06 -12, 2002
PAKISTAN CALLS FOR FOREIGN INVESTMENT
Pakistan on Thursday asked foreign investors to
invest in the country as the government was pursing consistent,
transparent and open economic policies.
"We are trying to remove irritants which
affect business climate...and I do say that we need to do more on
removing irritants to make doing business in Pakistan hassle
free," said Finance Minister Shaukat Aziz.
The minister was addressing a day-long
international investors conference in Paris — Business Climate and
Opportunities for Business in Pakistan — from the World Bank office
in Islamabad through video arrangements.
He said that trade and investment regime had been
liberalized to attract foreign investment. "We do, however,
believe that much remains to be done to improve the investment
The government, he said, was trying to restructure
public sector enterprises for their eventual privatization. "Now
the situation is much better than before to disinvest the state sector
and I would urge the international investors to come forward and take
part in the privatization programme which is very much open and
"We are undertaking judicial reforms aimed at
strengthening the rule of law and enhancing transparency and
accessibility of legal system by modernizing the court system,"
he said, adding the purpose of these reforms was to improve the
Since Pakistan is a gateway to the Middle East and
Central Asia, foreign investors can establish their industries in
Pakistan and export their products to those markets.
BANKS NOT TO RECEIVE DEFECTIVE NOTES
The State Bank of Pakistan has directed the
administrations of all banks to stop accepting any currency note from
the public if they find any defect or slogan on the image of
Quaid-i-Azam, sources told Dawn on Thursday.
It was informed at a meeting held recently at the
SBP office that any currency note having any mark on the portrait of
Quaid-i-Azam will be borne by the banks. The meeting was attended by
the divisional heads of all commercial banks.
REFORMS: DONORS WARN AGAINST INCONSISTENCY
The international donor community has
"cautioned" Pakistan against "playing politics"
with the reform programme.
"On the eve of the October elections,"
this caution has been reinforced by World Bank (WB) vice-president for
South Asia Region, Mieko Nishimizu observation that this government
and the democratic one to come, should "never forget that the
people's trust is still young, fragile and can be broken by one
misstep — one inconsistency between words and actions."
PSO SELL-OFF TO COMPLETE BY AUG 31
As four leading firms appear ready to run for 51
per cent strategic shares, the government has decided to complete the
privatization process of Pakistan State Oil (PSO) by August 31, 2002 ,
and wind up the bid payment process in two instalments from the
Petroleum Ministry sources told that four key
investors have initially promised to compete for 51 per cent shares of
state-run oil giant PSO. These include Kuwait Petroleum Company,
Caltex and Dawood Hercules.
Shell, the second largest marketing company in
Pakistan would not be contesting directly but would indirectly run for
the prized oil business, these sources said. A number of other
companies mainly from the United States, Saudi Arabia and Canada are
also expected to join the race.
98PC OF VOTERS SUPPORTED MUSHARRAF: EC
President Gen Pervez Musharraf has earned five more
years as president after 98 per cent of the voters, who cast their
ballot, approved his agenda, the Election Commission said on
It was announced officially that out of a total
43.39 million people who used their right of franchise, 40.02 million
endorsed his policies.
According to the figures released by the Election
Commission after the CEC's live speech on TV and radio, the voters'
turnout stood at over 70 per cent.
Out of the total votes polled, 98 per cent stamped
the "yes" column, giving the president additional five
years, starting from the date when the new parliament holds its first
OIL, GAS FIELDS SELL-OFF TRANSPARENT
JP Morgan has said all blocks in nine oil and gas
concessions were bid for and results of the competitive process, and
were very close to anticipated valuations and substantially above the
minimum reserve prices suggested by the advisers. Bidders and
participants were also satisfied with the execution and transparency
of the process.
INVESTMENT ACCORD SIGNED WITH JAPAN
Pakistan and Japan on Monday formally signed and
exchanged official notes to effect bilateral agreement on promotion
and protection of investment between the two countries.
The agreement was signed in Tokyo on March 10, 2002
and it will enter into force on May 29, 2002.
EASY EXIT SCHEME
The last date for submission of applications for
delisting of companies has been extended by 15 days, Securities and
Exchange Commission of Pakistan announced.
FIRST PREFERENCE STOCK IN 40 YEARS
If the decision by Dewan Salman Fibre Limited (DSFL)
to issue preference shares goes through, it would be the first
preferred stock to make a comeback in the Pakistani equity market,
after an absence of more than 40 years.
ASIAN BANK TO HELP ADBP
The Asian Development Bank (ADB), in view of
improved operational results of Agricultural Development Bank of
Pakistan (ADBP) has shown keen interest in restructuring the financial
institution in providing credit to farmers.