Allaying an impression prevailing about stagnation in
investment, BoI spokesman said "potent" investors including
world-fame multinationals from China, the US, Japan, etc., were pursuing
their investment ventures. Accordingly, work on some mega projects in
certain parts of the country was well in progress.
A new fast air-conditioned rail service launched
between Karachi and Lahore (later to be extended to Rawalpindi)
symbolised the unshakable ties between China and Pakistan, he claimed.
Another team of 146 experts from the Shenhua Group of
Chinese companies had arrived in Pakistan to complete the on-going
feasibility studies in the Thar Coal Mines region. Well-drilling had
also been started in the region to speed up the process.
Under another BoI initiative, 20 out of 27 affluent
overseas Pakistanis had been appointed as Honorary Investment
Counsellors (HICs). In this regard, the spokesman referred to the deals
concluded recently between the City District Government of Karachi (CDGK)
and HIC-coordinated US enterprises.
Besides, an amount of $225m was expected to come in
as FDI after execution of seven MoUs. Under some of these MoUs:
Texas USA would invest in a fast food franchise; (2)
A. Salman Usmani, Texas would help develop a software centre in Karachi;
Allstate Inc. Houston would launch investment projects for the
development of Karachi beaches, 4-star hotels and resort city sites; and
G.F. Loya LLC, Houston, have agreed to set up Karachi Circular Railway
and safari parks.
IMF ASSURED OF REFORMS PROTECTION
President Gen Pervez Musharraf has said that major
political and economic reforms undertaken by his government will be
fully protected through new legislation.
According to official sources, he told Mr Paul
Chabrier, Advisor to the IMF Managing Director, who called on him
Tuesday, that he would make sure that there was a continuity of reforms
even after the new elected government took over as a result of October
AMENDMENTS IRREVERSIBLE: MUSHARRAF
President Gen Pervez Musharraf on Wednesday said the
constitutional amendments incorporated by his government are
irreversible and need no validation by the parliament to be formed after
If the future parliament tried to reverse amendments
particularly the one pertaining to the National Security Council either
"they will have to quit or I will quit," President Musharraf
said at a press conference held at PTV Chaghi auditorium.
The Member Central Board of Revenue (CBR), Habib
Fakhruddin, has said that the board officials under the Income Tax
Ordinance 2001 has no powers to issue directives with regard to
The chairman, All Pakistan Motor Dealers Association
(APMDA), H. M Shazad has said that when local assemblers failed to
deliver cars in three months how could they roll out a car in two
He was giving his reaction to the commerce minister
assurance to the consumers that locally assembled cars would now be
delivered in two months instead of three months.
NBP RETAIL BANKING ON 8 PRODUCTS
National Bank of Pakistan will start retail banking
on a large scale by the end of this year. This was stated by chairman
and president of NBP, Syed Ali Raza while speaking at the 53rd annual
general meeting of the bank held on Monday to approve the accounts for
the year 2001.
He said that initially 7 to 8 products would be
selected for retail banking to facilitate individual account holders of
Talking about the products, Mr Raza said these would
be auto loans, house mortgage, credit cards, debit cards, mutual funds,
salaries in advance, etc.
DIESEL RATES DEREGULATION FROM SEPTEMBER LIKELY
The government may allow oil marketing companies to
fix diesel prices independently with effect from Sept 1, to completely
deregulate the diesel business.
Official sources told that all the firms would be
empowered to fix their own diesel prices separately, unlike the current
practice of uniform prices set by the Oil Companies Advisory Committee (OCAC).
After the deregulation, diesel oil prices would vary
from company to company and outlet to outlet. The officials claimed that
the new measure would introduce a healthy competition among various oil
firms in terms of quality and prices. Simultaneously, the companies
would be required to introduce 0.5 per cent of sulphur content in the
high speed diesel (HSD).
SBP WANTS BANKS TO RAISE PRIVATE SECTOR LENDING
The State Bank is trying to devise a new and more
reliable tool that can be used to push banks to increase the private
sector lending at cheaper rates. Senior central bankers believe that an
upgraded version of KIBOR (Karachi Inter-bank Offered Rate) can help
But treasurers of top local and foreign banks say
KIBOR itself cannot be used for this purpose. They believe that it can
rather be used as a floor for the much-needed prime lending rate in the