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
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
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
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
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
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
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.