The Londoner

Ijaz Hashmat Khan FAISALABAD: Pakistan is the first and natural choice of China to invest in Textile sector, said Chinese Economic and Commercial Counsellor Mr Zhou Zhen Cheng. He was talking to media persons during his visit to Chenab Limited here Saturday. He said that China made enviable progress due to its consistent economic policies and cheap and quality products. "Chinese companies are now planning to launch joint ventures to maintain its growth rate", he said and added that Pakistan would be their first and natural choice. He said that Pakistan has sufficient surplus cotton and Chinese input in this sector could help Pakistan enter into value-added and brand regime in a big way. He appreciated the quality, display and aggressive marketing strategies of Chenab and Chen-One and said that Chenab should also enter into the Chinese markets. Mr Zhou Zhen Cheng assured that visa procedure for genuine businessmen would be further simplified while a proposal was under conside

Pakistan and Iran are going to hold another round of talks over $7 billion Iran-Pakistan-India (IPI) gas pipeline deal in Tehran on May 26, a senior official in Petroleum Ministry told Thursday. He said two sides have proposed to hold talks on IPI so that the final arrangements could be made on signing of Gas Sales Purchase Agreement (GSPA). However, he added, signing of GSPA on gas pipeline deal could be delayed due to political uncertainty followed by the resignation of Petroleum Minister, Khawaja Asif of Pakistan Muslim League (N). He was of the view that the process of proposed agreement on IPI gas deal could be affected due to absence of the petroleum minister. He said the Pakistan and Iran were supposed to sign the GSAP on IPI without making any other round of talks, and during the Iranian President visit to Pakistan on April 28, two sides also agreed to sign deal within 45 days. He said that these talks could be for making arrangements for signing the GSPA on IPI that would be s

Nasir Mahmood Karachi—A number of Gulf and multi-national groups have announced their investment plans in Pakistan. The country’s agriculture and dairy sectors are looking forward to have inflow of precious foreign investments worth hundreds of million dollars in days to come as a number of Gulf States and multi-national companies have announced at Middle East-Pakistan Agriculture and Dairy Investment Forum held in Dubai to invest in Pakistan in a big way. Syed Naveed Qamar - Federal Minister Investment and Privatization, Dr Abdul Hafeez Sheikh - Former Minister Investment, Hassan Ali Chaniho – Former Minister Agriculture Sindh also participated in the Forum. The representative of Qatari Livestock Company, a $1 billion firm and Abraaj Capital - UAE will invest in dairy farming and value added dairy from its 250 million USD fund for Pakistan. Emirates Investment Group has planned to invest in agri and dairy sector in Pakistan and would announce the detail of its investment plan later on

ISLAMABAD: The visiting Malaysian Prince, His Royal Highness Prince Raja Ashman Shah, the son of Sultan Azlan Shah, former King of Malaysia met with local investors and government authorities in Islamabad. The Prince was satisfied with the investment climate in Pakistan and with the policies of the Government of Pakistan to support and safeguard foreign investments. He was particularly impressed by the warmth and affection showed by the Government and people of Pakistan towards him and his delegation. In a visit to the Chairman Senate, Mr. Mohammad Soomro and the Minister of Investments, Syed Naved Qamar in Pakistan . the Prince was apprised of the opportunities for investment. He was also assured of the full support of the government for his delegation and for other investors.

Turkish Ambassador to Pakistan Rauf Engin Soysal has underlined the need for expediting work on Pakistan-Iran-Turkey road links to boost trade activities among these countries in the current globalizing economy. “There is a dire need to implement Economic Cooperation Organization (ECO) Transport Pact agreed at the ECO ministerial meeting on Transport and Communication in Anatalya, Turkey in April,” the envoy told after meeting with the business community at Sarhad Chamber of Commerce and Industry (SCCI). Stressing the need for starting Pakistan-Iran-Turkey road lines for trade activities, he said there was no hurdle on part of Turkey in this regard. However, he added a section of road in Balochistan need to be upgraded for the free flow of transportation for which Pakistan should play its role. Earlier addressing the business community, Ambassador Soysal said Turkey had been enjoying cordial ties with Pakistan right from day one, adding, Turkey want to further improve economic cooperat

Wednesday, May 14, 2008 KARACHI : The Pakistani rupee ended firmer on Tuesday thanks partly to a supportive statement from the central bank, but it remained close to a record low in extremely thin trading. The rupee ended at 67.80/68.50 to the dollar , up slightly from Monday’s close of 68.00/69.00. Still, the currency has depreciated 10 per cent since the start of the year. Trade has been thin since the rupee hit a record intraday low of 69.47/67 and a record closing low of 69.40/60 on Friday. Traders said they had adopted a wait-and-see approach to dealing after data late on Monday showing consumer inflation at its highest level in more than 30 years reinforced expectations for a rise in official interest rates soon. Pakistan’s political crisis also took a turn for the worse late on Monday with a split in the six-week-old ruling coalition. Even before the political crisis blew up, the rupee was under pressure from a mounting oil import bill, rising prices and a burgeonin

ISLAMABAD, May 13: Business delegations from Romania and Malaysia have expressed their interest to invest in Pakistan, particularly in infrastructure sector. A team of Romanian investors headed by Mr Marciel Popa during a meeting with Infrastructure Project Development Facility (IPDF) Chief Executive Aijaz Ahmad here on Tuesday evinced its interest in participating in the energy and construction projects. Mr Popa, who is also Pakistan’s Honorary Consul General to Romania, said that his country also wanted to evaluate potential for bolstering bilateral trade opportunities in local manufacturing. Briefing the delegation, Mr Aijaz outlined the government policy on public-private partnerships and the opportunities available in the infrastructure development projects. Separately, a Malaysian delegation led by Wan Mohamed Yaacob Bin Dato’ Wan Salaidin, Executive Director, Dwitasik SDN BHD, was briefed by the IPDF chief executive on the investment opportunities in Pakistan at a presentation h

By Muzaffar Qureshi KARACHI, May 13: The Balochistan government has sought the assistance of Sindh to increase its tax revenue which currently stood at Rs500 million compared to Sindh’s revenue of Rs9,500 million. The assistance was sought by Balochistan’s Excise Minister Rustam Jamali during his meeting with his counterpart Mukesh Kumar Chawla in Karachi recently. Rustum Jamali mentioned the infrastructure cess charged by the Sindh government on imports at the rate of 0.5 per cent. He said his province had sizeable quantities of imports made through the dry port, airport and through border trade with Afghanistan and Iran. He said his province was considering levying infrastructure cess on the pattern of Sindh to increase its revenue. Mr Mukesh offered every possible assistance to his counterpart in generating more revenue. Director-General Excise and Taxation Asif Marghoob Siddiqui told the Balochistan minister that the Sindh excise department had set up a linkage with the Customs thr

By Simeon Kerr in Dubai and Farhan Bokhari in Lahore Financial Times, 11 May 2008 One of the Middle East's largest private equity companies has been quietly buying farmland in Pakistan as part of plans by the United Arab Emirates to increase food security and to damp inflation. Dubai-based Abraaj Capital says it is working with the UAE government on the strategic agribusiness investments in Pakistan. The government in Abu Dhabi has been holding talks with Islamabad about a framework for investment in its agricultural sector as it seeks to secure cheaper long-term supplies of staples such as wheat and rice. The Gulf state, which imports 85 per cent of its food needs, has already said it is to consider building a strategic reserve of staple food items, part of a broader strategy to tame inflation of more than 10 per cent, with sharp rises felt in food prices across the entire UAE population. A senior Pakistani official told the Financial Times the government had agreed in principle t

By Tanveer Ahmed KARACHI: The resignation of PML-N from the federal cabinet on the unsettled judges issue have added further confusion and uncertainty in the political atmosphere of the country, but it was vice versa as far as the stock markets are concerned, which got jubilant over the latest political development. Country’s capital market, feeling uneasy since the talks of imposition of capital gains tax on equities by outgoing Federal Finance Minister Ishaq Dar, celebrated his departure from the office when it recorded by posting healthy gains of over 255 points Tuesday following several depressive and lean sessions. On Monday, Ishaq Dar in clear words, told a seminar in Islamabad that government is considering to impose capital value tax on real estate and capital gains tax in the new budget to generate more finances to provide subsidy on oil and food items. This created jitters in the market as the market players were disappointed with Dar’s way of handling the financial affairs o

LONDON, May 14 (APP): The launch of Pakistan Private Equity and Venture Capital Association of Europe (PVCAE) will take place here on June 12 which will provide potential investors with the essential market information. Saira Najeeb, Commercial Secretary, Pakistan High Commission told APP that PVCAE has been established as a European based association representing the interests of European private equity and venture capital investors looking to invest in Pakistan. She said its formation is crucially timed with the Securities and Exchange Commission of Pakistan (SECP) issuing draft ‘Private Equity and Venture Capital Regulations’ . This is a Task Force for Venture Capital being chaired by the Ministry of Finance, and with a changing political landscape now taking shape as the economy continues to show resilience and potential. Pakistan, it was noted, is a country in the midst of rapid economic development, its economy having grown at a rate of over 7% annually for the last 4 years and e

PESHAWAR , May 12 Asia Pulse - NWFP Governor Owais Ahmed Ghani has said the economy of the country is in the growing trend providing sufficient sources for making successful entrepreneurship opportunities in both trade and industrial sectors of the country. Talking to a visiting delegation of Turkish businessmen at Governor's House here on Wednesday, he said that both Pakistan and Turkey have a long association and exist vast potential for promotion of relationships especially in the fields of trade and industrialisation. Prominent Turkish businessman Rasim Oz was leading the delegation. Owais Ahmed Ghani particularly mentioned the mineral sector, saying the government has already developed a lot of data about the potential sectors which could be assessed to look into the possibility to develop joint ventures by the respective business communities. He also appreciated the keen interest expressed by the members of the delegation in the trade of precious and semi-precious st

ISLAMABAD: President of Islamabad Chamber of Commerce Muhammad Ijaz Abbasi has said that the trade volume between Pakistan and Tajikistan is extremely low, which is around 3 million dollars, that needs to be increased. Muhammad Ijaz Abbasi, President of Islamabad Chamber of Commerce & Industry expressed these views on the visit of Saidov Saidbeg, Boykhonovich, Ambassador of Tajikistan to Pakistan. He said that the Tajikistan is the nearest Central Asian Estate to Pakistan but the trade between the two countries is not up to the mark. President said that both the government has exchanged high level official visits and signed various agreements to boost the trade between the two countries and emphasized on regular exchange of business delegation from both sides to gear up trade and economic activity. He said that there must be increased interaction between the Private Sectors of both countries, which will give opportunities to understand each other’s markets. Muhammad Ijaz Abbasi sai

KARACHI: Orascom Telecom has posted Q1 results sustaining its business growth in the Asia region due to sustainable performance by Mobilink in a challenging business environment. According to a press release on Monday, The Egyptian telecom company, a leading player in the Middle East, Africa, Pakistan and Bangladesh regions, posted a strong set of Q1 results with its top line growing 22 percent reaching $1,295 million. At the EBITDA level, the Orascom growth was even more positive with margins reaching 45.1 percent. Zouhair A Khaliq, president and CEO, Mobilink while appreciating the commitment of Orascom Telecom to Pakistan Telecommunication sector said, “Our uninterrupted growth, a strong business revenue model and market sustainability, coupled with ongoing investment in excess of $2.5 billion in technology and infrastructure has catapulted us to the 9th position in Asia-Pacific.” “Orascom Telecom is one of the most dynamic and fastest growing conglomerates in the world, the company

ISTANBUL - Muhammad Asaf, chairman of Pakistani Chamber of Commerce & Industry, said on Friday that his country now had a secure milieu. Speaking at the 11th Eurasia Economy Summit in Istanbul, Asaf said that none of the foreign investors in Pakistan should be uneasy about their products and life security. He said that Pakistan was secure as much as other western countries. Asaf said that they turned into peace and stability policies again with the new democratic government. He said that Pakistan was a crossroads between southeast Asia, western Asia and China, adding that his country could be a cooperation center. Asaf said that Turkey could undertake a very important role in the development of the region, and good things could be made through joint initiatives.

By Nauman Tasleem LAHORE: The state of the economy is very strong and the government should go for investor friendly measures rather than issuing negative statements, said AKD Securities Chairman, Aqeel Karim Dhedhi, while talking to Daily Times. “There is a great potential in Pakistan’s economy and it has the quality to grow rapidly in the coming years,” he said adding, “the capital market would remain positive if Pakistan Muslim League-Nawaz (PML-N) separates itself from the cabinet.” He said, “the Prime Minister and the Finance Minister should be from the same party.” It happened in recent past that the Prime Minister gave a statement and the finance minister contradicted it, Dhedhi said. Pakistan’s capital market is still attractive and cheaper than other markets, he added. “Only optimistic attitude, positive approach and encouraging statements are the need of the hour,” Dhedhi said. He was of the view the government should consult with the capital market stakeholders before imposi

I have not been able to give my personal thoughts for a while now and there are lots of issues which I need to talk about. There is the never ending primary contest between Barack Obama and Hilary Clinton, issue of restoration of judiciary in Pakistan and the repercussions if that does not happen, Western hypocrisy towards Beijing Olympics, commodity based resurgence of Russia and its dealing with EU in the Balkans and relative calm in Indian held Kashmir after many years of trouble. But today, I won’t write anything about the above and talk to you about the possibility of some investment in my country of Pakistan. Economy of Pakistan is a big concern at the moment as it is becoming increasing difficult for general public to keep up with the sky rocketing prices caused by sliding rupee and prolonged political instability. If I put myself in the shoes of an investor, I need to have assurance that my investment is safe and would be able to gain return in short to medium term. Is that a

ISLAMABAD, (Xinhua) -- Pakistan will open new air routes for additional flights to China during the Beijing Olympics, the Geo Channel reported in its website on Thursday. The report cited civil aviation chief Faruque Rahmatullah as saying that the new air routes for additional flights will help save fuels and add more air traffics to China. Rahmatullah, director-general of Pakistan Civil Aviation Authority (CAA), said that the flights coming from Europe and Gulf countries could save half an hour in their journey to Beijing through new route. He said a new aviation policy has been sent to the Prime Minister Yousaf Raza Gilani for his approval, which envisages taking aviation industry share in GDP to one percent in the next four years. Feeder airports would be constructed in collaboration with the private sector for the growth of industry and air service to far-flung areas, said Rahmatullah, adding that the hotels and other trading constructions in Karachi would be undert

Pakistan has the potential to capture more of the $45 billion Business Process Outsourcing (BPO) market since it is still a relatively new entrant with an ample supply of high caliber labour, whereas the Indian labour pool has now reached saturation. This was stated by Nadeem Ilahi, Managing Director and Country Manager-Pakistan The Resource Group (TRG) in his presentation at a event organised by 21st Century Business & Economic Club at a hotel here on Thursday. He said that a viable BPO industry in Pakistan is the best solution to employ the skilled youth and significantly enhance foreign exchange earnings of the country. The BPO industry in Pakistan faces numerous challenges, which TRG has successfully mitigated in order to become the market leader. Besides problems in infrastructure, Pakistan is also perceived as a high-risk country in international markets. He said that TRG is a multinational KSE-listed company, providing Business Process Outsourcing services to high profile, F

MILAN (Thomson Financial delivered by Newstex) -- Eni SpA (NYSE:E) said on Tuesday production has started at the Badhra gas field, located in the Sindh province in Pakistan, without giving output details. The Italian energy company operates the field through its local subsidiary Eni Pakistan Limited with a 40 percent stake. Other partners in the venture are Royal Dutch Shell (28 percent), Oil & Gas Development Company Ltd. (OOTC:OLGDF) (20 percent), Premier Oil Overseas BV. (6 percent), and Kuwait Foreign Petroleum Exploration Co. (6 percent). Eni also said it has completed the commissioning of the third train at the nearby Bhit gas treatment plant, which will process gas from Badhra. Eni said $50 million will be invested to increase Bhit's plant daily capacity by 17 percent to 8.9 million cubic metres. Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or simil