ADFD invited to invest in energy sector
Posted by admin on Jul 9, 2009
ISLAMABAD (PPI) – A delegation of Abu Dhabi Fund for Development (ADFD), UAE led by its Acting Director General Muhammad Saif Al- Suwaidi called on President Asif Ali Zardari here Wednesday at the Presidency and discussed bilateral relations between the two countries and the level of cooperation between the Pakistani government and the Fund in financing development projects in Pakistan.
Those who attended the meeting included Nawab Zulfiqar Ali Magsi, Governor Baluchistan, M.Salman Faruqui, Secretary General to the President and Maj General Faris Al- Mazrooi. The President said that Pakistan values its relationship with UAE and urged for further strengthening the bilateral ties between the 2 countries in all fields.
The President invited the Abu Dhabi Fund for Development to avail the investment opportunities in Pakistan and invest in sectors like oil and gas, power generation, and infrastructure development projects as the government has announced incentive packages to encourage investment in these sectors.
The President appreciated the support and assistance of the UAE government in the relief and rehabilitation of the displaced people.
Suwaidi said that the Fund already finances development projects in Pakistan and assured the President that the Fund would extend cooperation and investment in financing a number of investment opportunities in Pakistan
Meanwhile, a delegation of Gulf General Investment Company (GGICO), UAE led by its Chairman Abdulla Juma Al Sari called on President Asif Ali Zardari here Wednesday at the Presidency.
The President said that investors could invest in housing sector of Pakistan particularly for displaced people of Malakand and Swat.
The President said that the government has already launched a housing scheme for the poor, the general public and the government employees to meet the growing demand of housing in the country and said the Gulf investors could also avail of this opportunity. Abdulla Juma Al Sari said GGICO was interested in investing in housing sector of Pakistan particularly the pre-fabricated housing units for the displaced people and affordable housing in the major urban areas.
The President said that the company should discuss the prospects of investment with relevant government ministries and avail of investment opportunity through a transparent competitive bidding process.
Pakistan exports to the UK touch highest mark despite recession
Posted by admin on Jun 30, 2009
LONDON, June 30 (APP): Pakistan’s exports to UK have crossed US $ I billion mark this year for the first time in history. With the growth rate of 16.29 % during the period July 2008- April 2009, Pakistan has seen an all time high export to the UK, which is one of Pakistan’s top three export markets in the world for the last four years from 2005-2006 through 2008- 2009 financial years. Due to dedicated efforts of Commercial Wing of Pakistan High Commission, UK remains among top three markets with balance of trade in favour of Pakistan.
Exports from Pakistan to the UK were worth 1.03 billion during the financial year 2007-2008. The exports mainly constituted such items as textile yarn, rice and cereals, fruit and vegetables and value added items like apparel and clothing accessories, power generating machinery and equipment.
Officials at Pakistan High Commission explained that by diversifying products a huge potential of enhancing further exports can be exploited.
Three new sectors with export potential to the UK are high quality periods replica furniture, health care items including pharmaceuticals, surgical and beauty care instruments, herbal medicines, hospital linen besides dairy and Halal meat products.
In this context the commercial wing of Pakistan High Commission has planned sector specific conferences. A conference for promotion of Healthcare sector is being organized here from July 21 to 23.
As market access remains a crucial factor in expanding trade share Pakistan has insisted time and again for concessions and preferences such as GSP plus.
The surge in exports due to effect of award of GSP plus in the past is evident from the comparison of data of FY 2003-2004 with the successive years.
According to the officials, in UK there is great interest for trade with Pakistan which could be translated into growth of exports through greater outreach to importers and by rectifying misperceptions about Pakistan, as travel advisories by FCO and discreet policies of companies of not providing insurance cover to travel to Pakistan create reluctance among people to travel to the South Asian country for business.
Govt cognizant of inflation: Hina Rabbani Khar
Posted by admin on Jun 30, 2009
Hina Rabbani said that giving subsidy on petroleum has never been the right policy since Pakistan did not produce petroleum and its related products.
She said petroleum import involves precious foreign exchange and all the relevant taxes and surcharges have to be paid.
Hina Rabbani said the aim of levying carbon surcharge on petrol is to discourage the people from using petroleum and switch on to alternate energy resources.
The Calling Attention Notice drew the minister’s attention towards non-reduction of prices of daily use despite decrease in petroleum prices.
“The aim of increase in banks’ mark up rate was to take a direct hit on inflation.”
She said there were a number of kitchen items which had shown a downward trend which included cooking oil, Basmati rice, eggs and other items of daily use.
She however, added that the ECC has taken a serious note of rise in the price of sugar which has increased by 50 percent over the last fiscal year.
The minister said that this year Pakistani farmers have been paid Rs 290 billion for the purchase of wheat crop by the government.
She said the government could have either imported wheat for the benefit of the farmers in the US or Australia or bought it from the local farmers.
“But we gave our farmers a better price.”
Replying to a question about non transfer of impact of oil price reduction by the PIA and Pakistan Railways, she said these two institutions were already ‘bleeding.’
“They are not earning any profit and the government has to give them subsidy,” Hina Rabbani added.
She said the federal government also remains in constant touch with provincial governments to bring down inflation.
Int’l community should help Pakistan overcome economic problems: Zardari
Posted by admin on Jun 30, 2009
ISLAMABAD, Jun 30 (APP): President Asif Ali Zardari on Tuesday said the international community needs to recognize the economic problems of Pakistan created by the war against militancy and should step forward to address them in order to pursue the fight against militancy to its logical conclusion. He was talking to David Lipton, Senior Director for International Economics of the US National Security Council who called on him at the Presidency.
David Lipton was accompanied by US ambassador Anne W. Patterson and Robert Dohner, Dy Asstt Secy for Asia of the Treasury Department, Shaukat Tarin, Advisor to PM for Finance, Secretary General to the President Salman Faruqui, Foreign Secretary Salman Bashir, Secretary Finance Salman Siddique, Secretary Commerce Suleman Ghani were also present in the meeting.
President Zardari said Pakistan had to rebuild its economic infrastructure damaged during the war against militancy, revive the closed industrial units, rehabilitate the over 2 million internally displaced persons, strengthen its civilian law enforcing agencies and undertake a massive programme for increasing literacy to help combat militancy.
The President said the revival of closed industrial units also needed new power plants and hydel power projects.
He said rental power plants would come up on line by the end of this year. In addition Pakistan was trying to build about a dozen small hydel power plants to overcome power shortage.
The country also needed access to international markets for its product so as to generate jobs in the country, the President said