Pakistan Economy - News & Updates - Archive

[Janbaz]

Pak exports world's largest sugar mill to US

OUR STAFF REPORTER
ISLAMABAD - Pakistan will make history on Saturday by exporting the world’s largest sugarcane crushing mill, SKODA 55"x95"x4 to Louisiana, USA, the government announced Tuesday.
The mill manufactured by a private sector Lahore-based company, Qadbros Engineering, which specializes in manufacturing of big sugar mills. Besides being the leading manufacturers for most of the 85 sugar factories within the country, Qadbros Engineering has been exporting heavy plants and equipment for sugarcane crushing to customers spread over five continents of the world including North America, Central and Latin America, Africa, Europe and South East Asia for the last 5 years.
The rapidly intensifying energy crisis that grips the world today has generated tremendous worldwide interest in renewable sources of energy. One of the major sources of renewable energy is the cane processing and distillation industry, which produces ethanol as a by-product or as its main product.
Accordingly, the world’s cane processing and distillation industry is witnessing an upheaval in terms of new capacity addition. With Brazil leading the increase in sugarcane crushing and distillation capacity worldwide, this scenario has led to an unprecedented increase in the demand for cane crushing plant and equipment.
According to a conservative estimate, the world’s sugarcane crushing capacity will increase up to over 200 million tons by the year 2012.
This tremendous increase in the demand for sugarcane factory plant and equipment is shaping up at a time when most of the few remaining recognized European, American and Australian manufacturers of sugarcane crushing plant and equipment have closed their shops. After long years of recession within the world sugarcane industry resulting from depressed sugar prices, high cost of heavy equipment manufacture, and environment issues confronting the metallurgical foundry sector in the west. Over the years, that situation forced the world’s major sugarcane equipment manufacturers and technology companies to seek technology partnership with Asian manufacturers.
Federal Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen will be the chief guest on the unveiling ceremony, arranged by the manufacturers. Senior government officers including State Bank Governor, Chairman CBR, Deputy Chairman Planning Commission, Federal Secretary Industries, Chief Executive Officer Engineering Development Board (EDB), foreign diplomats, leading engineering sector manufacturers, and prominent figures of sugar sector are expected to attend the ceremony.

The Nation.
http://www.nation.com.pk/daily/feb-2007/7/bnews1.php

 

[Janbaz]

Sixfold increase in call centres

ISLAMABAD (APP) - About six fold increase has been witnessed in the number of call centres in the country in a period of last two years due to investment friendly policies of the government, Minister for Information Technology Sardar Awais Ahmed Leghari said Tuesday.
He said that due to persistent policies, maximum facilities offered coupled with cheap labour the number of registered call centres in the country have surged up to 400 from mere 65 in 2005. Significant growth has also been witnessed in terms of number of seats in each call centre.
Adequate space would be provided to the investors. Problems of call centres including their regulatory issues would be resolved, he added.
Human resource development issue is being aggressively resolved. Special funds have been allocated to ensure provision of skilled and cheap labour force to call centres, he said. Country’s big advantage is cheap human resource as compared to neighbouring countries especially India as the Indian IT experts are becoming more and more expensive.
Various programme are being launched to enhance students’ software skills development capabilities and other IT enabled services in the country. A huge internship and apprenticeship programme would also be launched aiming to absorb IT students into job market after proper training.


The Nation.
http://www.nation.com.pk/daily/feb-2007/7/bnews9.php

 

[Owais]

US Administration proposes $785 million aid for Pakistan in 2008

WASHINGTON (February 07 2007): The US Administration has proposed $785 million in assistance for Pakistan in the 2008 financial year beginning from October 1. Randall L. Tobias, Director for US Foreign Assistance and USAID Administrator said at the State Department that Pakistan's assistance will increase to $785 million from more than 700 million in the current year.

The assistance will be part of dollar three billion package covering five years, which was reached between the two countries in 2003, during President Musharraf's visit to Washington.

http://brecorder.com/index.php?id=525945&currPageNo=1&query=&search=&term=&supDate=

 

[Owais]

Pakistan signs 100 megawatt power purchase deal with Iran

LAHORE: WAPDA has signed an agreement with an Iranian company to buy 100-megawatt power from Iran for Gwadar Port.

The Water and Power Development Authority (WAPDA) inked an agreement with the Iranian firm at Wapda House Lahore on Wednesday.

Member Power Wapda Anwar Khalid and head of the Iranian firm Mendies Ismail Mohsini signed the agreement, while Chairman Wapda Tariq Hameed was also present in the signing ceremony.

Iran will supply power to Gwadar Port from January 2009 under the agreement.

The Iranian company will invest US $ 26 million and the National Transmission and Dispatch Co. Wapda would provide US $60 millions for the project costing total 86 million dollars.

 

[Neo]

Kindly request all active members in this thread to be utmost selective with posting news.

Unfortunately the thread is getting flooded again with insignificant economic newsarticles!

 

[Spring Onion]

Kindly request all active members in this thread to be utmost selective with posting news.

Unfortunately the thread is getting flooded again with insignificant economic newsarticles!

i liked that

it will happen when u dont specify what to post in the thread.

There should have been sub-threads under Economy like
separte for investment pleadges and contracts and for exports there shud have been separate one

 

[Neo]

i liked that

it will happen when u dont specify what to post in the thread.

Jana ji,
Check the first post in this thread. 1

http://www.pakistaniforcesforum.com/showpost.php?p=39946&postcount=1

There should have been sub-threads under Economy like
separte for investment pleadges and contracts and for exports there shud have been separate one

No, we can discuss major issues here. Unfortunately all we see is news articles and links but no debate.

 

[Janbaz]

Jana ji,
Check the first post in this thread. 1

http://www.pakistaniforcesforum.com/showpost.php?p=39946&postcount=1


No, we can discuss major issues here. Unfortunately all we see is news articles and links but no debate.

Brother, please start the debate of and people will engage!:toast: You are the economics professor here.

 

[Janbaz]

No, we can discuss major issues here. Unfortunately all we see is news articles and links but no debate.

Brother please kick the debate off! You are the economics master here so people are sure to engage afterwards.

 

[Bull]

Neo, do you remember where we had that discussion about Gwadar? I cant find that thread, I want to continue that.

 

[Bull]

ok got it its here..

https://defence.pk/forums/showthread.php?p=48453#post48453

 

[Neo]

Neo, do you remember where we had that discussion about Gwadar? I cant find that thread, I want to continue that.

Thats an ole thread, probably resting in trashcan.
What you need it for? :s

 

[Neo]

Salman eyes 50 percent rise in foreign investment for FY2006/07

KARACHI: February 07, 2007: Foreign investment in the country is likely to jump more than 50 percent to nearly $6 billion this year, lured by sweeping reforms that have helped turn the economy around, a senior government adviser said on Wednesday.

Salman Shah, adviser on finance to Prime Minister Shaukat Aziz, said foreign stakes in the country's financial sector, especially its banks, were growing and several foreign banks were interested in the Pakistani market.

"This year we will cross almost $6 billion of foreign investment which is a healthy amount compared with our GDP," Shah told a seminar on capital markets in Karachi.

Foreign investment in the country was $3.87 billion in the last fiscal year.

"We have had several very major transactions, which have covered the manufacturing as well as the financial sectors and this is going to be a trend, which I hope, will continue in the future," Shah said.

Foreign direct investment in the country rose 67 percent to $1.87 billion in the first half of the 2006/07 fiscal year (June/July), led by inflows into the communications, energy, and banking and financial services sectors, central bank figures show.

The banking and financial services sector attracted the most foreign investment during the period, $517 million, followed by $495 million invested in the communications sector, and $315 million in oil and gas exploration.

Standard Chartered Bank (Pakistan) Ltd., which acquired a 95.37 percent stake in Union Bank for $487 million last year, plans to more than double its network in Pakistan in five years, a senior government official said last month.

Singapore state investor Temasek Holdings is set to take a controlling stake in Pakistan Industrial Credit Investment Corp. (PICIC) in a deal valued at about $300 million.

Foreign banks, including Barclays Plc, ABN AMRO and HSBC are also eyeing investment opportunities in the country, attracted by economic reforms that have laid the platform for rapid growth and rising incomes.

"ECONOMY TRANSFORMED"

Shah said the reform process, started almost seven years ago when President Pervez Musharraf took over in a military coup, had transformed the economy.

It grew by an estimated 6.6 percent in the financial year that ended on June 30, after expanding by 8.6 percent the previous year, making the country one of the world's fastest-growing economies.

"The privatisation, deregulation, and liberalisation policies have paid very rich dividends," Shah said.

Pakistan sold several big state-run firms, including its biggest privatisation of all, the $2.6 billion sale of a controlling 26 percent stake in Pakistan Telecommunication Co Ltd, to Emirates Telecommunications Corp in June 2005.

http://www.brecorder.com/

 

[Neo]

200 expatriates to attend investment conference

ZIA M KHAN
ISLAMABAD (February 07 2007): Nearly 200 Overseas Pakistanis with an estimated investment potential of $27 billion have so far confirmed their participation in a conference the government plans to hold here early next month, a top official said.

Almost the same number of local entrepreneurs will also participate in the conference to have an interaction with expats to guide them on investment incentives in Pakistan. "The response to our initiative is overwhelming," Muhammad Aslam Sanjrani, secretary, Overseas Pakistanis Division, told Business Recorder here on Tuesday.

Titled as "Opportunities that Belong to You", the first ever "Overseas Pakistanis Investment Conference (Opic)" scheduled for March 5-7 is being conceived as an opportunity for the countrymen living abroad to get a glimpse of future investment prospects. According to the figures, Aslam provided to Business Recorder, 36 Pakistanis from Saudi Arabia had so far confirmed their participation in the event.

United States with 29 confirmed participation, the United Kingdom (UK) 22 and United Arab Emirates (UAE) with 16 were the other major countries from where Pakistanis would be heading homeland to explore investment opportunities.

Similarly, 12 participants from Qatar, seven from Bahrain, four from Italy, two each from Germany, Australia, Holland, Jordan and Japan would also attend the event.

These Pakistanis want to invest in agri-farming, livestock and dairy, information technology and telecom, power generation, real estate, construction, housing and engineering sectors, said Aslam Sanjrani.

Sanjrani said the Overseas Pakistanis Division was giving final touches to the arrangements for a 'productive and result-oriented' gathering of potential expatriate Pakistani investors and local entrepreneurs under one-roof. "I think it will be a great opportunity for both investors and the (government)," he remarked.

"They will know how and where from can they take advantage of lucrative investment opportunities in their own country...and obviously it will help Pakistan too if proves handy in achieving desired results," Sanjrani added.

He said three-day conference would primarily focus on how investment in Pakistan by its citizens residing and earning their livelihood abroad could be beneficial to themselves and the country.

The plenary and working session on the second day would cover topics like policies for small and medium investors, their financing, import and export-oriented industries and opportunities in agri business, information technology, telecommunications, housing, health, education, and capital market.

http://www.brecorder.com/index.php?id=525949&currPageNo=1&query=&search=&term=&supDate=

 

[Neo]

Shaukat terms auto sector key economic driver

KARACHI, Feb 6: Prime Minister Shaukat Aziz has said that the government attaches great importance to the growth and development of auto industry as it is a key driver of economic growth, technology transfer and a creator of jobs.

He was speaking as the chief guest at the inauguration ceremony of production capacity expansion facilities of Pak Suzuki Motor Company Limited here on Tuesday.

Sindh Governor Dr Ishratul Ibad Khan, Chief Minister Dr Arbab Ghulam Rahim, Federal Minister for Information and Broadcasting Senator Muhammad Ali Durrani, Federal Minister for Industries and Production Jehangir Khan Tarin and Ambassador of Japan to Pakistan Seji Kojimi were also present on the occasion.

Mr Shaukat said the expansion of Pak Suzuki’s production capacity to 150,000 vehicles per year was indeed laudable.

“Today I have visited Pak Suzuki’s plant and observed various products being manufactured and assembled under the supervision of dedicated engineers and trained workers on modern equipment and machinery,” the prime minister remarked.

He pointed out that automobile industry was playing a vital role in the economy and was rightly called the mother of all industries and the engine for growth.

“We have seen tremendous growth in the automobile industry due to private sector investment facilitated by supportive policies of our government,” he said.

The premier said that the government expected that the auto industry to position itself to become regional hub and a part of global supply chain by enhancing exports to the countries of the region.

The auto industry’s share in total manufacturing sector in 2005-06 was 16 per cent as compared to 6.7 per cent during 2001-02.

He said the challenges posed by globalisation, liberalisation and increasing competition required a strategic direction and policy framework for sustainable growth of the domestic automobile sector.

He pointed out that the auto industry had already switched over from deletion programmes to a transparent and competitive TBS environment and had now come up with a clearly spelt out tariff policy for at least five years and a support programme for its safe transition through a long term auto policy.

Mr Shaukat said that the government support and incentives would aim at increasing the scale of operations, expanding industry linkages and development of local vendors.

“These linkages will facilitate domestic industry in adopting best practice management, processes and procedures to deliver higher quality standards that are necessary in assessing international markets,” he added.

He said that efforts were underway to diversify the industrial base of the country and termed this as a major policy initiative of the government.

“This year Mashallah in the history of Pakistan will be one of the record years for the foreign direct investment,” the prime minister remarked.

He pointed out that for the first six months the country attracted $3 billion in FDI.—APP

http://www.dawn.com/2007/02/07/ebr2.htm