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Old October 11th, 2010, 11:14 AM   #1381
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Multinationals to get plots at Sundar Estate

CONSCIOUS of the presence of the state of art infrastructure available at Sundar Industrial Estate, more than half a dozen multinational companies have approached the Punjab Industrial Estates (PIE) management for allotment of industrial plots. According to a PIE spokesman, facilities of one-window operation coupled with prompt and transparent response of the management has encouraged the multinational companies. An added attraction in the Estate is availability of dedicated rescue 1122 facilities, round the clock security and patrolling within the perimeter and complete absence of crime.

He said that the utility connections like electricity and water connections were provided within one week whereas Sui gas connections were facilitated by PIE staff. Very reasonable load management due to PIEís own 132 KV grid station is yet another factor influencing the companiesí choice.

ìWith the shifting of PIEís Head Office to Sunder, the development and management of the estate will receive a fillip. It is the managementís estimate that in the next six months, nearly US$ 100 million worth of FDI will arrive in Sunder. This will create thousands of jobs and add billions to Punjabís GDPî, he added.

He mentioned that the Tetrapak, spread over 42 acres at Sunder is shortly entering into trial production, this will be a significant landmark in SIEís industrialization process, PIEís spokesman said. The multinational companies being allotted plots from five to ten acres are; BOC, Great Britain, CHT, Germany, Kingspan, Turkey, Shezan International, Amintech, Raaziq International, SYKA, Switzerland and TUP Plastic, Thailand.


Source: http://www.thenews.com.pk/11-10-2010/lahore/9366.htm
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Old October 30th, 2010, 01:50 PM   #1382
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Govt to welcome Chilean investment in Reko-Diq project: PM

Prime Minister Syed Yusuf Raza Gilani Friday reiterated the government’s resolve to explore all possible opportunities to attract investment as well as to utilize the natural resources of country for the economic prosperity of people.He was talking to a delegation of Consortium of Mineral Exploring Company which led by Mr. Andronico Luksic, Vice Chairman, Board of Directors, Banco De Chile called on him here at the PM House on Friday.Other members of the delegation included Mr. Gerhard Von Borries, Chief Executive, and Director, Corporate, M/s Tethyan Copper Company.
The Prime Minister said that Pakistan really wants foreign investment and intends to encourage the best firms and companies which can give the best results. It is with the same intention that the government has prepared investor friendly policies and opened up various sectors for the interested investors, he added.
The Prime Minister said that it was an encouraging sign that the foreign companies wanted to avail the investment opportunities in the mineral sector in Pakistan for their mutual advantage.
Pakistan has a vibrant private sector best suited for public-private partnership for the good of the people of both countries, he added.
The Prime Minister assured full support and fair deal in handling the Reko-Diq project and would provide all possible cooperation for early launching of this mega project.
Mr. Andronico Luksic informed the Prime Minister that the company would invest $ 3.5 billion over the four years in the Reko-Diq project that would contribute a lot for the socio-economic development of Balochistan.
He also apprised the Prime Minister about his meeting with the Chief Minister Balochistan and termed it very positive. He expressed his gratitude to the Federal Ministers for Petroleum and Natural Resource and Finance and greatly appreciated their help and cooperation in this regard.
He recalled his recent visit to Balochistan and dispelled the media perceptions about the law and order situation prevailing in Balochistan.
He further informed the Prime Minister that the security situation in Balochistan is very congenial and people of the area are friendly and cooperative.
Mr. Andronico Luksic said that he would like to invite the Chief Minister of Balochistan and the Federal Minister for Petroleum and Natural Resources to Chile for exploring the possibilities of cooperation in the mineral exploration sector.
Minister for Petroleum and Natural Resources Syed Naveed Qamar, Minister for Finance Dr. Abdul Hafeez Sheikh and Chairman, Board of Investment Saleem H. Mandviwala were also present during the meeting.


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Old November 30th, 2010, 04:20 PM   #1383
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Zardari for barter trade with S Lanka

* President offers Sri Lanka assistance in cement, sugar, dairy industry and infrastructure development

* Says barter trade would ease pressure on foreign exchange reserves


Pakistani President Asif Ali Zardari called for a barter agreement with Sri Lanka on Monday to boost trade between the two countries and offered it help in cement, sugar and dairy industry.

Zardari, during the third day of his visit to the island, told legislators that they should switch to exchanging their goods and services rather than depend on dollar-denominated import-export trade that drew on foreign reserves. “If you have anything in abundance we can trade (with that),” Zardari told the Sri Lanka-Pakistan Parliamentary Friendship Association. “We have an abundance of cement, you have tea and other commodities that we can exchange.”

Addressing the 30-member multiparty caucus from both the countries established in 2007, Zardari said the two countries needed to go for a win-win situation for both. He said by going for barter trade, the two countries do not have to pay each other in dollars, lessening the pressure on their foreign exchange reserves. “We want to be friends forever,” he told the parliamentarians.

The president said “unlike the investors who come and take back their money, Pakistan is offering a win-win relation as it is the only way that is acceptable to both the sides.” He mentioned a great sharing between the democracies of Pakistan and Sri Lanka, and said Pakistan admires Sri Lanka’s long and honourable tradition of democratic rule. “It is my strong belief that our two democracies share a lot with each other. There is a lot that binds us,” Zardari said.

Zardari offered assistance to Sri Lanka in cement, sugar and dairy industry and urged Pakistani and Sri Lankan businesses to benefit from liberal trade policies of either country, through joint ventures and investment. Addressing a business forum, comprising leading business personalities and corporate leaders of Pakistan and Sri Lanka, the president said Pakistani investors were keen to explore several new sectors. The president held closed-door talks with President Mahinda Rajapakse and discussed increasing trade and defence cooperation, the Sri Lankan president’s office said.
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Old December 1st, 2010, 10:25 PM   #1384
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Sweden intends to invest $300 mn in Pakistan

The Swedish government intends to have investment of dollars 300 million in Pakistan.

This was stated by the Swedish Trade Minister, Ms. Ewa Bjorling, on Wednesday, says an official statement.

She was leading a high level 29-member trade delegation of Sweden which held a meeting with team of Sindh Government at the Chief Minister House here.

The Sindh Government team included Advisor to C.M. for Information, Ms Sharmila Faruqui, provincial secretaries of Irrigation and Power, Live-stock and Fisheries, and Planning and the Secretary to Sindh Chief Minister.

Sweden's Minister of Trade thanked the Sindh Government for the warm welcome of delegation and said that her delegation is on visit of Pakistan for exploring the possibilities of investment.

She said that the Government of Sweden intends to have investment of $300 million in Pakistan.

Ms. Ewa Bjorling, said that her country wants to participate in projects of energy sector particularly the solar and wind energy, losses of transmission lines, education, particularly the technical education, tourism, industries, agriculture, public- private partnership, livestock, fisheries sectors.

Sweden's Minister for Trade further informed that the delegation comprised 700 various companies participating in Stockholm Chambers of Commerce, Swedish Trade Council, Atlas Copco Rock Drills AB, Export& Trade SAAB AB, Swedish Export Credits Guarantee Board, Ericsson, Solarwave, Jonkoping Business School, Shanbka, Swedfund and others.

She stressed the need of coordination and collaboration in all fields and said that Swedish team will further meet after one month and necessary matters will be discussed to finalise the further process.

Earlier, Sindh Finance Minister Syed Murad Ali Shah welcomed the Swedish Trade delegation and briefed them about socio-economic situation of Sindh province.

He said that the economy of Sindh province depends on agriculture and majority of population lives in rural areas.

Syed Murad Ali Shah further informed that the urban areas had entered in industrial sector with the result there is rapid growth of industries.

He added that there is problem of energy and power, for which the government has initiated scheme of Thar Coal and energy project where many investors have come forward and work has been started.

He further said that gasification and power generation is expected upto March 2011. Secretary (Planning) Ms. Naheed Shah Durrani also briefed the delegation about various projects and said that the provincial government will extend guarantee and will provide land for projects.

She said that government is also encouraging investments in various sectors.

She said that except Karachi, the remaining areas are lacking the development for which there is need of development, including in remote areas.

She said that there is scope of furtherance in the field of education particularly in Technical Education.

The meeting was also addressed by participants of Trade delegation of Sweden including Minister for Trade Ms Ewa Bjorling, State Secretary for Trade Gunnar Oom, Ambassador, Embassy of Sweden Ulrika Sundberg, Political Advisor, Ministry of Foreign Affairs Gustave Anisson.
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Old December 2nd, 2010, 03:30 PM   #1385
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Pak, China to launch new FYDP, agree proposals of over $13bln projects

Pakistan and China here on Thursday agreed to launch New Five Year Development Plan (FYDP) besides approving the proposals for 36 projects worth $ 13285 million in various fields of economy to further boost bilateral economic cooperation between the two friendly countries.The Pak-China Joint Committee on Economic, Trade Scientific and Technical Cooperation (JEC) held its 14th session here under the co-chairs of Finance Minister Dr. Hafiz Shaikh and visiting China International Trade Representative, Ministry of Commerce, Gao Hucheng.
The proposals of the projects the JEC agreed upon are related to development of industry, water and energy, agriculture, fisheries and communication.
The JEC also agreed to boost exports from Pakistan to China by providing tariff relaxation through Free Trade Agreement, Dr. Hafiz Shaikh and Gao Hucheng said while addressing a joint press conference here after JEC session.
Dr. Hafiz Shaikh said that China would also send purchasing missions to Pakistan to book orders for exports and facilitate Pakistani exporters to visit China and participate in trade fairs to explore markets for their products besides building capacity of the exporters.
In addition, the JEC agreed to enhance Chinese investment in various sectors of country’s economy including agriculture, electricity finance, mining and infrastructure, he added.
Hafiz Shaik said that the bilateral trade between the two countries was $6.2 billion that has been witnessing 30 percent increase on yearly basis adding that the JEC agreed to help boost balanced trade between the two countries.
Hafiz Shaikh appreciated the immediate response of the Chinese government in provision of relief goods for the flood victims and the announcement of $250 million grant for the reconstruction of infrastructure destroyed by the floods.
He said that the concerned authorities of the both the countries would meet soon to fix priorities for spending this post-flood assistance for the development of flood-hit areas.
Speaking on the occasion, Gao Hucheng said that Pakistan and China were enjoying all weather friendship and the increasing economic and trade relations between the two countries were the proof of this warmed friendship.
He said China was the first country that reached to the victims of flood besides announcing $250 million support for developing the infrastructure destroyed by the floods that wrecked havoc in the country.
Gao appreciated the ongoing economic and trade cooperation between Pakistan and China and noted that significant progress has been made in the fields of economy and trade cooperation since holding of 13th JEC in April 2007.
Gao said that although trade between the two countries was in Chinese favour however, efforts would be made to encourage balanced trade by enhancing Pakistani exports to China.
The JEC reaffirmed strong support in advancing cooperation between the two countries in trade, economic, scientific and technical sectors as guided by the mandate of the Joint Commission.
The JEC reviewed the ongoing FYDP and appreciated that a large number of mega projects of strategic importance have been completed under this programme.
Both the sides reiterated that economic cooperation between the two countries was a major contributing factor in bringing the people of Pakistan and China close to each other.
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Old December 9th, 2010, 05:19 PM   #1386
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France agrees to invest in hydel, communication sectors in KPK

France agreed to invest in hydel and communication projects in Khyber Pakhtunkhwa (KPK) on long term basis and the provincial government will extends all out assistance in this regard.

This was agreed during a meeting of French ambassador to Pakistan Daniel Jouanneau who called on Chief Minister Khyber Pakhtunkhwa Ameer Haidar Khan Hoti Wednesday.

Matters pertaining to collective security situations and terrorism, look after and returning of IDPs, rehabilitation of flood affectees, reconstruction activities, bilateral relations, developmental planning, valuable natural potential of the province and French assistance for flood affectees came under discussion during the meeting.

The French ambassador lauded commitment of people and government of the province for successfully facing other challenges like terrorism and floods.

The chief minister said evil designs of the terrorists unveiled to the people due to successful strategy and policy of the government for the last two years adding which resulting gradually building up national thinking and the terrorists in dismay are now targeting people particularly those who are fully active against them.

The chief minister said, the donors were requested for self-monitoring of planning to implementation of project for assistance of flood affectees in a meeting of PDF in order to ensure distribution of assistance transparent from all respects. Taxation system also came under discussion.

The chief minister said the government had decided to utilize hydel resources as there are enormous opportunities in this sector adding future of the province is linked with hydel, oil and gas production. Moreover, he said a development opportunity in minerals and tourism sectors also existed.

The chief minister welcomed France wish for investment in communication sector and said Southern By-pass in Peshawar will soon be accomplished with American assistance adding practical work on it will commenced shortly.
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Old December 9th, 2010, 05:20 PM   #1387
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Foreign investment declines 36% during first four months

Foreign investment in Pakistan has witnessed a decline of 36 percent during first four months (July-October) of the current fiscal year 2010-11, which declined from $885 million in 2009-10 to $569 million in 2010-11, revealed a foreign investment report presented in the Economic Coordination Committee (ECC) of the Cabinet.

Foreign private investment during July-October period of last fiscal year 2009-10 was recorded at $895 million, which decreased to $608 million in the same period during the current fiscal year 2010-11, showing a negative growth of 32%.

Foreign direct investment (FDI) in the country during July-October period of last fiscal year 2009-10 was recorded at $596 million and latest figures revealed that FDI has also witnessed a decline of 22% — recorded as $468 million in the same period of ongoing fiscal year 2010-11.

Portfolio investment in the country has also witnessed a 53% decrease during July-October period of fiscal year 2010-11, which totaled $298 million against $140 million in the last fiscal year 2009-10.

Foreign public investment has been recorded at negative $10 million during July-October period of last fiscal year 2009-10 against negative $39 million during Jul-Oct period of 2010-11.

Region-wise comparison of foreign investment in Pakistan during July-October period of the current fiscal year against the same period of last fiscal year 2009-10, which showed that investment from EU countries declined from $146 million to $104 million, showing a decline of 29%. Foreign investment from North American countries also witnessed a decline of 43% and declined from $134 million to $76 million. Foreign investment from East Asian countries excluding China, however, showed a growth of 550% and increased from $14 million to $91 million during the said period of ongoing fiscal year 2010-11. Investment from Middle East countries also improved by 51% and totaled at 83 million from $55 million. Foreign investment from China which was a negative $5 million in Jul-Oct period of 2009-10 have improved to just $4 million in the said period of 2010-11.

Foreign direct investment from United States, Germany witnessed a decline, however, FDI from UAE, UK and France has increased during Jul-Oct period of 2010-11. According to the details, FDI from United States declined from $134 million to $76 million, FDI from Germany declined from $8 million to $1 million, FDI increased from UAE from $55 million to $83 million, UK $76 million to $87 million and France $2 million to $3 million.

Oil and Gas exploration sector has managed to attract foreign investment totaling $150 million however, this has declined from $172 million in Jul-Oct period of last fiscal year. FDI in financial business increased from $4 million to $16 million, textile $7 million to $8 million, power sector investment declined from $59 million to $43 million, however, increased in communication sector from $34 million to $39 million.
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Old December 10th, 2010, 01:37 PM   #1388
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Russia, China keen on expansion project of PSM

Pakistan Steel Mills (PSM) has received Expression of Interest (EoI) from 10 companies including China and Russia to boost its production from the present 1.1 million tonne per annum to 1.5 million tonne per annum.

“After appointing a consultant from international market for evaluating the Expression of Interest, the process of awarding this contract to a foreign company will be completed within the next three months,” CEO PSM, Imtiaz Ahmed Khan Lodhi said.

In this regard, PSM management has already given a detailed presentation to Federal Ministry of Industries and Production, and the Planning Commission of Pakistan, he said in an interview on Thursday.

According to CEO Pakistan Steel, after starting work on the first phase of expansion, the entity will initiate a second phase named Green Field Project to double its production capacity to 3 million tonne per year.

He said PSM has succeeded in restoring the confidence of foreign suppliers of raw materials (iron ore and coal) — with import bills amounting Rs 800 million.

PSM, he said, has also been approached by private firms registered in Brazil, Indonesia and others for supply of raw material.

Pakistan Steel, a state-run leading industry, was set up with cooperation of former Soviet Union in early 1970s near Port Qasim.

“Next month we will be in a no-profit-no-loss position. By the end of June 2011, Pakistan Steel will have a small net profit on its accounts,” Imtiaz Ahmed Khan Lodhi said.

Pakistan Steel has also repaid all its loans and is utilising its own resources to generate funds complemented with various effective budgetary and administrative measures to strengthen its liquidity position.

It has made procedures/polices very transparent especially of procurement to check possible corruption. Third party certification of raw materials has also been introduced to achieve the results.

With re-commissioning of its battery “Coke oven-I”, in February 2011, the Mills’ production will rise to 1.1 million tonne per year. PSM, at present, is operating at 50 percent capacity. With further improvement in raw materials stock position, the Mill will use its 60% capacity next month and in January 2011, it is expected to touch 70% of its total production capacity.

The Coke oven-I has been repaired at a cost of Rs 1.5 billion with the help of Russian experts. From next month, PS Billet Mill is expected to produce 0.3 million tonne billets per month.

PSM has been catering up to 20% of total steel demand of the country. For increasing its share in the market, the entity has started diversification of the products. Now, it will make improved quality sheets to beat the competitors within and outside the country. PSM has already an edge over other steel mills in private sector. PSM could influence the local steel market as its prices work as benchmark. It produces billets, hot rolled sheets and galvanised iron sheets, besides, selling its by-products, that is, coal tar, ammonium sulphate, slag and coke. PSM is the sole source of this coke for small steel units and foundries engaged in making wide range of steel products in the country, Lodhi said.

The Mills’ management has devised a new price fixation system with full transparency to ensure better profit margins. “PSM management has focused on developing and promoting indigenous sources of raw materials to cut its raw materials bill, ensure its availability and save foreign exchange for the country,” he added.

In local cases, PSM has to pay bill within one week after shipment of raw material whereas in foreign suppliers cases, the advance payment is needed and the price is also high. The local procurement will also help promote domestic industry and create jobs for the local people.
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Old December 16th, 2010, 08:13 PM   #1389
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Cabinet approves agreements with 7 countries in multifarious sectors

The federal cabinet approved agreements with China, Kazakhstan, Turkmenistan, Thailand, Poland, Korea and Senegal in areas of trade, defence, military training, security, technology, human resource development and environment.Prime Minister Syed Yusuf Raza Gilani presided over the meeting of the cabinet at the Prime Minister Secretariat here on Wednesday.The cabinet meeting reviewed the implementation status of cabinet decisions pertaining to Ministries of Education and Finance and observed that 10 decisions pertaining to five divisions were still under implementation.The Cabinet ratified the decisions of the Economic Coordination Committee during its meeting held on December 7, 2010. These included lifting of ban on export of wheat/wheat products by the private sector.

In case of subsidy, wheat will not be picked by the Government. FBR, Ministry of Commerce and State Bank of Pakistan will monitor the exports.
The Cabinet also ratified Memorandum of Cooperation signed between the Ministry of Trade and Foreign Economic Relations of Turkmenistan and the Ministry of Commerce of Pakistan to promote trade between the two countries.
The cabinet gave approval to finalize the draft of Memorandum of Understanding (MoU) on the Establishment of Joint Trade Committee between the Government of Thailand and the Government of Pakistan with a view to improving the balance of trade between the two countries. Pakistan exports stand at US$ 89.310 million against imports of US$ 586.375 million from Thailand during financial year 2008-09.
The Cabinet considered and accorded its approval for negotiations on draft agreement between Ministry of Defence of Kazakhstan and Pakistan on “Training of Military Personnel of the Armed Forces of Kazakhstan at military educational institutions of the Ministry of Defence, Pakistan.
The cabinet gave approval for negotiations on draft agreement between Pakistan and the Government of Poland with a view to enhancing the military and defence cooperation between the two countries.
The cabinet considered and accorded its approval to finalize the Inter-Governmental Framework Agreement for concessional loan for the procurement/installation of Non-Intrusive Vehicle X-Ray Inspection System (NVIS) between Government of Pakistan and Government of China. The equipment will be operated under close monitoring and supervision of Pakistan Nuclear Regulatory Authority as per their rules and regulations.
The cabinet gave its approval for signing of Inter-Governmental Framework with China for the funding of Safe City Islamabad Project.
The cabinet gave approval and ratified the signing ceremony of New Charter and Ownership Model of Asian Institute of Technology (AIT) between Government of Thailand and Islamic Republic of Pakistan.
Ambassador of Pakistan in Thailand was authorized through the Foreign Affairs to sign the new Charter of AIT.
The Cabinet approved the signing of MoU on Cooperation between Korea and Pakistan for Environmental Human Resource Development (EHRD). Korean Ministry of Environment was interested in signing of MoU on mutual cooperation for environmental education and development.
The Cabinet considered and accorded its approval for signing of MOU between China Radio International (CRI) and Pakistan Broadcasting Corporation (PBC) for broadcast on FM 93 (Islamabad, Lahore, Multan and Kohat) and the programmes shall be in Urdu & English.
The Cabinet approved the signing of the draft agreement between the Government of Pakistan and the Government of the Republic of Senegal on cooperation in combating Illicit Trafficking of Narcotic Drugs, Psychotropic Substances and Precursor Chemicals.
The cabinet approved the Membership of Intergovernmental Organization for International Carriage by Rail (OTIF) of Government of Pakistan and Accession to Convention on Intergovernmental Organization for International Carriage by Rail (COTIF) of Government of Iran and Turkey.
The aim of organization is to promote, improve and facilitate in all respects, international traffic by rail and achieve harmonization in technical field. 43 member states have already entered in this joint venture with ECO.
The Cabinet considered and accorded its ex-post facto approval to the request of Ministry of Finance for release of supplementary grant of Rs. 30 billion to M/s PEPCO. The payment has already been released to PEPCO as interest free loan for the period of two years for its urgent need.
The cabinet gave approval for the Supplementary Grant amounting to Rs. 150,00 million for 868 affected (Shaheeds/Injured) personnel of the Ministry of Interior throughout Pakistan.
The cabinet considered and accorded its approval for the Supplementary Grant of Rs. 5.2 million for “Commission of Enquiry on Enforced Disappearances”. Ministry of Interior incurred expenditure on the “Commission” out of available Budget Grant of MoI (NCMC) amounting Rs. 43.00 million.
The Cabinet gave its approval for the Supplementary Grant of Rs. 1.513 billion to clear pending liabilities for the year 2009-10 for payment of Internal Security Duty (ISD) allowance to troops of Frontier Corps deployed in operational areas.
The Cabinet also accorded approval for signing of MoU on cooperation between Pakistan and China in order to expand cooperation in the utilization, management, training, educational programmes and modernization of railways and to establish a long term cooperative relationship on the basis of equality and mutual benefits.
The Cabinet also approved signing of MoU in relation to development finance cooperation between Government of Pakistan through Ministry of Finance and M/S NTDC, and M/S China Development Bank and M/S TBEA.
The Cabinet accorded its approval for signing of MoU between Alternative Energy Development Board of Pakistan and M/S China Three Gorges Corporation to invest in solar and wind energy projects.
The Cabinet also gave approval for the initiation of negotiations and signing of MoU between Pakistan and China on reciprocal establishment of cultural centres.
The Cabinet accorded approval in principle to negotiate an MoU on cooperation between Pakistan and Russia in the fields of energy.
The Cabinet ratified the inter-governmental agreement on supply of gas from Turkmenistan signed by the President of Pakistan on December 11, 2010.
The Cabinet gave approval for signing of MoU between Ministry of Petroleum and Natural Resources of Pakistan and National Energy Administration of China for establishing an energy working group to carry out cooperation in oil and gas, coal, conventional power, renewable energy and other areas of cooperation as mutually agreed.
The Cabinet was apprised of the details of the visit of the Chinese Prime Minister and the agreements likely to be reached at between the two countries. The Secretary Foreign Affairs briefed the Cabinet on the programme of the Chinese Prime Minister and the high importance of the visit for mutual benefit of both countries.
Cabinet endorsed the decision of the ECC relating to the Ministry of Food and Agriculture, Water and Power, Commerce, Finance, Petroleum and Natural Resources, Industries and Productions and Economic Affairs.
The Cabinet also approved Maritime Cooperation Agreement between Pakistan and China.
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Old December 16th, 2010, 08:22 PM   #1390
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Sino-Pak trade to touch US $ 15 billion by 2012

The upcoming visit of Chinese Premier Wen Jiabao to Pakistan targets to set the trade volume between the two friendly countries at US$ 15 billion by 2012.Under the 5 years Development Programme launched in 2006 for strengthening of economic relations, the existing trade is to be enhanced to $ 15 billion by 2012.More than 62 different projects have been identified under this programme for investment in various economic fields and are at different stages of completion.In the last few years, investment of more than $ 1.3 billion was made by China in Pakistan.Over 120 Chinese companies have invested in oil, gas, IT and telecom, power generation, engineering, automobiles, infrastructure and mining sectors of Pakistan.

The companies included ZTE, Huawei Technologies Co Ltd, China National Machinery Imp/Exp Corporation, Metallurgical Construction Corporation of China, China International Water and Electric Corporation, China Mobile, China Petroleum, Sino hydro. TBEA, Dong Fang. China Roads and Bridge Corporation, China Harbor Engineering and Haier etc.
Important projects which had been completed with Chinese assistance included construction of large number of Hydel power stations.
Fertilizer plants, Heavy Mechanical Complex, Heavy Electrical Complex, KKH, Gwadar port, Ghazi Barotha Power Station and auto manufacturing while quite a few are likely to be added.
China being the second biggest economy of the world finds immense business opportunities in Pakistan as bilateral trade between the two countries had crossed the figure of US $ 7 billion.
Despite economic crisis, the positive trend of growth was maintained as the bilateral trade grew more than 30%.
Sino-Pak mutual experience of growth in trade is positive due to convenient trade flows and openness measures.
Trade and investment policies are liberal and generally WTO compliant.
China has become one of the top five import sources of Pakistan. Major imports from China are machinery, chemicals, garments and other textile products, stationery, construction materials like tiles, sanitary and crockery, etc.
Machinery and electrical appliances are the major parts of overall exports while Pakistan exports are dominated by fisheries, minerals,stones,textile products & cotton yarn etc.
Pakistan enjoys huge export potential to China due to advantages in agriculture, mineral, chemical, textile, fisheries and leather products.
Besides, Pakistan has comparative advantage in oil seeds, fruits, base metals, plastic goods and perfumery etc.
China has static advantage over Pakistan in machinery, transport equipments, chemical products, precious instruments, stone and plastic articles, home appliances, pearls, precious/semi-precious stones etc. Man-made filaments, space crafts and aircrafts provide dynamic comparative advantage to China.
Chinese enterprises are availing the liberal ‘Going Abroad’ policy and Pakistan could be one of the attractive destinations for various reasons for investment out of dedicated funds for adjoining markets.
ICBC, the world largest Chinese Bank by capitalization, has reportedly started the ground work for opening the branches in Pakistan.
There are clear possibilities of active Sino-Pak co-operation in the sectors like oil and gas, mining, financial sector, infrastructure, power (coal, hydel, gas based) IT and telecom, chemicals, fertilizer, glass, polymers, textile manufacture (value added), engineering goods, textile machinery, assembling of hybrid automobiles, electronics, automotives, fisheries, agricultural implements, agricultural and agro-based industry, food and fruit processing and packaging, livestock and dairy farming and pesticides.
A few most ambitious projects for the future are: the establishment of a railway link, development of a energy corridor, establishment of transit/trade corridor by using KKH as alternate trade route and collaboration in major infra structure projects like development/processing of coal on a large-scale and construction of big dams etc.
On account of the mutual common understandings, developed over a long period of economic co-operation, China and Pakistan have signed many bilateral agreements, like Free Trade Agreement, Bilateral Investment Treaty, Double Taxation Agreements, Customs related agreements/procedures, establishment of Pak-China Joint Investment Company, bilateral contracts, 5-Year Framework, MOUs in various fields & between various Ministries/Divisions of two countries and the Agreement on Trade in Services.
This involves a wider impact than the other trade and investment agreements. The trade and investment volume is going to increase after the implementation of this agreement, particularly in financial and technical services.
Many public/private enterprise have signed agreements and MOUs worth billions of dollars to cooperate and undertake joint ventures in various sectors, such as infrastructure, mass transit, communication network, finance, science & technology, chemicals, fertilizer, automobile, energy, and development of water resources and agriculture etc.
A few more are likely to be signed during the current visit of the Chinese Prime Minister to Pakistan.
Prospects of further consolidation of economic relations are bright as the two sides have a lot of potential for developments in a number of fields.
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Old December 16th, 2010, 08:23 PM   #1391
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Pak-China Business Cooperation Summit to attract $25bn investment

The Board of Investment (BoI) is expecting the Pak-China Business Cooperation Summit, scheduled on December 18, to attract $ 25 billion trade and investment from China in next five years. Premiers of China and Pakistan will preside over the Pak-China Business Cooperation Summit in Islamabad on 18 December 2010, said BoI statement Wednesday. Board of Investment is organising this summit in collaboration with Federation of Pakistan Chambers of Commerce and Industry, Trade Development Authority of Pakistan and China Council for The Promotion of International Trade. Almost 330 Chinese delegates and 200 representatives of Pakistan from different business sectors are expected to participate in summit, it said adding almost 23 MoUs are expected to be signed during the summit in different sectors. In B2B meeting, priority sectors for investment from China will include oil and gas, mining, infrastructure, power (coal, hydel, gas based), IT and telecom, chemicals (fertilizer, glass, polymers), textile manufactures (value added), engineering goods, textile machinery, assembly (automobiles), electronics, automotives, agricultural implements, agricultural and agro based industry, pesticides, cool chains, food and fruit processing and packaging, live stock and dairy farming.
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Old December 19th, 2010, 04:59 AM   #1392
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i still can't understand the link b/w the investment and construction of skyscrapers, can some body explain a little about this plz!!!!!!!!...
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Old December 21st, 2010, 04:14 PM   #1393
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China, Pakistan sign $20bn deals: minister
Quote:
AFP
December 17, 2010 (4 days ago)

ISLAMABAD: China and Pakistan signed around 20 billion dollars’ worth of deals Friday, boosting trade and investment as Wen Jiabao became the first Chinese premier in five years to visit the nuclear-armed state.

Pakistan considers China its closest foreign ally and treated Wen and a massive business delegation to a red-carpet welcome.

The two countries signed 13 agreements and a memorandum of understanding in fields including energy, rail transport, reconstruction, agriculture and culture, Information Minister Qamar Zaman Kaira told reporters.

“China will provide assistance in 36 projects in Pakistan to be completed in five years,” he said. “Basically this is a five-year development plan.”

He said 14 billion dollars will come through a joint economic cooperation group, five billion dollars in other business agreements, while deals worth another 10 billion dollars are expected to be concluded at a business leaders’ meeting on Saturday.

“Overall the Chinese investment is expected to be around 30 billion dollars,” he said.

Although the deals are vitally important to the moribund Pakistani economy, they pale into comparison with Wen’s agreement in Pakistan’s arch rival India on Thursday where the two countries agreed to double bilateral trade to 100 billion dollars by 2015.

Wen’s visit was accompanied by blanket security as Shia Muslims marked their holiest day, Ashura, which was last year marred by a bomb at a Karachi religious procession that killed 43 people.

“We have unprecedented relations with China. The whole nation is proud of the Pakistan-China friendship,” Prime Minister Yousuf Raza Gilani told PTV.

The Chinese premier held talks with Gilani after being greeted at the airport by Pakistan’s entire cabinet and military chiefs, who depend on Chinese hardware, and a guard of honour with a 21-gun salute.

Pakistan says China has already agreed to development projects worth 13.2 billion dollars in energy, agriculture, infrastructure and health, and wants trade to climb from seven billion to 18 billion dollars in five years.

“Work on projects worth 14 billion dollars is continuing at present, while projects of another 20 billion dollars will be signed between the two sides during the visit,” a Pakistani government official told AFP earlier.

Wen will also meet President Asif Ali Zardari, address a joint session of the Pakistani parliament, attend a business cooperation summit during his visit and inaugurate a new Chinese cultural centre in Islamabad.

Behind the scenes, talks are also believed to be planned on China building a one-gigawatt nuclear power plant as part of Pakistani plans to produce 8,000 megawatts of electricity by 2025 and overcome acute energy shortages.

The West has expressed concern about the security of Pakistan’s nuclear material, but China has built a 300-megawatt nuclear power reactor at Chashma in central Punjab province and another of the same capacity is under way.

Without going into details, officials in Pakistan admit the country has a civil nuclear cooperation agreement with China, a counter-weight to India’s agreement with the United States on nuclear energy cooperation.

Pakistan depends on China’s financial and political clout to offset the perceived threat from rival India and rescue its economy from the doldrums of catastrophic flooding, a severe energy crisis and poor foreign investment.

China will open branches of the Industrial and Commercial Bank of China (ICBC), its top private bank, in Karachi and Islamabad, Kaira said.

Pakistan’s prime minister has expressed hope that trade will rise to between 15 and 18 billion dollars over the next five years.

But security issues will also likely weigh on the agenda. China has been concerned about the threat of Islamist militants infiltrating its territory from Pakistan, particularly in its western Xinjiang region.
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Old December 22nd, 2010, 06:02 AM   #1394
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Not just the US, India also just signed a nuclear agreement with Russia! ******* hell! We MUST sign a few more with China now.
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Old December 23rd, 2010, 03:40 PM   #1395
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Pakistan, Indonesia likely to sign PTA

Pakistan and Indonesia are expected to sign Preferential Trade Agreement (PTA) in first quarter of 2011, which would increase bilateral trade to around $ 2 billion in two years.

Pakistan Ambassador to Indonesia, M Sanaullah at Pakistan, Indonesia Economic Cooperation event in Jakarta said recent visit by Foreign Minister Shah Mehmood Qureshi and talks with his counterpart, Marty Natalegawa would have conducive affect on process leading to signing of PTA.

He said Pakistan and Indonesia had agreements on protection of investment and avoidance of double taxation treaty, which formed basis of a cordial investment atmosphere. He invited Indonesian businessmen and companies to invest in sectors like agriculture, fruits, cotton, cotton yarn, cement, sugar manufacturing plants and their parts, steel, steel products, surgical instruments.
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Old January 9th, 2011, 07:21 PM   #1396
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UAE-Pak trade to hit $9b

Trade between the UAE and Pakistan is expected to hit $9 billion mark this year due to rising crude prices as well as higher demand of Pakistani products in the country, a top diplomat said on Friday.
Pakistan’s exports to the UAE are expected to increase by eight to 10 per cent during financial year 2010-11 as a result of increased demand for its products over the past few months. Its imports from the UAE are also expected to surge from $5 billion to $7 billion this year, Commercial Counsellor Bilal Pasha told Khaleej Times.

“Pakistan’s exports to UAE increased to $1.7 billion in 2009-10 compared to $1.47 billion in the corresponding year. In 2010-11 they are forecast to increase to $1.85 to $1.9 billion as a result of the increased demand,” Pasha said.

Exports from the UAE to Pakistan were over $5 billion in 2009-10. They are forecast to increase by $1 billion to $2 billion in the financial year ending June 30 this year due to higher crude prices and more demand for items like chemicals, machinery and heavy equipment from the UAE. It means UAE-Pakistan trade may register up to 28 per cent growth in 2010-11 to cross $9 billion mark.

He said the demand for mid-range level products from Pakistan and other countries has received a boost since consumers have become more conscious after the global financial crisis. This trend has increased demand for Pakistani products like rice, textiles, food items, cement, and gold jewellery. The exports will also get a boost in the livestock and poultry sector.

“Foreign Direct Investment from the UAE is also expected to get a boost in 2011 as UAE is planning to invest in the food, telecommunications, and oil and gas sectors,” Pasha said.

UAE a leading investor

Investments from UAE have witnessed a surge since 2005 and UAE became single largest source of FDI in Pakistan in 2005-06. However, since then the FDI from UAE has been declining. UAE’s companies are working in Pakistan in airlines, financial business, telecommunications, oil and gas and real estate sectors. The UAE has also become the largest single source of foreign remittances through banking channels.

Business delegations from the Ras Al Khaimah and Ajman free zones have also visited Pakistan while Pakistani business delegations from Rawalpindi, Gujranwala, Lahore and Karachi chambers of commerce and industry have visited the UAE.

A high-level delegation of businessmen from the Punjab province of Pakistan, led by Punjab Chief Minister Shahbaz Sharif, visited the UAE and also attended Pakistan Business and Investment Conference in Dubai last month during which UAE companies signed MoUs worth $1.3 billion for investment in Pakistan.

Pasha said that Abu Dhabi and Dubai chambers of commerce and industry were being invited to visit the Expo Pakistan exhibition of Pakistani products in Karachi from February 25-28, 2011.

Giving historical perspective of trade, Pasha said that trade between the two countries is increasing and UAE has emerged as second largest destination of Pakistani exports. The increase is significant since the beginning of 2006 and approximately a rise of eight per cent on average in exports in value terms on average is seen.

“The statistics show that from 2000-2001 to 2004-2005, bilateral trade grew at annual average of $ 200-300 million. Exports experienced constant growth during the last eight years and these rose from $626 million to over $2 billion (2000-2001 to 2007-08). In percentage terms it works out an increase of 230 per cent with 2000-01 as base year,” Pasha added.

Pakistan’s main export products are rice, textiles, petroleum products, gold and jewellery, fruits and vegetables, meat and meat products, fish and fish products.

Dr Qaiser Anees, founder member of Pakistan Business Council —Abu Dhabi, and member of the Overseas Pakistanis Advisory Council, told Khaleej Times that during the July-December period of 2010, remittances from the UAE were $900 million and were expected to reach $2 billion by June 2011.

He said that Pakistan stock markets were doing very well, specially the premium shares in banking, energy, cement, fertilizer sectors were giving good returns, thus offering an opportunity for the UAE investors.

He said that the business council aimed at having at least 10 Pakistani leading companies’ shares to be traded on the Abu Dhabi and Dubai financial markets. For this purpose comprehensive MoUs have been signed by the two stock exchanges with the stock exchanges of Karachi and Lahore and with Pakistani depository companies. An agreement with the Securities and Exchange Commission of Pakistan was in the process of being signed which will pave the way for the trading of shares, he said.

Dr Anees said that UAE trade market has worth over $200 billion. The business council was working to secure as much share as it can, he said.

He said that UAE offered great potential for Pakistani businessmen, specially in Masdar alternate energy, ICAD industrial cities, the new Abu Dhabi Airport Free Zone, Keemiat, and Tourism Development Investment Corporation projects.
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Old January 13th, 2011, 03:33 PM   #1397
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Thai investors keen to develop industrial parks in Pak

A delegation headed by Ambassador of Thailand HE Marut Jitpatima along with Premchai Karnasuta, President BMA Capital and other Thai officials visited Board of Investment (BoI) on Wednesday.

During the discussion about investment opportunities in Pakistan, Thai delegation showed interest in mining, hydel energy power plant, infrastructure, development of economic zones and industrial parks.

Minister of State/Chairman BoI Saleem H.Mandviwalla appreciated the industrialisation pattern of Thailand, which has undergone a rapid industrial growth by focused development and professional management of industrial parks. He said that keeping in view the experience of Thais in development of industrial parks and economic zones; “it would be a great edge for us to learn from their experience.” .

Mandviwalla proposed Thai investors develop industrial parks and economic zones in major industrial hubs of Pakistan. He mentioned the examples of successful industrial parks in Pakistan like 250-acre Korangi Creek Industrial Park at Korangi Creek-Karachi, the 930-acre Bin Qasim Industrial Park near Port Qasim-Karachi and the 174-acre Rachna Industrial Park near the outskirts of Lahore.
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Old January 13th, 2011, 03:33 PM   #1398
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Chinese firm willing to set up steel mill at Kalabagh

A Chinese firm, AMLONG has shown interest in setting up a steel mill of one million tonnes at Kalabagh — based on local iron ore deposits.

The Chinese Prime Minister during his recent visit to Pakistan was accompanied by over 200 delegates, including high officials, industrialists, businessmen and investors. AMLONG was also part of the delegation.

The company officials held meetings with various government organisations including Ministry of Industries and Production, said an EDB statement issued on Wednesday.

On the directives of the Ministry of Industries & Production, Engineering Development Board (EDB) gave a detailed presentation on the iron-ore deposits available at Makarwal and Chichali and other raw materials available in the same vicinity.

The delegation showed keen interest in the project and requested CEO EDB Aitazaz A. Niazi to arrange a visit to the site. Accordingly, a seven-member delegation led by S.M. Adil Shah, General Manager, EDB visited Makarwal/ Chichali iron ore deposits on January 10-11.

The officials of AMLONG expressed satisfaction on the iron ore deposits available at Kalabagh, the infrastructure and the proposed site for establishment of the steel mill.

SH Farooqi, a leading geologist briefed the delegation about the iron ore deposits in the area and prospects of a steel mill setup based on local iron ore.

The delegation was provided all the necessary information including maps, composition of the ores, quantum of deposits and reports prepared in the past.

The proven reserves at the Kalabagh iron ore deposit, which is the largest one in Pakistan, are around 350 million tonnes.

In addition, the iron ore deposits in Makerwal range which are spread over 83 km long belt up to Pezu district Bannu, are estimated to be around 600 million tonnes. Iron (Fe) content varies between 32 to 38.6%.
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Old January 14th, 2011, 03:11 PM   #1399
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Pak, Iran agree on 5-year strategic plan

* Both sides express desire to enhance existing trade to $4bn

Pakistan and Iran have agreed here on Thursday on a 5-year strategic plan to enhance the existing trade to $4 billion.

Minister for Commerce Makhdoom Amin Fahim and Iranian Commerce Minister Mehdi Ghanzafari announced this at the conclusion of the two-day 6th Pak-Iran Joint Trade Commission (JTC) meeting.

The two sides held discussions in an atmosphere of complete understanding and cordiality with the desire for enhancing the bilateral trade.

Replying to a question after signing the Memorandum of Understanding between trade promotion authorities at a local hotel, both the ministers announced their desire to enhance existing trade volume to $4 billion within five years.

Ghanzafari to a question informed that possibility of signing of Free Trade Agreement (FTA) between the two countries would be looked into upon the successful completion of trade promotion activities under the existing Preferential Trade Agreement.

Explaining the measures to be undertaken by both sides for the promotion of trade, Ghanzafari informed that issues like banking facilities, insurance, communication, customs, tariff and non-tariff barriers would be resolved so as to make the bilateral trade more viable.

Five-year strategic plan: The two sides agreed on the need to formulate a five-year strategic plan to triple the level of bilateral trade. It was agreed to constitute a Joint Working Group (JWG) comprising public and private sector representatives from both sides. The Iranian side agreed to host the first JWG meeting in Tehran within four months.

The JWG will take stock of the annual target of 25 percent increase in bilateral trade, improvement of infrastructure such as roads and railways etc and deepening of Pak-Iran PTA with inclusion of more items. It will also take stocks of exploring the possibility of FTA, removal of non-tariff barriers, increased cooperation between trade promotion organisations of the two countries, enhanced private sector cooperation, private sector joint investments, holding of single country exhibitions and participation in specialised exhibitions, direct flights between Pakistan and Iran and any other issue of mutual interest.

Implementation status of 5th JTC: Both sides reviewed implementation of decisions of the 5th JTC held in Tehran on May11-12, 2009.

Expansion of Pak-Iran PTA: PTA between Pakistan and Iran is operational since September 2006 and so far concessions have been granted on about 647 items. Both sides agreed to expand the PTA and discussed the priority wish list of Pakistan and Iran exchanged in the meeting of technical experts held in Islamabad on August 24 and 25, 2009.

Signing of MoUs: The two sides signed an MoU between Trade Development Authority of Pakistan (TDAP) and Iran Trade Promotion Organisation (ITPO) for bilateral cooperation initiated during the 5th JTC held in Tehran in May 2009.

Single country exhibitions: Both sides expressed the desire of holding of single country exhibitions in each other’s country. The Iranian side expressed the desire to hold a single country exhibition in Karachi in 2011 and Pakistan agreed to provide space for the said exhibition.

Pak-Iran Joint Business Council: The issue of holding of regular meetings of Pak-Iran JBC was discussed and both sides agreed to hold next JBC on January 26 and 27, 2011 in Islamabad. Both sides agreed that the next meeting of the JTC would be held in the first half of 2012 in Iran.
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Old February 24th, 2011, 12:53 AM   #1400
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Yamaha to establish plant at Bin Qasim

TOKYO: Yamaha Motors Pakistan will spend $150 million on setting up a new plant on a 50-acre plot at Bin Qasim, near Karachi, according to Yamaha Motors President Hiroyuki Yanagi.

In a meeting with President Asif Ali Zardari on Wednesday, Yanagi said his company would bring advanced technology to Pakistan, where initially 22,000 motorcycles of 125-150cc would be manufactured per year and production would reach 750,000 in the next 10 years.

The company will also provide comprehensive training and technical education to its employees and vendors. The project is expected to create employment opportunities for up to 45,000 people.
In another meeting with a leading Japanese auto parts manufacturer, Toyota Tshusho, Zardari invited them to invest in Pakistan where the automobile sector is flourishing with the passage of time.

He said that Pakistan offered attractive incentives to foreign investors, with a cheap and skilled labour force as well as liberal export rules. He added that Pakistan needs better trade terms with foreign investors and wants support of Japanese entrepreneurs to market its products internationally.

Toyota Tshusho President Junzo Shimizu said that his company would make use of the attractive policies of Pakistan and would invest in the auto spare parts industry.

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