Apr 16 -
Textile sector needs $500m annual investment
Chairman All Pakistan Textile Mills Association,
Abid Farooq, said on Thursday that country's textile sector needed an
investment of $500 million annually to keep itself competitive in
terms of technological upgradation.
"The Textile Vision-2005 provides for
upgradation and BMR of the machinery in a sustained manner to help the
country's textile sector to cope with challenges needed to be faced in
the post-2004 period," he said, while speaking at a seminar on
Italian Textile Technology, jointly organized by ACIMIT, the Italian
Textile Machinery Manufacturers Association and the Italian Trade
Abid Farooq said that the Pakistani textile sector
carried out upgradation worth $500 million during the past year.
Pakistan's import of textile machinery from Italy had been very
negligible as compared to that from China and Japan.
He said that Italian textile manufacturing firms
could make inroads into Pakistani market by entering into joint
ventures with the local textile manufacturers, like they had already
done in India.
The APTMA chairman said that the Italians could
also promote their textile technology in Pakistan by installing their
products at NCTE, Faisalabad.
Italian Trade Commissioner in Pakistan, Dr Emilio
De Matteis said that Pakistan could benefit from the technologically
advanced machinery already being exported to over a hundred countries.
While some Italian companies had been operating in
this market since many years, he said their presence in Pakistan could
be further increased in view of the advantages to both parties.
He hoped that the Italian Trade Commission's
presence in Pakistan would lead to a concrete programme of activities
and produce tangible results.
EoIs for sale of 5pc NBP shares invited
Pakistan's privatization body invited expressions
of interest (EOI) on Saturday from underwriters for the listing of
five per cent of the shares of state-owned National Bank of Pakistan
on domestic bourses.
A Privatization Commission statement said the
underwriters should submit EOIs by April 30 for the listing of about
18.65 million shares of the bank.
"Privatization commission has invited
expression of interest for the sale/listing of five per cent
government-owned shares in the National Bank of Pakistan, through an
offer to the general public on the domestic stock exchanges," the
The wholly government-owned National Bank of
Pakistan is one of the largest commercial banks in the country
operating more than 1,400 branches. It also handles treasury
transactions for the government as an agent to the State Bank, the
Conditional World Bank loan for gas pipelines
Pakistan will have to establish that its gas sector
could meet country's power sector demand on a sustainable basis to
qualify for the assistance from World Bank for the development of
private sector gas pipelines, its learnt.
The four-member fact finding mission of the World
Bank on Pakistan's gas pipelines started its deliberations on Tuesday.
The mission comprising Marc Heitner, Waqar Haider, Rashid Aziz and
Ralph G. Schwimmbeck held separate meetings with the Secretary
Petroleum, Abdullah Yousaf; Director General Gas Khalid Naseem;
Director General Petroleum Concessions Shahid Ahmad; Senior Joint
Secretary Water and Power Engineer Syed Ibrahim Shah; and
representative of Japan Bank for International Cooperation (JBIC)
The mission was told that the current gas
requirement in the country's power sector is estimated at around 1200
MMCFD (million cubic feet per day). This included 300 MMCFD in Karachi
Electric Supply Corporation (KESC) and 900 MMCFD in Wapda system. The
demand in power sector is estimated to go up by two to three times in
next 10 years, official sources told.
Paltry sum for Pakistan in US budget
South Asia gets short shrift in the $1.96 trillion
US budget for 2002, the Bush administration's first, unveiled on
In the foreign economic aid section, the budget
gives just $7 million to Pakistan, earmarked for the restoration of
democratic institutions and building civil society, and a similar sum
is allocated for India to help it promote judicial reform, rule of law
and measures to control trafficking in women and forced labour.
NTL move to sell factory
National Tanneries Limited has summoned a
shareholders' meeting on April 28, to pass a resolution, authorizing
the chief executive of the company to sell the factory of the company
located at Kot Lakhpat Lahore, "at the best possible negotiated
The decision by the management to put the factory
on the selling block may come as a surprise to some of the investors.
The company had swung back to a profit of Rs5.3m in the financial year
to end-June 1995, from a loss of Rs1.1m the year earlier and perhaps
there has been no return to the red since.
Home appliances maker
A Chinese home appliances manufacturer is investing
$35 million to set up a plant at Raiwind Road for producing one
million units of refrigerators, airconditioners and washing machines
This was stated on Monday by Muhammad Ayub, a
Dubai-based Pakistani, whose company is contributing half of the
equity in the joint venture with the Chinese company, at a news
SECP cancels membership
The Securities & Exchange Commission on Monday
ordered the removal of Iftikhar Shaffi and Tanveer Malik from
membership of Lahore Stock Exchange for alleged malpractice and
manipulations that triggered the crash of securities' markets in
Karachi and Lahore in May last year.