27 - Sep 02 , 2001
Malaysia to set up meat processing plant in EPZ
Malaysia will set up a processing plant in export processing
zone (EPZ) to export meat from Pakistan, besides a palm oil processing plant for
quality oil production for local consumption.
A 16-high level Malaysian delegation led by deputy chief
minister of Penagn state, Dr. Hilmi Bin Haji Yahya is currently here for talks
on the establishment of joint ventures in the field of tourism, gems and
jewellry processing and deep sea fishing. Pakistani authorities were told that
Malaysia was interested in setting up an edible oil plant so that raw material
was processed within two days after the arrival of raw material from Malaysia.
The transportation of edible oil by sea from Malaysia to
Pakistan was currently taking around 8 weeks, which makes it difficult to
maintain the quality of edible oil. Hilmi said that setting up of processing
plant here would ensure quality edible oil.
The visiting delegation also intends to set up a hallal meat
processing plant in EPZ for the export of meat to Saudi Arabia and other
regional countries. During a meeting at the board of investment, the delegation
leader emphasized that Tuna fish, available in abundance in Pakistan, could be
exported to Japan after processing.
The Malaysian deputy chief minister suggested that Pakistan
should shift labour force from agriculture to manufacturing sector. The annual
exports from Pakistan to Malaysia stand in the region of $200 million against
imports of around $700 million imports. To improve this trade imbalance,
Malaysia offered to arrange a Pakistani fair in Malaysia in November this year
to introduce and create awareness about Pakistani goods in Malaysia, Indonesia
Dr. Hilmi said that given the high labour cost in his country
as compared to Pakistan great scope exists for joint ventures in various labour
intensive areas. Chairman BoI Waseem Haqqi said that last year visit of the
Pakistani president and commerce minister to Malaysia has promoted the trade and
economic ties between the two countries. He said that Renan group of Malaysia
has invited Pakistani businessmen for discussion to expand cooperation and the
trade links in different areas.
French co enters into joint venture
A leading textile company of France has entered into a joint
venture with a Pakistani company to manufacture bedwears and other textile
made-ups under its brand name established in Europe for over a century, official
sources said on Thursday.
The sources said that Minister for Finance Shaukat Aziz is
going to launch the new company at a ceremony being held in the first week of
next month. This will be the first direct foreign investment in textile industry
as the French company has agreed to transfer technology and bring latest plant
and machinery to Pakistan.
The French company, established in 1867, is one of the
largest European companies involved in production of bedwears. Under the
agreement, the French company will also allow existing European markets to
access the newly established company under Pakistan-France joint venture.
Minister for petroleum and natural resources Usman Aminuddin
on Wednesday underlined the need to develop new strategies with innovative
technologies in order to jack up success rate in the oil and gas exploration in
Exploration licence granted
The government on Wednesday granted a petroleum exploration
licence to the Joint Venture of Polish Oil & Gas Company (95 per cent) and
Government Holdings (Pvt) Limited, (5 per cent) over Block No 2869-10 (Sabzal
Plan to drill 100 wells yearly
Petroleum minister Usman Aminuddin on Tuesday said the
government had chalked out a comprehensive plan to drill up to 100 wells a year
to bridge the yawning gap between supply and demand for oil and gas using
The demand for oil in the country is expected to grow from
the present 19 million tons per year to about 27 million tons by 2010.
"If there are no significant discoveries, most of it
will have to be imported for economic development, causing a major drain on our
limited foreign exchange resources," he told experts at an oil and gas
The minister said natural gas demand is expected to double
from 2.4 billion cubic feet now to 5 billion cubic feet by 2010. He indicated a
shortfall of supply ranging between 0.5 to 1 billion cubic feet per day,
"if the supply does not keep pace with the demand."
Musharraf launches RBOD project
President Gen Pervez Musharraf said on Monday that the
government was giving priority to those areas where poor people were living and
which had never figured in previous governments' development plans. He was
speaking at a gathering of Nazims, Naib Nazims and councillors held at the
Karampur village after the ground-breaking of the Right Bank Outfall Drain (RBOD)
project. Earlier, the president arrived at the village in taluka Sehwan Sharif
and performed the ground-breaking of the project.
Work on Makran Highway begins
President Gen Pervez Musharraf has said that the government
has given priority to development of this backward area and will connect it with
other parts of the country through road and railways links. He was speaking on
the occasion of ground-breaking ceremony of the Makran Coastal Highway Project
phase-II (Gwadar-Pasni section) on Friday.
Project for additional gas supply
The Sui Southern Gas Company Limited (SSGC) is implementing a
project at a cost of Rs4.63 billion that will add an additional 350 million
cubic feet per day (mmcfd) of gas to its supply by the year 2002-03.
The project is part of an overall programme of the present
government to develop the downstream gas sector, official sources told APP on
Saturday. The additional gas will be utilized to meet the requirement of power
generation plants, replacing imported furnace oil, and other consumer sectors.