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Old March 16th, 2011, 06:59 PM   #1401
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Pakistan’s July-Feb foreign investment rises 27 percent

Net foreign investment in Pakistan rose 27 percent to $1.23 billion in the first eight months of 2010-11 fiscal year, because of a sharp rise in foreign portfolio investment, the central bank said on Tuesday.

Foreign investment was $969.5 million in the same period last year. Foreign direct investment fell 21.8 percent in the July-February period to $989.6 million, from $1.26 billion in the same period last year, the State Bank of Pakistan said.

The analysts said however, with emerging markets on the radar of fund managers, Pakistan has seen a flow of foreign investment in the country’s main stock exchange.

Foreign portfolio investment rose 182 percent to $242.1 million in the first eight months of 2010-11, compared with an outflow of $ 295.3 million in the same period last year.

An International Monetary Fund (IMF) emergency loan package agreed to in November 2008 helped Pakistan avert a balance of payments crisis and shore up reserves.

It received the fifth tranche of $1.13 billion of the $11 billion loan in May 2010. Pakistan and IMF authorities are scheduled to meet before June 30 to discuss the release of the sixth tranche
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Old April 1st, 2011, 02:36 PM   #1402
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Korean firm to invest in Pakistan

A Korean firm POSCO global player in steel, energy and IT sectors has shown interest in investment in Pakistan. A six-member delegation of the firm had detailed discussion with CEO Engineering Development Board (EDB) Aitazaz A Niazi Thursday.

The visitors were given in-depth presentation on steel sector of Pakistan. A case for establishment of steel mill at Kalabagh was presented to them. They were told the total installed capacity of long-products in steel sector was around four million tonnes while that of flat products was 1.19 million tonnes per annum, against demand of more than 6 million tonnes.

The gap between demand and supply is met through imports. It is expected the demand for steel products will be around 14.00 million tonnes against the supply of around 10 million tonnes in the year 2015.

It was emphasised Kalabagh is a natural site for establishment of a steel mill by virtue of availability of necessary raw materials like iron ore, coal, dolomite etc withinin 13 km radius. The proven reserves of iron ore at Kalabagh are around 350 millions tonnes. It was agreed a technical team of the firm would later on visit Kalabagh in order to assess feasibility of establishing a steel mill there.

The visitors were informed that the iron and steel sector in Pakistan do not have common platform for research and development activity to ensure production of standardised and quality products. The private sector industrialists after realising the deficiency of this critical requirement joined hands to establish an institution Pakistan Iron and Steel Institute (PIASI).
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Old May 10th, 2011, 05:17 PM   #1403
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Engro purchases US-based firm’s food business
By Faryal Najeeb
Published: May 10, 2011

Company diversifies into meat-based products.

KARACHI:
Engro Corporation is all set to enter the Halal food business in North America as the company has finalised and signed an agreement with US-based Al Safa Halal to purchase its food business, Engro announced on Monday.

Engro Foods Limited, a subsidiary of Engro Corporation, said the move had come as part of its goal to become the largest Pakistan-based company operating internationally. The head office of the new set-up will be established in Toronto, money for which “has already been transferred for payments”.

Speaking to The Express Tribune, Engro Foods Limited CEO Sarfaraz A Rehman informed that the Economic Coordination Committee and the State Bank of Pakistan had given approval for a deal within $15 million (Rs1.28 billion) and the final transaction was close to this figure. He did not give the exact amount.

Rehman said that Engro had analysed the Halal food industry well before making the decision to jump into the market, adding that this industry had been growing rapidly and there was high potential for it to be the engine of growth for any economy.

“There is a niche in the Halal food market for big multinationals,” he said, adding Engro expected rapid growth in sales over the next three to four years, once its products were introduced in the North American market.

He further informed that though undecided as yet, Engro expected the product range to grow from what Al Safa Halal was already producing.

Al Safa Halal is a relatively small food company based in New York. However, its products are distributed throughout North America, primarily in supermarkets catering to the seven million-strong North American Muslim community.

The company’s products primarily involve meat-based frozen foods, such as chicken, turkey, beef and pizza, though it also has a vegetarian fare such as falafel products.

Meat is a new line of products for Engro Foods as the company’s Pakistani operations are primarily focused on dairy products such as milk and ice-cream.

“The company’s vision is to take Pakistan onto an international platform where it will fulfill our core belief – ‘Elevating Consumer Delight Worldwide’ – and this is the first step up the ladder to achieve the goal,” said Engro Foods Limited (GBU) Vice President-Marketing Ali Akbar.

Published in The Express Tribune, May 10th, 2011.
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Old May 11th, 2011, 01:54 PM   #1404
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Pak to get benefit from revamped GSP Updated 8 hours ago
BRUSSELS: The European Union plans to end tariff benefits for dozens of countries that have outgrown the need for preferential trade treatment under sweeping reforms presented by the bloc's trade chief on Tuesday.

Brazil, Argentina, Russia, Saudi Arabia and scores of other relatively prosperous developing countries will be excluded from trade preferences under the plan, which must be approved by the European Parliament and the EU's 27 member states.

The EU, the world's largest trading bloc, will instead focus on poorer countries it views as being in greater need of growth-boosting trade benefits, including Pakistan and Ukraine.

"Global economic imbalances have shifted tremendously in the last decades. World tariffs are at all-time lows. If we grant tariff preferences in this competitive environment, those countries most in need must reap the most benefits," Trade Commissioner Karel De Gucht said in a statement, as he laid out reforms that are a broad reworking of EU trade policy.

The plans, expected to ruffle feathers and take until 2014 to complete, reflect European ambitions to protect its industries from booming export economies while at the same time using trade as a foreign policy and development tool.

The EU has extended preferential trade treatment to developing countries under the so-called Generalised System of Preferences since 1971. In 2008, concessions to poor countries were granted on more than 6,000 products and were worth about 3 billion euros, according to EU figures.

BRAZIL AND RUSSIA DROPPED

Under the reform, some of the tariff regime's main beneficiaries will be dropped from the system, notably Brazil and Russia, which will lose discounts on roughly 3 billion euros' worth of exports each.

Brazil's Foreign Ministry responded to the proposal with concern, saying late on Tuesday that the end of preferential treatment would penalize exports of local manufactured products to one of the country's principal markets.

The value of imports entering under discounted duties will fall to about 37.7 billion euros, according to EU data, compared to almost 60 billion today.

That could prompt countries to seek preferential deals with the EU through bilateral free trade agreements (FTAs), a cornerstone of Europe's long-term trade strategy.

"I believe that (the reform) could and should boost our FTA effort," De Gucht told journalists in Strasbourg.

Also in line with the EU's long-term interests is a clause to deny discounts to countries that withold scarce and coveted raw materials crucial for EU production -- a slight for China, which has raised export taxes on raw materials in recent years.

Europe's main business lobby group, BusinessEurope, praised the plan, saying it would end an outdated regime which most benefits the more prosperous emerging economies.

Trade activists warned the reform would pressure poor African countries into entering unpopular free trade pacts with the EU.

"It threatens to further completely undermine regional integration in Africa while increasing pressure on less developed countries to sign free trade agreements," said Rebecca Varghese Buchholz, trade policy adviser at UK-based Traidcraft. (Reuters)
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Old May 12th, 2011, 05:42 AM   #1405
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Lotte hints at expanding operations in Pakistan

KARACHI: Lotte, the parent company of Lotte Pakistan PTA Limited, has hinted at expanding its operations in Pakistan, besides entering into other businesses such as confectioneries and constructions, officials said on Tuesday.

“If government of Pakistan offers us some concessions in taxation then we are keen to expend operations of Lotte Pakistan with a fresh investment of $500 million,” said Jung Neon Kim, Executive Director of Lotte Pakistan.

The PTA plant was acquired by Lotte in September 2009 and renamed as Lotte PTA Pakistan Limited.

Kim said Lotte is also in the process of acquiring Kolson. Therefore, it is about to enter the confectionary and food businesses in the country, as well.

The parent company also wanted to concentrate on the beverage industry, as well as expand into the chemicals and construction sectors, he said.

To attract more foreign investment and foreigners to the country, he said, Lotte wanted to develop and build residential projects exclusively for foreigners where they could live and enjoy sports and cultural facilities along with full security.

“Pakistan is a big market and the government could help encourage foreign investment if it supports persistency in tariff rates and offers lower taxes and tax breaks.”

He said that his company was the tenth largest taxpayer in Pakistan, contributing around Rs20 billion to the national exchequer in the form of taxes.

In his opinion, the tax rates in Pakistan were among the highest in the region and should be reduced to attract more investment.

Lotte Pakistan took CSR (Corporate Social Responsibility) very seriously and spent Rs400 million on CSR activities last year, besides contributing to the relief efforts for flood victims. He said Lotte is intensely involved in education and around Port Qasim where Lotte Pakistan PTA plant is located. Lotte, he said, is committed to spending Rs60 million annually on education in the area.

http://www.thenews.com.pk/TodaysPrin...3&dt=5/11/2011
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Old May 14th, 2011, 01:07 PM   #1406
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I've hardly ever seen their products in Pakisan and they spent 40 crores just on CSR?
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Old May 17th, 2011, 03:14 PM   #1407
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July-April foreign investment falls 8.6 percent

Net foreign investment in Pakistan fell 8.6 percent to $1.534 billion in the first 10 months of the 2010/11 fiscal year because of a decrease in foreign direct investment, the central bank said on Monday.

Foreign investment totalled $1.678 billion in the same period last year.

Foreign direct investment fell 28.6 percent in the July-April period to $1.232 billion from $1.724 billion in the same period last year, the State Bank of Pakistan said.

Pakistan's unstable security, a Taliban insurgency in the country's northwest and chronic power shortages have put off long-term investors, analysts say.

However, with emerging markets increasingly on the radar of fund managers, Pakistan has seen a flow of foreign investment in the country's main stock exchange.

Foreign portfolio investment rose 749.5 percent to $302 million in the first ten months of 2010/11, compared with an outflow of $46.5 million in the same period last year.

Pakistan has struggled with a troubled economy and an International Monetary Fund (IMF) emergency loan package agreed in November 2008 helped it avert a balance of payments crisis and shore up reserves.

It received the fifth tranche of $1.13 billion of the $11 billion loan in May 2010. Pakistan and IMF authorities are in Dubai to discuss the release of the next tranche and budget targets for the 2011/12 fiscal year.
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Old May 24th, 2011, 08:46 AM   #1408
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Deepening economic ties with China

Quote:
By Mohiuddin Aazim

FIVE years ago China was not on the list of Pakistan’s top 10 export destinations. Now it ranks fourth after the US, the UAE and Afghanistan, while the bilateral trade ranks third just behind the UAE and the US if the value of trade is computed on balance of payments format.

Under this format, the central bank takes into account free-on-board prices of exports and imports and covers only actual inflow or outflow of foreign exchange reported by the banks that handle them.

The signing of an accord during last week’s visit of Prime Minister Yousuf Raza Gilani to Beijing, on opening up of two bank branches — one of a Chinese bank in Pakistan and the other of our National Bank in China — is expected to spur bilateral trade.

A high economic growth in the last decade and the resultant changes in the dynamics of Chinese domestic markets have enabled Pakistan to sell there more of its raw materials and low-to-medium value-added products. In the last fiscal year, exports to Beijing fetched $1.15 billion—or six per cent of overall export, according to the State Bank of Pakistan statistics. This year $1.5 billion is expected and in nine months to March 2011, $1.13 billion has already come in.

During Mr Gilani’s visit two other accords were also signed — one on bilateral economic and technical cooperation and the other on extending Chinese contract for the Saindak gold and copper mining up to 2017. This project is one of the key success stories of Chinese investment in Pakistan.

China’s total investment since 1960s carries a current market price tag of $40 billion and more than 10,000 Chinese are working with 126 companies of Chinese origin in Pakistan. One can easily spot some familiar names in the list of these companies —Zong, BGP (Pakistan) International, Saigol-Qingqi Motors and China Metallurgical Corporation.

The Punjab government and a Chinese company entered into an agreement last month to finance rapid mass transit system in Lahore. A Chinese firm — Noranko — has agreed to invest $1.7 billion in the project.

During the first phase of the project, a 27km distance from Shahdra to Gajju Matta will be covered, while another Chinese company, Fotan, will ply 200 new buses on various urban routes of the city out of which 111 vehicles will arrive by June end.


In the past decade Pakistan made some efforts to attract Chinese investment. barring Gwadar Port operations. “That was the time when Chinese economy was progressing by leaps and bounds and China was making strategic investments in several parts of the world,” recalls a senior official of the Board of Investment.

“But in relation to the investment spree that China was indulging in, only a tiny part of the Chinese money made its way into Pakistan.” Existing Chinese investment covers such crucial areas as oil exploration, geo- engineering, defence production and mechanical and electrical machinery manufacturing, transport, railways, communication, construction and ports and shipping.

BOI officials say that by and large the decade of 2000s belonged to foreign investors from the US, the Europe as well as the Middle East.

A few months after the JulySeptember 2010 deluge in Pakistan, China signed $35 billion investment deals when Premier Wen Jiabao visited Islamabad in December that year. The deals included $20 billion government-to-government contracts and about $15 billion investment financing agreements between the private sectors of the two countries in over three dozen development projects. The areas covered ranged from trade and industry, gas and electricity, water, agriculture, fisheries, telecom to physical infrastructure.

On government-to-government level much of the $20 billion of promised Chinese investment was meant for building roads and highways and other infrastructure to connect Pakistan to Xingjiang province of China to expand bilateral trade.

But officials point out that even before the floods, Beijing had recognised the vast potentials of profitable investment in Pakistan which was evident from the setting up of Pak-China Investment Company in December 2007.

“The company, set up with an initial capital of $200 million, is facilitating Chinese foreign investment in Pakistan besides promoting trade ties and catering to financing needs of industries that have Chinese interests,” says a BOI official.

Concurrent financing of Chinese investment projects through Pak-China Investment Company, free trade agreement with China in late 2006 and craving for new household items at affordable prices among Pakistanis —have increased our imports from China.

In the last fiscal year we spent $3.28 billion on Chinese imports. And in nine months of this year the import bill has already reached $3 billion mark, SBP data reveal.

“When the recently-signed investment agreements start materialising you will see imports from China rising even faster,” predicts a BOI official. “That means we need to penetrate deeper and quicker into Chinese markets to avoid too huge a negative balance of trade.” Exporters point out that it means introducing new products besides moving toward branding and more value addition.

Businessmen say demand for prepared and packaged food items, leather products, artificial jewellery, sport goods, home textiles, finer clothing for women and kids and cosmetics would grow in China in coming years.


“Yes, we may have to carefully examine the emerging needs of the Chinese people and find out their tastes and likings,” says Jawaid Ilyas of the Federation of Pakistan Chambers of Commerce and Industry who has been trading with China since 1960s.

Executives working with Chinese companies say that the Chinese stick to their core values wherever they go. “Their hard work is viral; management so simple; cost-cutting is amazing, entrepreneurship intoxicating — and above all their modesty is killing” remarked a Pakistani manager at a dredging company of Chinese origin working at Port Qasim.

“Lately, our firm has also been trying to use more of local currency component in financing expansion projects to save foreign exchange,” he said.

Another young man at the UEG said the recent take-over of Pakistan operations of British Petroleum by his firm had led him to believe that the Chinese “know exactly how to motivate employees and at the same time how to save them from complacency.” The UEG is a publicly listed company on Hong Kong stock exchange and it owns oilfields and operating rights in China.
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Old May 26th, 2011, 06:04 PM   #1409
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Pakistan edges closer to EU duty waiver -diplomat

GENEVA May 26 (Reuters) - Pakistani textile makers edged closer on Thursday to boosting exports to Europe after one of its opponents withdrew its objections, the country's ambassador said on Thursday.

But India, whose exporters compete with Pakistan for a share of the world's largest market, still opposes an EU proposal to suspend duties temporarily on certain Pakistani goods to help the country recover from last summer's devastating floods.

"Vietnam has approved the EU duty waiver today. We are one step closer," Shahid Bashir, Pakistan's ambassador to the World Trade Organization, told Reuters as he left a meeting that had considered the plan.

India has so far led opposition with support from Vietnam and Peru. Trade officials said it was likely Peru would also drop its reservations.

Relations between India and Pakistan have been thawing in recent months, leading diplomats from several countries to suggest India might make a political conciliatory gesture by allowing Pakistan preferential trade with Europe.

An original EU plan unveiled last October said duty suspensions -- if approved unanimously by the WTO -- would affect about 900 million euros ($1.27 billion) worth of Pakistani exports to the EU and estimated Pakistan could boost sales to the EU by 100 million euros. The plan would affect mainly textile but also ethanol exports. [ID:nLDE69622J]

Cotton and textile account for about two-thirds of Pakistan's exports, and the textile industry is the main driver of the economy.

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Old June 15th, 2011, 02:16 PM   #1410
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Malaysia to invest $1.5bn in Pak next year

Malaysia would invest in Pakistan to the tune of $1.5 billion by next year, said Consul General of Malaysia, Khalid Abdur Razzaq on Tuesday.

Addressing a luncheon meeting at Korangi Association of Trade and Industry (KATI), the Malaysian diplomat said that the trade between the two brotherly countries is not at satisfactory and even Malaysian exports for $1.8 billion to Pakistan were only due to palm oil as Pakistan is the second largest importer of Malaysian palm oil.

He said that Pakistan’s exports to Malaysia reached $125 million from $100 million three years ago—but “this increase is meager and needs a quantum jump.” He said that he tried his best to explore Malaysian market for Pakistan’s products especially in textiles, rice, frozen seafood, etc. and now it was up to Pakistan’s exporters to fully exploit the opportunities.

He said that Malaysia is a potential market for Pakistan’s basmati and IRRI rice. He said that visit of KATI’s trade delegation to Malaysia is a good effort but its not enough and there should be exchange of one trade delegation every month. “Bilateral trade between the two nations should be at least $5 billion,” Khalid said.

Patron In-Chief KATI, S M Muneer expressed his gratitude to the services of the outgoing Consul General of Malaysia and said that Khalid not only served his nation but also Pakistan during his tenure in Karachi.

He said that Khalid tried to portray soft image of Pakistan, especially Karachi, abroad and due to his efforts, the share of Pakistan’s trade to Malaysia rose to over $215 million from $100 million.

KATI Chairman, Syed Johar Ali Qandhari in his welcome address paid tributes to the outgoing diplomat for his services for boosting the two-way trade. He said that KATI too had sent a delegation to Malaysia for trade development but this effort is not sufficient—and more exchanges of delegation is needed.

KATI Chairman Standing Committee on Diplomatic Affairs, Masood Naqi while paying tributes to Khalid said that he bridged the gap between entrepreneurs of the two countries. Former Chairman Mian Zahid Husain, Vice Chairman Shahid Javed Qureshi and Salimuz Zaman also spoke on the occasion.
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Old June 20th, 2011, 02:08 PM   #1411
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Self-financed industrial estate projects

The Punjab Industrial Estates Development and Management Company has wooed 150 domestic and foreign companies to set up factories at the Sundar Industrial Estate

By Nasir Jamal






THE Punjab Industrial Estates Development and Management Company has acquired land for developing four modern industrial estates offering ‘state-of-the-art’ infrastructure in as many cities of the province.
The work on these estates being developed in Rahim Yar Khan, Bhalwal, Vehari and Gujrat will commence in the next three to four months, PIEDMC chairman S.M. Tanvir told Dawn last week. “The objective of developing these industrial estates is to provide the intending investors with modern infrastructural facilities for setting up factories and helping kick-start economic activities and growth in the province,” he said.

The company has already signed MoUs with prospective investors interested in setting up industrial units in these areas once the estates are completed.

“The signing of MoUs is important because it helps us assess the need for industrial estates in a particular area,” Mr Tanvir said.

He said the estates will help to create hundreds of thousands of new jobs and bring down the poverty levels in the province. “We intend to carry out all these projects with funds generated by the PIEDMC from the sale of plots in the first such modern industrial estate developed at Sundar near Lahore.

We will not take any funds from the provincial government for this purpose and leverage our own resources for the new estates,” Mr Tanvir said, pledging to develop one modern industrial estate in all the districts of the province.

“It is crucial to create modern industrial infrastructure in all the districts to tap the economic potential of that particular area. The citrus growers of Sargodha will not come to Lahore to set up their plants here. They need infrastructural facilities in their own area,” he underlined.

Mr Tanvir, who is credited to have turned around the PIEDMC as a rare successful model in the public-private partnership mode in last one year, claims that the development of the industrial infrastructure is necessary for attracting domestic entrepreneurs and foreign direct investment (FDI) in manufacturing sector in the province for economic growth.

Several multinational companies have plans to set up their manufacturing facilities at the Sundar Industrial Estate (SIE) near Lahore.

He pointed out that the present PIEDMC management has successfully wooed 150 domestic and foreign companies to set up factories at the SIE, the first project completed by the holding company established under the previous government in 2003.

He said investors prefer to go to places where all facilities they need to start their business are available under one roof. Additionally, several investors from China, Turkey, Italy, Switzerland and Thailand have shown keen interest in acquiring land at the SIE for establishing their units, he said.

He said those who had purchased plots at the SIE were reluctant to construct their factories because of economic downturn in the country, higher interest rates and energy crunch before the management under him took over the control of the PIEDMC.

“Some were waiting for the land prices to rebound to make profit by selling their plots. First, we revamped the PIEDMC by empowering its board of directors, appointing a new chief executive officer and rightsizing the staff to make it a vibrant entity. Later, we adopted a carrot and stick policy to force the plot holders to either return their plots to the PIEDMC or start setting up their factories.

As a result of our policy as many as 108 factories at the SIE have already begun production,” Mr Tanvir, a lead ing textile businessman, said.

Moreover, the new management has also successfully generated a substantial amount of cash for undertaking new projects, he said.

He said the PIEDMC is planning to provide solution to the problem of power shortages to the industries to be set up at the estates managed by the PIEDMC. “Initially we are considering to set up at least two coal-based power plants having capacity of 50 megawatts each at Sundar and Bhalwal for ensuring uninterrupted and cheaper supply of electricity,” he said.

The recent Council of Common Interest (CCI) decision allowing the provinces to set up power projects has facilitated the PIEDMC plans to undertake these projects.

He said the company is also working to provide missing facilities to the businessmen having their units at the Multan Industrial Estate (MIE) by restarting the stalled work there. He said the PIEDMC will generate a substantial amount of money from the sale of 258 plots at the MIE. “This money will also be leveraged for the development of new estates in the rest of the province.” In addition to the industrial estates, the Punjab government plans to develop a new industrial estate along the Lahore-Islamabad Motorway.

It has allocated Rs2.5 billion for the purpose of acquiring 10,000 acres of land for the proposed industrial estates where Chinese investors have expressed their interest to set up manufacturing facilities. The project is also likely to be managed by the PIEDMC.
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Old June 22nd, 2011, 12:49 AM   #1412
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Development projects: British groups to invest 2.5b in Pakistan

British groups will make investments worth 2.5 billion pounds in several projects in Pakistan and their business headquarters will be established in Karachi, said Deputy High Commissioner Francis Campbell.

A four-member delegation from the United Kingdom, led by Campbell, met Chief Minister Qaim Ali Shah at Chief Minister House on Monday. Campbell said that the firms are keen on putting their money in energy, power generation and mining projects. According to Campbell, President Asif Ali Zardari encouraged investors to come forward during his last visit to the UK.

He said that the countries would also share agricultural technology and methodology to help Sindh acquire maximum yields. He hoped that the infrastructure and facilities provided by the Sindh government at the Thar coalfield would help investors since jobs will be given to people in the area.

The chief minister briefed the delegation on security for diplomats and said that a plan has been chalked out for all diplomatic enclosures. The delegation included a political counsellor, Jehua Roper, the additional deputy head of mission, Jasper Thornton, and Shahryar Khan Niazi.
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Old June 26th, 2011, 05:32 PM   #1413
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South Korean Lotte Group plans foreign investment in Pakistan

Lotte Pakistan Limited which started operations in Pakistan in the year 2009, plans to make further investment in its Purified Terephthalic Acid (PTA) plant at Port Qasim in Karachi.

"We want to invest for a new PTA plant at the same site at Port Qasim,” said Lotte Pakistan PTA Limited Executive Director Jung Neon Kim talking to reporters on Saturday.

“We expect positive and favourable response from Pakistan government in order to make further investment as well as expansion. We are focussing on Sindh and Punjab provinces in hydro engineering and hydro power projects construction for supply to Pakistani industry," he added.

Kim said South Korean Lotte Group delegation visited Pakistan for talks in February last.

"We are looking for consistent government policy and expect more incentives for foreign investment in Pakistan." he added.
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Old July 9th, 2011, 11:16 PM   #1414
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China to enhance investment in energy, infrastructure

China should enhance investments in energy and infrastructure of Pakistan and take more steps that benefit Islamabad from Beijing’s boom.

Raza Khan, Chairman Coordination FPCCI Friday speaking at a farewell reception in honour of the outgoing Director Visa Section, embassy of the People’s Republic of China in Islamabad Xiang Shan, and to welcome incoming Director Visa Section Guan Zhongqi said our culture is different yet we are incomplete without each other therefore Chinese people and businesses need to expose them more to Pakistanis for a better experience, closer interaction and endearing friendship.

Pakistan’s future is tied to the highly successful and economically powerful China and improved translation technology can help bring people of two brotherly countries. Xiang Shan assured China would continue to play a key role in Pakistan’s development and exchanges will be augmented.
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Old July 10th, 2011, 04:12 PM   #1415
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MoU signed for rickshaw financing



A Memorandum of Understanding (MoU) has been signed between ORIX Leasing Pakistan Limited, Sazgar Engineering Works Limited, SKP Consulting Limited & dealers of Sazgar Rickshaw to jointly launch ORIX-Sazgar Ijara services for rickshaw financing in Lahore.

Under the project, which has been facilitated by SKP, ORIX shall finance Sazgar Rickshaws in Lahore region under Ijara financing with a low down payment and balance repayable in 36 monthly installments with Takaful coverage. The Ijara product is specifically targeted to provide respectable employment and income generating opportunities for the low income households and also with a view to facilitate the commuters of local transport. ORIX & Sazgar have shown interest in expanding this programme to other parts of the country and also to seek potential of partnership in South East Asia.

ORIX Leasing Pakistan Ltd (OLP), a subsidiary of ORIX Corporation Japan, has been operating in Pakistan since 1986, offering a wide range of financial services fro corporate & industrial sectors of the country with special focus on SME financing. Under its Micro Finance Programme, the company has disbursed Rs 1.41 billion to over 43,000 clients for income generating purposes since 2003 with funding assistance from Pakistan Poverty Alleviation Fund (PPAF).

The company has been an active partner of Swiss Agency for Development & Corporation (SDC) in promoting Micro Leasing in Pakistan since 1999. OLP’s Micro Finance Division holds a healthy portfolio of over 18,500 active loans with an outstanding amount of Rs 224 million. Sazgar Engineering Works was incorporated in 1991 as a private limited company and converted into public limited company in 1994. It is listed on all stock exchanges of the country since 1996.

Sazgar is a market leader in CNG 4-Stroke Auto Rickshaws in Pakistan. The company has developed a new generation environment friendly CNG 4-stroke rickshaw. After the 4-stroke rickshaws were launched in September 2005, Sazgar faced competition from Indian, Chinese & Thai technology. Due to Sazgar’s constant R&D, attractive design, passenger & driver comfort and low maintenance, it became the market leader within 2 years of production and started exporting its products to various countries, which had been dominated by Indian rickshaws for the past two decades. It is an achievement for Sazgar that its rickshaw is the only vehicle from Pakistan, which has ever been exported to Japan.

SKP Consulting Ltd (SKP) is one of Pakistan’s oldest and largest consulting firms with over 25 years experience in the business services sector. The company is one of the few consulting firms in the country, which are actively involved in the export of services to foreign clients. Various services such as management & financial consultancy, human resource consultancy, virus protecting services, business process outsourcing and corporate law services have been offered by the company.
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Old August 5th, 2011, 06:45 PM   #1416
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Yamaha to invest $150m in Pakistan

Yamaha, a Japanese auto company, would invest $ 150 million to establish manufacturing plant of motorcycles in Pakistan.

This was revealed at a meeting by visiting three-member delegation of Yamaha comprising Sumioka Ryouichi, Executive Officer, ITO Yasushi General Manager and Highuchi Yakeshi Senior Manager who called on Chairman Board of Investment, Saleem H Mandviwalla here on Tuesday.

Later, while talking to the media, the Chairman BOI informed that M/s Yamaha Japan has approached Board of Investment through our mission in Japan with the proposal to manufacture Yamaha Motorcycle in Pakistan. He said that M/s Yamaha would like to invest $ 150 million to establish their manufacturing facility of world renowned motorcycle in National Industrial Park, Bin Qasim, Karachi, by acquiring 50 acres of land. The motorcycle manufacturer will have EFI engine, Automatic Transmission, Water Cool & Environment Friendly Exhaust System meeting European standard in this plant.

"It will not only meet the demand of Pakistani market but will also enable them to export their models to various CIS countries. The Chairman BOI informed that keeping in view the current fuel and energy situation in Pakistan, Yahama will produce the state of the art motorcycles with less fuel consumption of Rs. 10 per 30min drive which covers the distance of 40-50km.

He stated that President of Pakistan during his visit to Japan on February 21-23, 2011 also held meeting with Yamaha officials and ensured that government has framed the rules and procedure for the foreign investors in the auto sector. The BOI is working to frame a policy rest on production of high technology products with environment and consumer satisfying features.
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Old August 7th, 2011, 12:27 AM   #1417
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POSCO to invest $200 mn for expansion of Tuwairqi Steel Mills

ISLAMABAD: Chairman Board of Investment (BoI) Saleem H. Mandviwalla said on Friday that, South Korea's POSCO, the fourth largest steelmaker in the world, would invest $200 million to expand the production capacity of Tuwairqi Steel Plant in Port Qasim, Karachi.
He stated this after a meeting with a delegation of POSCO Ltd. of South Korea headed by Baek, SVP, POSCO, who called on Saleem H. Mandviwalla here on Friday.

In this regard, he informed that an MOU of joint venture between Posco and Tuwarqai will be signed by next month in the presence of Government of Sindh.

The JV of the companies to producing steel products for automobiles and construction goods is set to be completed in 2015 with an annual production capacity of 2 million tonnes.

The POSCO in Pakistan will be a great success not only in monetary terms but its position as a technology leader in the steel sector from which Pakistan can benefit to a larger extent.

The gap between demand and supply is met through imports and the demand for steel products is around 8.00 million tonnes against the supply of around 2 million tones, said by Chairman BOI.

Baek, SVP, POSCO Korea affirmed that the construction unit POSCO Engineering & Construction will build the plant with the side aim of winning other such plant deals in Pakistan.

Informing about POSCO, he said, current steel production of POSCO is around 37 million tonnes per annum whereas in 2010 its revenues stood at $45 billion.

It has been ranked at 4th position among all the steel producing companies of the world whereas it is the top position in Asia.

The POSCO has its presence in a number of countries such as China, India, Myanmar, Japan, Malaysia, Mexico, USA, Australia, Canada and Vietnam.

Both POSCO and Al Tuwairqi Holding of the Kingdom of Saudi Arabia (the parent company of TSML) are in the steel business.

POSCO has been in the steel business for the last four decades whereas Al Tuwairqi has been in the business since the late 1980s.

Al Tuwairqi Holding is establishing a state-of-the-art steel complex with an operational capacity of 1.28 million tonnes per annum of DRI plant in the first phase at Port Qasim in Karachi.

http://www.brecorder.com/pakistan/bu...eel-mills.html
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Old August 7th, 2011, 06:53 PM   #1418
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Chinese investment in Pakistan crosses $25 billion mark


Chinese investments and projects in the country amounted to US$ 25 billion which were multiplying with each passing day.

A complete consensus exists among political leadership of the country to maintain cordial relations with China, former state minister for foreign affairs, Inamul Haq said on Friday.

Addressing a seminar titled, “Regional Development and Sino- Pak Relations,” here at Sir Syed Memorial Society, he said Chinese investments and projects in the country amounted to US$ 25 billion which were multiplying with each passing day.

“I believe that the US will not leave Afghanistan which is a center from where they can watch China, Pakistan, Iran and other important regional players.Afghanistan is home to billions of gold and copper reserves while same is the case with Pakistan which has untapped reserves of gold, copper, oil and gas worth billions of dollars,” he added.

Prof. Zhong Rong highlighted the Chinese government’s efforts to ensure economic development in Xinjiang province. He said China was going to invest billions of Yuan in Xinjiang to raise the GDP ratio and per capita income of the people of Xinjiang Province.

He said Kashghar would become an economic hub and regional cooperation after the central government had announced tax-holiday in Kashghar.

Former Foreign Secretary Riaz Khokar said Sino-Pak friendship was like a rock and enduring and that was the reason that attempts were being made to undermine this exceptional relationship.

Khokhar said the Kashghar incident was tragic but the way some western and Indian media outlets had published reports about the incident from unnamed Chinese source was odd despite the fact that the Chinese officials had contradicted these reports.
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Old August 11th, 2011, 08:47 AM   #1419
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Nestle Pakistan Aims to Fend Off Engro by Doubling Dairy OutputQBy Haris Anwar - Aug 10, 2011 3:00 PM ET .
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Nestle SA (NESN), the world’s biggest food company, plans to double dairy output in Pakistan by spending 300 million Swiss francs ($413 million) over the next three to four years as it looks to fend off local rival Engro Foods Ltd. The investment will be used to build new milk factories, Ian Donald, managing director at Nestle Pakistan Ltd. (NESTLE), said in an interview in Lahore. The money will also help boost Nestle’s juice, yogurt and noodle businesses, he said.

The spending is part of Nestle’s push to expand its packaged-milk business, which includes the country’s largest milk collection network. Consumer food companies are benefiting as marketing campaigns and rising incomes spur consumption of packaged food.

“The opportunity to grow in Pakistan is still enormous,” Donald said. “We’ve a very bullish view on Pakistan, and will invest quite aggressively in production capabilities in the next three to four years.”

Nestle’s sales in the South Asian country grew 25 percent in 2010 to 51.5 billion rupees ($597 million).
The maker of Kit Kat chocolate and Nido powdered milk is facing growing competition from Karachi-based Engro Foods in the dairy segment and Coca-Cola Co. and PepsiCo Inc. in the bottled water and fruit juices businesses, according to data provided by London-based Euromonitor International. Engro Foods, established in 2005, was the second-largest seller of drinking-milk products in Pakistan in 2010, according to Euromonitor.

‘Stimulating Growth’
“The market is relatively underdeveloped,” Donald said. “So the fact that Engro and other names are entering the market is actually a very good thing. The fact is that they all together are stimulating growth in the packaged food segment.”

Engro Foods last week reported net income of 99 million rupees in the three months ended June 30, compared with a loss of 165 million rupees a year earlier. Sales climbed 46 percent to 7 billion rupees in the quarter.

Nestle Pakistan has more than doubled in market value in the past 12 months and is the best performer on the Karachi Stock Exchange 100 Index.

“It’s a common perception that China and India are much bigger in terms of growth than Pakistan,” Donald said. “But for Nestle, the per capita consumption of our products in Pakistan is twice as much as we have in China and India.”
‘Dairy Farms’
The company expects future growth will come from milk, baby-food, water and noodles. It is also expanding into new categories including spices and coffee, Donald said.

“We see more and more dairy farms of bigger scale coming up and farmers are getting better knowledge,” he said. “This is slowly beginning to close that gap on demand.”

Nestle Pakistan, established in 1988, has five factories spread across the country, according to the company’s website, and employs more than 2,700 workers.

Nestle’s growth in Pakistan has been slowed by poor security in the country’s biggest cities and power blackouts of up to 12 hours each day. The company lost nine days of business in Karachi last month when retail trade remained virtually closed in the country’s commercial hub because of ethnic and sectarian violence, Donald said.

“What we are getting is a strong double-digit growth,” he said. “Imagine what it could have been if we didn’t have huge unrest in Karachi, security issues in Quetta and Peshawar.”
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Old August 11th, 2011, 04:43 PM   #1420
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Nestle was supposed to reach about a $1 billion in sales in Pakistan around 2010 or maybe eariler. I saw their growth charts (they showed at a career fair), and it was mind-boggling how they were growing every year! Exponential growth for 10 years, never heard of it.
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