The committee comprised four provincial governors and
ministers for commerce, finance, petroleum, water and power, information
technology, privatization commission, besides chairman of board of
investment, and president of Federation of Pakistan Chambers of Commerce
and Industries (FPCCI). Some leading industrialists and private sector
professionals would also be part of the special investment committee,
these sources said.
The committee would consult all stakeholders for the
formation of short, medium and long-term policy recommendations that
could revive investor's confidence in the country that has been
shattered due to a series of events since 1997.
Pakistan's potential to attract foreign direct
investment (FDI) has improved marginally from 141 points in 1990 to 159
points in 2000, but its relative performance to secure FDI has reduced
significantly from 6 points to 2 points.
FDI to Pakistan reduced from $530 million in 1999 but
declined to $305 million in 2000 and improved to $385 million in 2001.
As percentage of gross capital formation, the $530 million FDI was 6.7
per cent which had reduced to 3.9 per cent in 2001.
Pakistan's foreign direct investment (FDI) total
stocks since 1980 until now amounted to $6.896 billion in 2000, but
reduced to $6.698 in 2001. In the world ranking of 140 countries,
Pakistan got 114th position in terms of investment potential and
GOVERNORS TAKE FRESH OATH
All four provincial governors took a fresh oath of
their offices under the 1973 Constitution.
In Lahore, Punjab Governor Khalid Maqbool was
administered the oath by the Chief Justice of the Lahore High Court.
In Karachi, Sindh Governor Mohammedmian Soomro was
administered the oath by the Chief Justice of the Sindh High Court.
In Peshawar, NWFP Governor Syed Iftikhar Hussain Shah
was administered the oath by the Chief Justice of the Peshawar High
In Quetta, Balochistan Governor Amirul Mulk Mengal
was administered the oath by the Chief Justice of the Balochistan High
GAS PRICES MAY GO UP NEXT MONTH
The natural gas prices are likely to be increased by
more than 10 per cent during second week of December, the first tough
decision of the new civilian government following over 60 per cent raise
in energy rates during the last three years of military rule.
The petroleum prices have increased by an average 67
per cent including 130 per cent rise in furnace oil, electricity rates
enhanced between 20 and 55 per cent for various consumer groups and gas
prices went up between 35 and 88 per cent during October 1999 and
ONE DESK FACILITY
Industries and Production Minister Liaquat Ali Jatoi
said foreign investors would be provided 'one desk facility' at the
Board of Investment (BoI) to help resolve their problems at one place.
Under this facility, the officials of all relevant
departments like Wapda, petroleum, water and power, etc., will be
available at one place to provide facilities to the investors, the
minister told newsmen after a detailed meeting with BoI officers.
HUMAYUN TO VISIT US NEXT MONTH
Commerce Minister Humayun Akhtar said he would give
top priority to gain increased access for Pakistani products in the
international markets. "The stress will be on American and European
markets," he told.
The minister would visit the United States next month
to meet the US Secretary of State on Commerce and Trade in this respect.
Humayun Akhtar said there had been some lull on this
issue mainly due to mid-term United States elections, but now he would
vigorously pursue this matter.
'PREVIOUS PETROLEUM POLICIES TO CONTINUE'
Petroleum Minister Noraiz Shakoor said the present
government would continue the investment-friendly policies to attract
foreign investment in oil and gas sector.
While presiding a high-level briefing, the minister
said the country was spending precious foreign exchange of over $3
billion annually on the import of petroleum products.
IRISH NGO GIVES AID FOR QUAKE VICTIMS
An international Irish NGO, Concern Pakistan, has
dispatched almost Rs3 million worth of humanitarian aid to Chilas to
assist the people affected by the recent earthquakes.
The aid consists of 450 winterized tents, 1,000
quilts and 450 bedding kits, the NGO said.
The NGO said, the government of Pakistan is meeting
the cost of transporting the relief items to Chilas and the affected
CDC HAS 500 CORPORATE ENTITIES CLIENTELE
The Central Depository Company of Pakistan Limited (CDC),
which completed five years of operation on September 3, said that it had
managed clientele of over 500 corporate entities and almost 7000 retail
PAKISTAN, YEMEN JMC NEXT MONTH
A high-level official delegation will leave for Yemen
next month to explore the potential for further expansion of trade
between the two countries.
A senior official in the Ministry of Commerce told
that the delegation would leave for Sana to take part in the Pak-Yemen
Joint Ministerial Commission meeting for identifying more areas for
investment and cooperation.
BELGIUM TRADE TEAM
A trade delegation of Belgium will visit Pakistan in
February for identifying the trade opportunities, trade commissioner of
Belgium Abid Hussain said.