Pakistan Economy - News & Updates

[Neo]

President Zardari seeks ‘trade, not aid’: EU offers $90m aid, but no trade​

* EU to provide 20 million euros to help IDPs
* EU executive to ask member states to provide additional 45 million euros
* EU, Pakistan reaffirm commitment to cooperate in terror fight​

BRUSSELS: The European Union pledged aid on Wednesday to internally displaced Pakistanis from Swat, but denied Islamabad the trade breaks it says will help win the struggle.

At the first EU-Pakistan summit, the European Commission said it would provide 20 million euros ($27.72 million) to help people from the Swat valley, and would ask EU states to provide a further 45 million euros ($62.37 million) from a reserve fund.

But a push by some EU states to offer Pakistan significant trade concessions was blocked by others concerned about the effect on their domestic industries.

A joint EU-Pakistan statement showed that while the EU offered the prospect of a long-term free-trade agreement, there would be no immediate trade incentives such as eliminating tariffs on Pakistani imports.

“I am looking for memorandums of understanding, not IOUs, and I intend to get them,” said President Asif Ali Zardari ahead of the meeting, adding that trade concessions were more important than aid. But he said later he was pleased with the support Pakistan was getting from Europe and elsewhere.

European Commission President Jose Manuel Barroso said Islamabad needed measures to diversify exports and attract investment, and Brussels would be “very pragmatic” in looking at options, including preferential access schemes.

“We are ready to work with Pakistani authorities to find some concrete ways ... to achieve greater access to our market,” he told the news conference. But he stressed that some steps needed backing of all members of the World Trade Organisation, which did not seem likely.

The joint statement also said the EU would step up relations with Pakistan in development, education, security, counter-terrorism, trade and other areas.

The EU will also provide Pakistan counter-terrorism help by sharing expertise in law enforcement and criminal justice. The joint statement stressed the need to improve the capabilities of Pakistani police.

Pakistan and the EU also agreed to start a regular ‘Pakistan-EU Counter-Terrorism’ dialogue.

 

[Neo]

EU pledges aid, Pakistan seeks trade concessions​

BRUSSELS (June 18 2009): The European Union pledged on Wednesday to give Islamabad millions of euros in humanitarian aid to help people displaced by fighting between Pakistan's army and the Taliban. President Asif Ali Zardari, in Brussels for the first summit between the EU and Islamabad, said he was certain Pakistan would win the struggle against Islamist militancy with the help of the world but that it needed trade concessions more than aid.

The EU will provide 20 million euros ($27.72 million) to help people who have fled the fighting in the Swat valley and the EU's executive will ask member states to provide a further 45 million euros from a reserve fund, an EU official said.

"We stand by the people of Pakistan," EU External Affairs Commissioner Benita Ferrero-Waldner told reporters. But Zardari also called for trade concessions to boost Pakistan's economy, which some EU states are reluctant to agree to despite concern about the dangers to Europe posed by militants in Pakistan.

"What I need is trade not aid. I am looking for MOUs (memorandums of understanding), not IOUs, and I intend to get them," he said after a speech to Nato ambassadors in Brussels. "I am an optimist at heart, not a pessimist, and I am always hopeful." Zardari said the battle against Taliban militancy in Pakistan had only just begun but the army was determined and "defeat is not an option for us".

"I'm sure with the ... help of the world we will be able to fight the war and half the war is the minds of the people," he said. The 27-country EU and the United States want better ties with nuclear-armed Pakistan because of concern about the spread of Islamic militancy there and fears that its nuclear weapons could fall into the hands of militants.

Zardari has played down concerns about Pakistan's nuclear arsenal falling into militant hands, saying officials from other governments were satisfied with the command and control system Pakistan has in place. Draft conclusions prepared for the summit showed the EU would offer the possibility of a long-term free trade agreement (FTA), but no immediate trade incentives such as ending tariffs on goods imported from Pakistan such as clothes and bed linen.

"A number of nations such as Britain and Sweden want something now, rather than this long-term FTA which will take years to sort out," an EU diplomat said. "Other countries, such as Italy and Spain, want to send a positive signal with this FTA, but secure in the knowledge that this will take so long to achieve there is no threat to their own industries in what is a time of economic crisis." Annual trade between the EU and Pakistan is about 10 billion euros in imports and exports, a rise of about 10 percent since 2003.

 

[Neo]

Services sector posts $3 billion deficit in 11 months​

KARACHI (June 18 2009): The country has registered a deficit of some three billion dollars in services sector trade during the first 11 months (July-May) of the current fiscal year mainly due to high payments on account of transportation, travel and government services. However, the deficit is about 51 percent lower than the same period of last fiscal year ie 2008, in which services sector posted over six billion dollars deficit.

Month on month basis, services sector trade has posted a surplus of 253 million dollars in May 2009, as services sector exports are higher than the imports. Services sector exports stood at 740 million dollars in May 2009 against imports of 487 million dollars. The country posted a deficit of 269 million dollars in April 2009 with 559 million dollars imports and 290 million dollars exports.

The State Bank on Wednesday said the country's services sector trade performance is gradually improving as overall imports and deficit have declined by 5.73 percent and 26 percent respectively during July-May period. Services sector exports in first 11 months stood at 3.656 billion dollars against the imports of 6.638 billion dollars, depicting a deficit of 2.982 billion dollars during July-May.

Services sector deficit is 3.071 billion dollars lower than the deficit witnessed in corresponding period of last fiscal year ie 2008. Services sector deficit in July-May of 2008 stood at 6.053 billion dollars. "Heavy payments on account of transportation, travel services, insurance, technical fee, royalties and government sector are major contributors in the services trade deficit," economists said.

They said that declining imports of services sector and increasing trend in exports is a positive sign, which would definitely help reduce services sector deficit. Export of services sector surged by 26 percent to 3.656 billion dollars during the first 11 months of FY09 over the exports of 2.909 billion dollars in same period of last fiscal year. Services sector imports reduced by 25 percent to 6.638 billion dollars in July-November of FY09 as compared to imports of 8.962 billion dollars in corresponding period of FY08.

The country earned 1.107 billion dollars on account of transportation against payments of 3.211 billion dollars, depicting a deficit of 2.104 billion dollars in first 11 months of FY09. Transportation deficit has contributed some over 70 percent share in overall services sectors deficit, as the country has only one shipping carrier - Pakistan National Shipping Corporation.

 

[Neo]

Pak, China sign loan agreement for $300 million​

ISLAMABAD (June 18, 2009): The Government of Pakistan has signed an MoU, with the Government of China on Thursday to reconstruct and rehabilitate three major cities of AJK destroyed in the 2005 earthquake, under AJK Urban Development Programme. The umbrella contract for this project has already been signed between ERRA and the Two Chinese Construction Companies.

In order to assist the Government of Pakistan to complete the development work in the earthquake affected areas of Muzaffarabad, Bagh and Rawalakot, the Government of China offered credit worth US$ 300 million, whereas the Government of Pakistan contributed additional US$ 53 million to complete various reconstruction projects under AJK Urban Development Project.

For smooth and effective implementation of MCDP, a Steering Committee” has been constituted under the Deputy Chairman ERRA Lt. Gen Sajjad Akram, which has the mandate to give policy direction for Project Implementation and ensure timely and effective coordination of all inputs.

The contract signing is in line with ERRA’s Mission of “Build Back Better”.

The AJK Urban Development Programme aimed at providing safe housing, improved city environment, modern physical and social infrastructures with the target to boost economic and social growth in the Earthquake affected areas.

For Muzaffarabad City, an amount of US$ 190.62 million has been allocated for completion of 90 projects.

In Bagh 50 projects worth $ 123.55 million and in Rawalakot city, 30 projects with a cost of US$ 38.83 million will be completed in the next 4 and half years.

These projects will provide all modern day facilities including construction of Government buildings, roads bridges, shopping centers, Satellite towns, play grounds, parks, education and health facilities, wholesale markets, slaughterhouses, transport terminals, neighborhood centers, designing and Laying of infrastructure facilities like water supply, sewerage, underground electricity and telecom cables. These facilities will be developed by Chinese Companies.

 

[muse]

Ideology over Experience, Again!



Another missed opportunity
Nadeem Ul Haque



I hate to say “I told you so!” But I did. This is a practical budget made by practical economists and wannabe “policy wonks”. Of course egghead economists were kept a long distance from it. What did we get? The same old!

Reviewing the last three budget speeches, even the construction of the speech, the phraseology, is the same. Thanks to Microsoft, the template remains the same! All we require is some editing and some new numbers.

What are my criticisms? Let me list a few.



1. There is unanimity that we are in the middle of an existential crisis. We have a failed state that has brought us into a civil war with 2.5 million displaced persons. All the budget says is that 50 billion is going to be spent on the displaced people.

Governance, which has caused our problem, is the last item on the agenda and comprises only some salary increases and contributions to a donor project — “access to justice”. This project reputedly is not very productive anyway.

Is that all that needs to be fixed in a failed state? What about civil service reform with monetised perks? What about a new devolved police service answerable to the community? What about a devolved and quality-driven education system independent of the education ministry? What about better training for better governance? Any investments into communities?

2. After a long time, our growth rate is actually negative in per capita terms, balance of payments seem to be out of control, inflation is stubborn and the fiscal situation despite the fiscal responsibility act is not really under control.

What is on offer here? Virtually no analysis of the situation, let alone any ideas to address them. Instead we have the usual budgetary trick that has been used for sixty years: stray numbers on allocations for agriculture and industry, and an intended increased PSDP allocation. Any new sectors that can be opened up through deregulation?

3. The PSDP allocation, as all economists of any merit have been arguing, is full of flaws, where cars and housing for the powerful, and prestige projects in Islamabad and Lahore take all the money. Let us stop calling this ‘development funding’. It is time for a serious review of our earlier PSDP and the Planning Commission.

4. The federal government has for years denied devolution despite the law and the constitution requiring it. Part of our governance problem lies in the fact that excessive centralisation has weakened public service delivery. Nothing on that! The NFC award again gets the customary paragraph when the federation is severely strained. When will these practical people learn that politics is the glue that holds us together and do the NFC award?

5. In these difficult times, the budget speech, which is an important moment for the leadership to show its helmsmanship, says nothing interesting or new about a new economic strategy that will put us on a sustainable growth path. Instead we have what we have always had: some handouts for the poor (more charity not opportunity); programmes for agriculture (dairy, model villages and more extension — how often have we heard that? Do they not even have new lines?); more subsidies for cars (how much is enough?); and this strange return to DFIs.

In the midst of our biggest economic crisis, is this all?

6. For industrial development, we are creating an Enterprise Development Fund, a venture capital fund and a ***. Do we learn nothing from history — all our failed experiments with NDFC, BEL, IDBP, etc.? Or is it “jobs for the boys” again?

A better strategy would be to review the EDF and the Trade Development Authority with a view to closing them down.

7. Amazingly, though we are looking for handouts, the budget envisages no expenditure reduction measures. Numerous redundant government departments remain on the books.

8. Nowhere is there any mention of government efficiency and measures to improve that. I guess the implication is that the government is extremely efficient. Does anyone agree? The international community does not. We are among the poorest performers in every list from corruption to property rights. Should the government not be addressing its efficiency in its own budget?

9. We are told that our tax to GDP ratio is low, yet no real tax measures are announced. A mere change in name for the existing petroleum tax and a minor increase in the registration fee for real estate; is that all?

10. Without going into details, I found it strange that the investment in energy and new education projects was almost the same as the government contribution to the investment fund for “jobs for the boys”!



Very briefly, how an economist would do the budget: she would determine the role of the government and focus on improving government productivity in all three branches — executive, legislative and judiciary. Then the budget would announce a multi-year programme of reform to improve governance through streamlining government (close down departments and agencies, and devolution) and clear measures (monetising perks) and investments (better training, use of technology, improved processes) in improving productivity.

Reform would be the main activity of this budget — a mainstream activity fully transparently budgeted. In fact, poor governance is the biggest drag on the economy. To make it the ninth point on a nine-point agenda is a travesty. But then the nine-point agenda is neither serious politics nor serious economics.

The economic strategy underlying the budget would depart from past failures. The sectoral focus on agriculture and industry has not paid off. Why harp on the same theme? Focus instead on building better markets. Domestic commerce, which is the leading sector even today, was not mentioned in the budget once: why? Is it because it is full of the small guys — retailers, wagon drivers and chaiwallahs? Of course practical men do not think they engage in “value addition”, a very strange term. Only men in air-conditioned offices and golf courses add value!

But even for an obvious sector such as domestic commerce, an economist would think carefully on what the government could do to help the sector before committing budgetary resources. The last thing a good economist would do is commit to a new government agency without a good sense of purpose and clear monitor-able goals. Increased bureaucracy is neither economic growth nor good governance!

It is time to end amateur economics and bring some serious economic thinking into the government. But then our seriousness about economic thinking is obvious from the fact that the government has not been able to appoint a serious Chief Economist for the Planning Commission for the last three years.

Nadeem Ul Haque is former Vice Chancellor of PIDE. Email: nhaque_imf@yahoo.com

 

[ejaz007]

Forex reserves increase to $11.643 billion

KARACHI: The country’s foreign exchange reserves increased to $11.643 billion on the week ending on June 13, 2009 as compared with $11.514 billion previous week, data released by the State Bank of Pakistan showed on Thursday. The total reserves witnessed an increase $129 million during the last week. The reserves held by the central bank witnessed an increase of $101 million as the reserves reached to $8.301 billion, as compared to $8.200 billion last week. Similarly, the reserves held by banks (other than SBP) showed an increase of $28 million to reach $3.342 billion as compared with last week’s number of $3.314 billion last week. staff report

Daily Times - Leading News Resource of Pakistan

 

[ejaz007]

PIA in major deal for 27 single-aisle aircraft

PARIS: PIA is in final discussions with Airbus and Boeing for major narrowbody deal. Pakistan International Airlines expects to conclude a major deal for up to 27 new single-aisle aircraft within the next few weeks, once it receives best and final offers from Airbus and Boeing. The prospective deal, worth more than $2 billion at list prices, could be one of the major narrowbody sales campaigns of 2009, and was revealed to Flight Daily News at the Paris air show by Managing Director PIA Capt Mohammed Aijaz Haroon. Speaking after signing a deal at the show with Thales for a RealitySeven Boeing 777-300ER full-flight simulator, Aijaz said the airline has completed the evaluation for the expansion of its fleet. "We're looking at the Airbus A320 and Boeing 737. We've had meetings with Airbus and Boeing and are waiting for their final numbers. We expect to finalise a deal within the next few weeks." The airline plans to acquire up to 27 aircraft, through a mix of orders and leases, Aijaz says. "We'll place nine firm orders with nine purchase rights, and take nine from leasing companies. Deliveries will start at the end of 2010." PIA has recently renewed and expanded its long-haul fleet through the delivery of nine 777-200ER/LRs and -300ERs, which are operated alongside five 747-300s. However, its narrowbody fleet comprises six ageing 737-300s, according to Flight's ACAS database. It also operates six ATR 42-500s and 12 A310-300s. Aijaz says PIA aims to conclude a simulator deal in parallel with the new fleet acquisition, and is in talks with Thales and CAE. "We'd like to have the simulator in time to allow us to do the training in Pakistan," says Aijaz. The new Level D 777-300ER simulator will begin operating its training centre in Karachi next year, and will be used for both PIA training needs and third-party work. The airline currently uses 777 simulators at the CAE training centre in Dubai and British Airways in London for its training. courtesy flight global

Daily Times - Leading News Resource of Pakistan

 

[white_pawn]

Austria to invest in water and power sector ​

ISLAMABAD (June 19 2009): Austrian Ambassador, Dr Michael Stigelbauer on Thursday called on the Minister for Water and Power, Raja Pervez Ashraf and discussed various matters of mutual interest and possibilities of investment and technical co-operation in water and power sector.

The Minister briefed the current energy situation and the measures being taken to meet the future water and power requirements. He gave him details of the water and power sector projects being initiated by the present government. He said that the government had planned to change its energy mix and now focusing on hydel, coal, wind and solar generation to provide cheaper and reliable power to the consumers.

He said that the government would welcome the Austrian investment and facilitate the investors. The Ambassador said that Austrian companies already working in Pakistan in energy sector were keen to expand their business while the new ones were also interested in this sector.

In this connection, Austria will hold a conference in Vienna in July next, which will further strengthen the co-operation with Pakistan in the field of energy. He said that this moot would provide a good opportunity of exploring and discussing ways and means to further strengthen economic co-operation between Pakistan and Austria.

He extended an official invitation to the Minister in this regard on behalf of the Austrian Minister for Economy. The Minister thanked the Austrian Ambassador and said that this initiative of the Austrian business community for Pakistan will supplement the economic and bilateral relations. He said that Pakistan will participate in Vienna conference being organised for it and will get benefit the Austrian expertise in the hydropower generation.-PR

Business Recorder [Pakistan's First Financial Daily]

 

[white_pawn]

Zardari invites Belgian businessmen ​

BRUSSELS (June 19 2009): President Asif Ali Zardari on Wednesday invited Belgian businessmen to come to Pakistan and explore a market that boasts of over 170 million people. Addressing leading Belgian businessmen at a dinner meeting, the President said just like Belgium, which is gateway to Europe, Pakistan was a gateway to the Central Asian states. "Lets take advantage of each other's markets," he added.

The President said on one side of Pakistan was the burgeoning market of China, having a population of over one billion while on the other side, there was India, which too had a market of over one billion people. He said Pakistan offered a cordial business atmosphere and with its strategic geographical location, businessmen from around the world could get closer to Chinese and Indian ports through Pakistan.

He said Pakistan, since its creation had been an ally of Europe and the US, but the business relations with them had not developed to the full potential. President Zardari said Pakistan had all the natural resources, which needed to be exploited.

Speaking about the security situation, he said it was in Pakistan's own interest to have peace and security. He said Islam was a religion of peace and love, but certain elements had misquoted some particular teachings of this great religion for their own vested interests.

He said Islam never spread through the use of force. It was the true message of love and peace that spread as far as the shores of Spain. President Zardari, who attended the first ever Pakistan-EU summit earlier in the morning, underlined the importance of democracy and dialogue for solving every problem. He said his Shaheed wife Benazir Bhutto travelled around the world, carrying the message of democracy and dialogue.

He said a dictator was removed in Pakistan through dialogue and it was the dialogue, which helped him secure his release from the prison. He expressed the hope that, with the support of the European Union, democracy would flourish in Pakistan.

Business Recorder [Pakistan's First Financial Daily]

 

[white_pawn]

Pakistan and China sign MoU for reconstruction of AJK cities ​

RECORDER REPORT
ISLAMABAD (June 19 2009): Pakistan and China have signed a Memorandum of Understanding (MoU) for a $300 million project of reconstruction and rehabilitation of the three major cities of Azad Kashmir, destroyed in the October 2005 earthquake, under the AJK Urban Development Programme.

The Chinese Government, under this agreement, offered credit of $300 million to Pakistan to assist in the completion of the development work in the earthquake-affected areas of Azad Kashmir, including Muzaffarabad, Bagh and Rawalakot. While Pakistan contributed an additional $53 million to complete the various reconstruction projects under the AJK Urban Development Project, the spokesman of the Earthquake Rehabilitation and Reconstruction Authority (ERRA) said here on Thursday.

He said that the umbrella contract for this mega project had already been signed between the Earthquake Rehabilitation and Reconstruction Authority (ERRA) and the two Chinese companies, including China International Water and Electric Corporation and China BEIXIN Construction and Engineering on February 14, 2009.

Under this project, 170 development project would be initiated in the three quake-hit districts of AJK, ERRA, the spokesman said. He said that an amount of $190.62 million had been allocated for the completion of the 90 projects of Muzaffarabad City, $123.55 million for the 50 projects in Bagh city and $38.83 million for the 30 projects in Rawalakot city.

He said that these projects would be completed in the next 4 and half years. The spokesman said that a Steering Committee was constituted under the Deputy Chairman ERRA Lieutenant General Sajjad Akram for the smooth and effective implementation of Muzaffarabad City Development Project (MCDP), under which Muzaffarabad, Bagh and Rawlakot Urban Development project would be executed.

The committee had the mandate to give policy directions for the Project Implementation and ensuring timely and effective co-ordination of all inputs regarding the reconstruction in AJK. The contract signing is in line with ERRA's Mission of "Build Back Better", he said, adding that the AJK Urban Development Programme aims at providing safe housing, improved city environment, modern physical and social infrastructures with the target to boosting economic and social growth in the earthquake-affected areas.

These projects would provide all modern day facilities, including the construction of Government buildings, roads, bridges, shopping centers, Satellite towns, play grounds, parks, education and health facilities, wholesale markets, slaughterhouses, transport terminals, neighbourhood centers, designing and the laying of infrastructure facilities like water supply, sewerage, underground electricity and telecom cables.

Business Recorder [Pakistan's First Financial Daily]

 

[white_pawn]

Hungary keen to benefit from privatisation programme ​

ISLAMABAD (June 19 2009): The Hungarian investors are keen to benefit from the ongoing privatisation programme of Pakistan besides exchanging experience with the Pakistani entrepreneurs. These views were expressed by envoy of the Republic of Hungary to Pakistan, Istvan Darvasi at a meeting with Federal Minister for Privatisation, Syed Naveed Qamar here on Thursday.

Naveed Qamar said that the initiative would further strengthen ties between the two countries adding that Pakistan has potential to become hub for the regional economies, which would benefit all stakeholders. Referring to the recent European Union (EU) Summit, the minister said that Pakistan's stance for "Trade not Aid" reflects country's targeted goal for achieving stronger and sustainable economy.

Giving an overview of Pakistan's privatisation policy and programme, Syed Naveed Qamar said that with the commencement of public-private partnership mode to privities public sector entities, the government was determined to bring in private sector efficiencies and fresh investments, to increase dividend on government's share holdings and enhance the value of the national assets.

The minister informed that the countrywide network of post offices and utility stores would be made further effective through PPP mode. The government was also considering going ahead with power distribution and generation sectors and was reviewing to improve the services of Pakistan railways, he added.

Under the new privatisation policy the workers were being empowered by allocating 12.5 percent shares of all the public sector entities to ensure their representation on the Board of Directors and transmit the profit of the respective entities to the workers, he added

Business Recorder [Pakistan's First Financial Daily]

 

[white_pawn]

Zardari keen to develop housing, infrastructure, says Faruqui ​

BEIJING (June 19 2009): The Secretary General to the President of Pakistan Salman Faruqui, in his meeting with the leadership of China State Construction Engineering Corporation (CSCEC) on Thursday mentioned that the President of Pakistan Asif Ali Zardari attaches highest importance to housing and infrastructure development in Pakistan.

He said that the Federal Government plans to construct 50,000 to 100,000 apartments for the employees of the Federal and Provincial Governments in the cities of Karachi, Lahore and Islamabad within a period of two years. He stated that Pakistan offers huge potential in the housing and infrastructure development sectors.

In this connection, he said that in the next 4-5 years the Government plans to construct one million housing units in various cities of Pakistan both in public and private sectors. He invited the CSCEC to come to Pakistan and explore this potential.

The Secretary General underlined that the President of Pakistan was keen in the construction of high rising buildings in Pakistan. He was also interested that Chinese construction companies, which had unmatchable experience in this field should come to Pakistan where all necessary facilities will be provided.

The CSCEC, which had several projects in Pakistan, showed its commitment to intensify their focus in Pakistan. The Company had decided to send a delegation of its experts to Pakistan in the next few weeks to visit different cities and localities for the purpose of building apartments, houses, infrastructure and commercial buildings. The Secretary General assured the CSCEC that the Government of Pakistan will extend all necessary assistance, co-operation and provide security to the Chinese companies who were investing in Pakistan.

 

[white_pawn]

Activity at Karachi and Qasim ports ​

RECORDER REPORT
KARACHI (June 19 2009): The Karachi Port handled 87,320 tonnes of cargo including 65,601 tonnes of import and 21,719 tonnes of export; 3,680 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Thursday. The freights comprised of 56,320 tonnes of dry cargo including 32,119 tonnes of general cargo; 12,399 tonnes of coal; 11,251 tonnes of cement; 551 tonnes of rice and 31,000 tonnes of oil/liquid cargo.

Seven ships namely viz High Current, Addarraq, Alliance Norfolk, Sima Sahba, Aqua Grace, Apl Sharjah and New Fantasy carrying tankers, car carrier, containers, bulk, container and bulk sailed out to sea respectively, during the reported period.

Nine vessels namely Apl Sharjah, Alliance Norfolk, Union Carrier, Hyundai Emperor, Johar, Gulf Tiger, Summit Europe, Shayan 1 and Qatar Sadiq are currently at the berths to load/off load containers, car carrier, general cargo, containers, tankers, containers and bulk respectively during 24 working hours.

Three ships namely Adriatic Arrow, Union Carrie and Summit Europe are expected to sail on Thursday. While three more vessels viz Hyundai Emperor, M T Johar and Gulf Tiger are expected to sail on Friday. Four vessels namely Wan Hai 507, Kota Akbar, Pacific Arrow and Pacific Express carrying containers, cement, steel and general cargo are due to arrive on Thursday. While another ship namely Champion Trader carrying tallow oil is expected to arrive on Friday.


PORT QASIM
A total cargo volume of 50,011 tonnes including 23,904 tonnes of import; 26,107 tonnes of export cargo and 2,365 containers (TEUs) was handled during last 24 hours on Thursday.

The cargoes comprised of 3,964 tonnes of diesel oil; 6,800 tonnes of palm oil; 8,239 tonnes of cement and 31,008 tonnes of containerised cargo. Four ships namely C V Nedlloyed Oceania, C V Najran, C V ACX Marguerite and M V Suez sailed out to sea during last 24 hours. While another ship viz Al-Deerah carrying oil tanker is expected to sail on the same day.

Eight ships namely C V ACX Marguerite, C V Nedlloyed Oceania, C V Najran, M V She Belle, M V Walse-II, M V Suez, M T JBU Opal and M T Al-Deerah are currently occupying the berths to load/off load containers, cement, palm oil and diesel oil at PQA Terminal during reported period respectively. Five vessels namely Al-Noof, Saudi Hofuf, New Dehli Express, Alex-I and Rimar carrying containers and cement are currently at the outer anchorage.

Three ships namely C V Dehli Express, C V Al- Noof and M V Alex-I are scheduled to take berths at Containers Terminal and Multi Purpose Terminal respectively on Thursday. While three more ships namely Maersk Novazzano, M T Sigas Maoud and M T Sichem Defender are due to arrive at Port Qasim carrying containers and chemicals on Friday. Two more vessels viz C V MSC Bulgaria and MSC Megali are due to arrive at Port Qasim on Saturday.

Business Recorder [Pakistan's First Financial Daily]

 

[white_pawn]

China's investment opportunities in Railways discussed ​

SHANGHAI (June 19 2009): The Chairman of China's Railway Engineering and Communications Company called on Federal Minister for Investment, Senator Waqar Ahmed Khan, here on Thursday and exchanged views on China's investment opportunities in Pakistan Railways.

Talking to the Shanghai based company's Chairman, Zhong Zhiguo, Minister Waqar said that there is big potential for investment particularly in improvement and rehabilitation of railways signalling system in Pakistan. The minister invited the Chairman along with a delegation to visit Pakistan so that he could arrange meetings with the concerned ministries.

Chairman Zhoug said that his company has vast experience in railways sector and added that they cater 80 percent need of the railways locking system of China. Earlier, talking the key media here, Minister Waqar said that the government of Pakistan is working on three pronged policies to attract and facilitate foreign investments in his country.

He said that government is planning to get approval through a bill from the parliament to ensure that foreign investment is fully protected. If there was any change in the government through democratically means, these policies remained unchanged, he added.

Minister Waqar said that the government has taken all the political forces into confidence to launch operation against the militancy, adding that our army would soon be able to root out the extremist elements from the Swat and adjoining areas.

This will also ensure peaceful conditions for the foreign investors in his country. He also pointed out that there was great potential of investment in various areas of economy including agriculture, small and large seized dams, infrastructure development, on and off shore oil and gas exploration, transport, coal and mineral development, food and processing as well as in telecommunications sectors.

Senator Waqar said that out of 160 million population of Pakistan, only 90 million people have the modern telecommunication facilities and the present government is committed to provide every one to have at least one telephone connection.

He further said that there is big scope of investment in telecommunication sector particularly in the country's rural areas. "Pakistan, China enjoy excellent co-operative relations at government to government and people to people level", the minister said adding that they want to commensurate these ties into economic fields as well.

Business Recorder [Pakistan's First Financial Daily]

 

[white_pawn]

First container train arrives at Jia Bagga Terminal ​

KARACHI (June 19 2009): The Jia Bagga Container Terminal, Raiwaind Road Lahore was declared open with the arrival of first container train last week, according to a National Logistics Cell (NLC) press release. The terminal would formally be commissioned by June 30.

The bonded and non-bonded container train terminal operated jointly by NLC dry port segment and upcoming NLC Express Freight Train (NEFT) with its designed potential would bring good revenue and business in freight/cargo to Pakistan Railways through its premium services and brand "In step with tomorrow".

The future of logistics in Pakistan with the collaboration of two of the largest public entities, Pakistan Railways and NLC would form a reliable and modern logistics multi-model supply chain solution. NEFT and Pakistan Railways had jointly signed an agreement on March 21 this year, where Railways would make available rolling stock to NEFT for its operations at Jia Bagga from both the port in Karachi, says the press release.-PR