors registered decline, such as 30 percent in Rural Development & 28 percent in Food Subsidies. The NWFP government is being advised to gear up the pace of expenditures in the sectors that are lagging and keep track to ensure meeting quarterly quantitative targets.

It is expected that by the end of third quarter, the position would be improved. It may be noted that water and sanitation is now a completely devolved function to Tehsil Municipal Administration in all district governments except city governments and expenditure is booked against transfers to the local fund.

By the end of the second quarter FY 2003-04, over 929,000 were provided assistance of Rs 3.013 million through the Zakat mechanism. Majority of Zakat beneficiaries get fixed stipends of up to Rs 500 per month as 'guzara' (subsistence) allowance.

As the devolved financial management system is taking shape, the devolution process is being consolidated, new operational snags are being addressed and the administrative capacity of district governments is being augmented through increased technical assistance, operational support, and training, it is expected that it would increase effectiveness of the spending and improved service delivery.

At the same time a fast-track approach would have to be adopted in ironing out issues of releases, bookings, disbursements, and utilisation - between provincial, district, and Tehsil governments - to ensure that pro-poor expenditures remain in line with the government's medium-term targets. These measures would have to be supplemented by institutionalising effective monitoring and evaluation mechanisms to measure the social impact of these outlays especially at the district level.

The non-budgetary disbursements also showed significant increase during the first half of the current financial year, especially in Micro-Credit, which registered an increase of more than 100 percent.

Copyright Business Recorder, 2004

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Indian mutual fund managers willing to invest in Pakistan

RECORDER REPORT

KARACHI (April 01 2004): Indian mutual fund managers have shown interest for investing in Pakistan and Indian Bajaj Capital Management has shown intention to create a distributor company in Pakistan.

Zaigham Mahmood Rizvi, Chairman, Mutual Funds Association of Pakistan who led a delegation to India for exploring possibility of cross-border investment activity, found vast potential in this field.

The optimistic Rizvi, though he did not come out with any concrete development, stressed that the meeting with their counterparts and discussing the possibility was highly encouraging.

He said one of the biggest Indian capital management company, Bajaj Capital Management, has written a letter to the MUFAP expressing its will to form a distributing company for mutual funds investment.

Rizvi said that Indian companies are allowed to invest their 20 percent capital in off-shore markets but they have yet not used this option. Pakistani market can attract the Indian investment.

He has also asked the Pakistani authorities to allow Pakistani companies for making off-shore investment.

He said the mutual funds companies would soon launch products for overseas Pakistanis.

Pakistan will host the 11th Asia-Oceania Regional Meeting in 2006, he said.

He said that such possibility of technical collaboration may cover 'Off-shore Fund, Pension & Annuity Funds', Real Estate & Infrastructure Fund, and Capital Guarantee Fund.

This will help Mutual Fund industry through a variety of products catering to various risk and returns profiles of investors

Pakistan delegation also held meetings with Indian Asset Management as well as distribution companies, which included Birla Group, Bajaj Capital, and MJ Capital to explore technical co-operation between the two countries' mutual fund industry.

While MUFAP is relatively a fresh member of the Asia-Oceania Group, an Investment Funds Association, it has been honoured to be the host of Eleventh Asia-Oceania-Regional Meeting to be held in 2006, added Zaigham.

The Indian press has welcomed the efforts of creating direct linkage of the two capital markets. An editorial in one of the leading newspapers suggested that keeping "in perspective we must see the ongoing interaction between prominent mutual fund managers of India and Pakistan, aimed at creating stake in each others' markets", said Rizvi.

MUFAP and AMFI discussed the possibility of Indian mutual funds being listed on Karachi and Lahore Stock Exchanges. Pakistani's stock market current PE ratio is at around 10 while India's stock market's is around 17, thereby Pakistan's market being under-valued seems to have a good attraction for Indian investors.

Rizvi said that during his visit to New Delhi he had exclusive meetings with the Chairman of AMFI, A.P. Kurian, wherein prospects of co-operation between the Mutual Funds Associations of the two countries through the forum of MUFAP were also discussed.

The Chairman of AMFI appreciated the growth of mutual funds being witnessed by Pakistan's Mutual Fund industry and assured his full support.

The Indian Mutual Funds industry has established programs for accreditation and certification of various schemes of Mutual Funds operations including fund management, advisory and distribution. AMFI has agreed to assist MUFAP in providing technical collaboration and training support in establishing similar certification, in Pakistan through the platform of MUFAP.

They may also provide the syllabus and training materials for supporting such certification programs in Pakistan.

Pak-Kuwait Investment Co plans to set up a distribution company in collaboration with leading banks, AMCs, and insurance companies. It will also cater to the training and specific education leading towards a certification program to the find advisors and the sales people.

This will not only enhance business opportunities but it will also create employment opportunities.

Also present on the occasion were Pakistan delegation comprising Chief Executives and Senior Executive of the Pakistan's premium asset management companies including Tariq Iqbal Khan, Managing Director, NIT and Vice Chairman MUFAP, Nasim Beg, Chief Executive Arif Habib Investment Management Ltd, Mohammad Shoaib, CFA, Chief Executive, Al Meezan Investment Management Ltd, Najam Ali, Chief Executive Officer, Abamco Ltd, and Farid Alam, Executive Vice President Picic Ltd.

Copyright Business Recorder, 2004

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APL feeder service to cut transit time for New York to 23 days

MUZAFFAR QURESHI

KARACHI (April 01 2004): The American President Line (APL) has introduced a new feeder service for exports to USA which would cut the transit time for New York from 29 days to 23 days.

The new feeder vessels - m.v. Colombo and m.v. Tiger Ocean - will sail from East Wharf of the Karachi port on April 8 and April 15, respectively.

Their regular weekly sailing will be on every Wednesday and Thursday.

The new sailing arrangements would also cut transit time for Norfolk from 32 days to 25 days and for Charleston from 35 days to 27 days.

A spokesman of the shipping line said on Wednesday that it had already cut the transit time for Los Angeles to 22, which was the minimum provided by any shipping line operating on the US route.

Explaining the improved transit time for cargo destined for the US, he said that the APL had made arrangements with Bengal Tiger Line to fetch exports from Karachi directly to Novashiva in Mumbai from where it would be loaded onto the direct service for the US.

Earlier, the export cargo from Karachi was shipped to Colombo from where it was carried to Novashiva for loading on the US service.

The cutting down of one destination port for the Pakistan export cargo had made it possible for the line to considerably cut the transit time, he added.

The APL informed the exporters that the new feeder vessels would be loading at East Wharf of the Karachi Port and they were requested to present their shipments accordingly at the MTO 14 Overflow, East Wharf.

The clearing agents have been advised to submit the draft bill of lading along with the shipping bill in line with the US customs requirements.

Copyright Business Recorder, 2004
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Russian businessmen ready to help expand Pakistan Steel

RAWALPINDI (April 01 2004): A high-level Russian business delegation led by President of Tyazhpromexprt Nikolay V Ulyanon called on President General Pervez Musharraf here on Wednesday and expressed its readiness to help in the expansion of Pakistan Steel Mills.

The Russian team was of the view that expansion of the Pakistan Steel would increase its efficiency, optimise the production capacity and increase profitability.

The President, while appreciating the gesture of the delegation, said their proposal would be sent to the consultants of Pakistan Steel for further study.

During the meeting, prospects and opportunities for enhancing trade and commercial relations between the two countries also came under discussion.

The Russians appreciated the investment opportunities in Pakistan due to the economic policies of the government, which have created a business friendly atmosphere.

Musharraf referred to his visit to the Russian Federation and said Pakistan was keen to enhance bilateral relations in different fields.

Pakistan Steel Chairman Lieutenant General Abdul Qayyum Khan (Retd) and Planning Commission deputy chairman Akram Sheikh were also present during the meeting.

Copyright Associated Press of Pakistan, 2004

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