INDUSTRY

 

Aug 26 - Sep 01, 2002

 

1.INTERNATIONAL

2. INDUSTRY

3. FINANCE

4. POLICY

5. TRADE

6. GULF

 

10-YEAR ENGG VISION OKAYED: $12BN INVESTMENT LIKELY

President Pervez Musharraf on Thursday approved a 10-year "Engineering Vision 2002" with an initial funding plan of Rs4.5 billion.
Official sources told that after Rs4.5 billion government investment, total local and foreign 

 

private investment through  the plan was expected to touch $10 to 12 billion over a period of ten years.

The plan was approved at a meeting of leading industrialists particularly those relating to large scale manufacturing. Earlier in the day, Commerce Minister Abdul Razak Dawood had finalized the various aspect of the plan during a meeting with the industrialists.

The plan envisaged establishment of a Rs2 billion technology development fund under the Ministry of Science and Technology for the development of engineering sector on scientific lines and creation of Rs2.5 billion worth of 25 common facility and technical support centres.

The president directed that Pakistani engineering sector investors should renegotiate their agreements with foreign partners particularly in the field of car and tractor manufacturing for technology transfer and for the export of spare parts to other countries through value added quality production.

The plan envisaged to build on the existing engineering base and progressively increase the share of industrial sector to 25 per cent and share of engineering goods to 30 per cent of overall manufacturing in 10 years.

The technology development fund would be utilized particularly for the quality certification and development of engineering sector goods of international quality under ISO certifications.

PETROLEUM EXPLORATION LICENCE GRANTED

The government on Tuesday granted licence to a joint venture for exploration of petroleum in Manchar block of Dadu district.

The licence was given to the joint venture of Eni through its wholly owned subsidiary Lasmo Oil Pakistan Limited (55%), Pakistan Oilfields Limited (22.5%) and Mari Gas Company Limited (22.5%) over block No 2667.5 (Manchar), covering an area of 2435.35 square kilometres in district Dadu, Sindh. It is approximately 200 km north of Karachi.

The block falls in prospectivity zone III, having the same sedimentary basin as that of adjacent Zamzama gas field. It is close to Bhit gas field. Lasmo will be the operator in anchor block. Under the agreement the joint venture partners will make a firm investment of at least $6.7 million with an additional contingent investment of $5.55 million based on the outcome of results in the first two years.

18 GINNERIES TO PRODUCE TAINT-FREE COTTON

Eighteen ginning factories of Sanghar district would produce contamination-free cotton and for this purpose 1,130 growers have been trained.

This was announced in a meeting held on Tuesday with Zila Nazim Roshan Din Junejo in the chair which was attended by Secretary Agriculture Aftab Ahmed Qureshi, Director General Agriculture Extension Sindh Dr Suleman Qazi and Director Agriculture Ayaz Ali Memon, besides a large number of ginners and growers.

NOORIABAD TO HAVE 3,000 ACRES MORE LAND

The government will allocate 3,000 acres more land for Nooriabad industrial estate for setting up industrial units. This was stated by governor Sindh, Mohammadmian Soomro at the inauguration of gas supply to the Nooriabad Industrial area on Wednesday.

He urged the local and foreign investors to set up their units in Nooriabad which is now fully developed with all necessary facilities.

WHEAT STOCK

As many as 150 flour mills of Sindh have not lifted any of the wheat stock reserves despite the fact that the price has been reduced to Rs827 per 100 kg from Rs850 per 100 kg.

GOVT, APTMA IN ROW OVER COTTON OFFTAKE

An unending and perpetual mistrust, that almost borders on adversarial relationship, inhibits 174 textile mills from providing elementary information of their monthly cotton consumption and yarn production.

It has led to a controversy between the official agencies and the All Pakistan Textile Mills Association (Aptma) on quantity of carry-over cotton stock as the current season comes to an end this month.

The Aptma estimates the carry over cotton stock by end August somewhere between 0.8 to 1.00 million bales as against 3 million bales-plus minus-by the official agency-Textile Commissioner's office.

TARBELA DAM TO BE FILLED

Tarbela Dam, the largest water reservoir of the country, will reach its full storage capacity on Saturday. The inflow at the dam was recorded at 181,600 cusecs on Monday.

GOVT. TO ENCOURAGE SUGAR BEET PLANTS

The government will encourage setting up of 2,000 to 2,500 tons capacity beet processing plants to produce sugar from sugar beet.

A meeting, held under the chairmanship of adviser to the Chief Executive on Food, Agriculture and Livestock Shafi Niaz on Monday, tried to determine the possibilities of growing sugar beet in the country.

143 SICK UNITS REVIVED

As many as 143 sick industrial units, with stuck up loans of Rs32 billion have been revived and made functional in the past two years, a high level committee, chaired by President Musharraf was informed on Monday.

The meeting reviewed the performance of Corporate and Industrial Restructuring Corporation and Committee on Revival of Sick Industrial Units and noted that significant progress has been made in the two sectors.

The meeting was briefed that many industrial units have been restructured and revived, creating a lot of job opportunities.