Chinese to arrange $30m
The Chinese firm which developed Saindak project has agreed to take the
project on lease, and has formed a consortium for arranging $30 million for operational
Abdullah Yousaf, Secretary Petroleum and Natural Resources (P&NR)
who had gone to China with Finance Minister, said on Thursday that the Chinese company
which had developed the project, MCC, was not keen to be associated with the project in
any capacity. He said after negotiations with the company, he managed to persuade them to
take part in the leasing process of the project.
The secretary P&NR said that government feels that the company
which developed the project has advantageous position to get it on lease. He said the
company has decided to form a consortium for raising US$ 30 million. " I am very
satisfied with the negotiations and the response of the MCC people was highly
encouraging," he said.
The project was developed with the consideration of developing the
backward area. However, the escalation in the project cost and the current low metal
prices in international market has reduced the project's rate of return to a level that
its production might just recoup its operating cost.
The ministry officials dealing with the project feel that the project
can start its full production within six months if the funds are available.
China to explore Model Farms project
Finance Minister Shaukat Aziz said on Thursday that his visit to China
would serve as catalyst to further cement the economic ties between the two countries.
In an exclusive interview on his return from China after attending
Joint Economic Commission meeting, the minister said there is strong realization in China
to further develop relations on economic front like other fronts between the two
Both the countries, the minister viewed, had a range of products and
services that complement each other which would provide an impetus to the cooperation and
collaboration in various economic sectors.
Chinese delegation, he continued, would soon visit Pakistan to explore
possibilities of developing Model Farms adding, this would pave the way for transfer of
technology in this field.
12 sick units to be revived
The newly set-up committee on revival of sick industries has picked up
a dozen sick units eight of them in the textile sectorfor immediate revival.
It has also asked FPCCIthe Federation of Pakistan Chambers of Commerce and
Industryto examine cases of sick units on its own and then recommend to the
The committee at its first meeting here on Wednesday gave a go -ahead
to three staterun banks and two financial institutions to start revival talks with the
sponsors of the selected sick units.
The chairman of the committee, Tariq Hameed told that the 12 sick
units, the committee had zeroed in for immediate revival, are among those 114 that Shaukat
Tarin committee had identified as immediately revivable. The Tarin committee, which
consisted of heads of lead banks and financial institutions, had revived 64 sick
industries and selected 114 more for immediate revival after a long scrutiny. "The
sick units that we have picked up are the ones that were described immediately revivable
by the lenders themselves. So their revival should not take much time," Hameed said.
Jamote sees agri growth at over 7pc
Federal Minister for Food, Agriculture and Livestock, Dr Shafqat Ali
Shah Jamote has said that growth rate in agriculture sector is likely to surpass seven per
cent this year.
He was talking to the Ambassador of Japan to Pakistan, Sadaaki Numata,
who called on him at his office here on Thursday.
The minister informed the ambassador that Pakistan has great potential
for agricultural growth and in the current year it has already achieved record production
of cotton, wheat, rice, onion and potato. In addition to this, Pakistan was also growing a
variety of fruits such as citrus, mangoes, apples, strawberries, mushrooms, lettuce and a
variety of other crops, he added.
Canals to run full capacity from 20th
Agriculture Department Punjab has said that the canals in cotton sowing
areas of the province will start running in full capacity by May 20.
The department advised the cotton growers to make immediate
arrangements for sowing cotton in Multan, Bahawalpur and D.G Khan divisions.
A spokesman of the Agriculture Department Punjab in a statement here
Tuesday said, due to shortage of water in Tarbela and Mangla Dams, the perennial and
non-perennial canals in cotton area were flowing 30 to 40 per cent below their capacity.
Now, more water has been released from these dams and all the canals in cotton areas will
attain full capacity by May 20.
The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) is
waiting for the release of Rs40 million from the Export Promotion Fund (EPF) for setting
up an institute to train labour in the provincial capital.