On monthly basis, the inflow of FDI during November
2002, was $ 63 million. The sale proceeds from privatization of UBL
were also included in July-November 2002 FDI flows.
The major sectors, which attracted notable FDI
during the period under review were financial businesses, $ 177.9
million; chemical, $ 77.3 million; Oil and Gas, $ 67.7 million;
Transport, $ 36.7 million; trade, $ 18.8 million; textile, $ 17.4
million and others, $ 66.3 million.
The percentage share of major sector were financial
businesses of 38.50 per cent; chemical 16.73 per cent; oil and gas
1.65 per cent; transport 7.94 per cent, trade 4.07 per cent, textile
3.76 per cent and others 14.35 per cent.
The share of major investing countries in FDI is:
UAE 37.358 per cent; UK 21.77 per cent, USA 22.60 per cent, Saudi
Arabia 4 per cent; Japan 2 per cent and others 13 per cent.
According to the announcement, the BOI was making
extensive efforts for marketing the investment potential and
opportunities of Pakistan to the foreign investors.
The visits of foreign business delegations to
Pakistan have increased and investors delegations from Bahrain and
Europe were currently in Pakistan. Furthermore, delegation from
Singapore would visit Pakistan next month to explore Pakistan's
potential, and to have a meaningful interaction with the private
The substantial increase in the inflow of FDI was
an indicator that investor perception about Pakistan was fastly
changing. During current financial year, it is expected that FDI
inflows will cross $1 billion benchmark.
REMITTANCES UP BY 126 PC
The home remittances in first five months of the
current fiscal year (July to November, 2002) stood at $1784.49 million
as against $ 789.10 million during the same period last year,
depicting "an impressive" increase of 126.14 per cent.
The amount includes cash flows, encashment of
Foreign Exchange Bearers Certificates and Foreign Currency Bearer
Certificates, Hajj remittances and those from Iraq-Kuwait war
Out of total remittances received in the country in
July-November 2002, workers remittances contributed $ 1655.52 million
as against $ 709.06 million during the corresponding period last year,
showing increase of 133.48 per cent.
The total amount remitted in November 2002 was $
351.74 million as compared to $ 259.87 million in November 2001
posting an increase of 35.35 per cent.
POWER RATES CUT UP TO 19 PAISA
The National Electric Power Regulatory Authority on
Wednesday reduced electricity rates between 12 to 19 paisa per unit
for various categories of consumers under the quarterly automatic fuel
A Nepra announcement said the power tariff for
residential consumers and agricultural tubewells has been reduced by
12 paisa per unit, 19 paisa per unit for commercial consumers, 16
paisa per unit for industrial, bulk, railway traction, Azad Kashmir
and public lighting and 16 paisa per unit for the KESC.
GOLD PRICES SURGE BY RS108
Domestic gold prices surged to current year's all
time high to Rs6,495 per 10 grams, from Rs6,387, up by Rs108 in just
one day as a result of persistent increase in global prices.
Rising war jitters further pushed up international
gold prices to $347.50 per ounce on Thursday from $341-342 on
Wednesday, thus making a direct impact on local gold prices.
KSE REVENUE RISES BY 16 PC
The Karachi Stock Exchange released its annual
report and accounts for the year 2002, on Wednesday.
The accounts showed increase of 16 per cent in the
revenues of the Exchange for the year ended June 30, 2002 to Rs171.0
million, from Rs147.9 million the previous year.
ICP LOT-B FUND MANAGEMENT
Pakistan Industrial Credit and Investment
Corporation (PICIC) has taken over the management of Lot-B Mutual Fund
of Investment Corporation of Pakistan (ICP).
PICIC was the highest bidder of Lot-B Mutual Fund,
quoting a price of Rs302.5 million during an open bidding held on
October 24, in Islamabad.
The conversion of Agricultural Development Bank (ADBP)
into Zarai Taraqiati Bank Limited (from December 14), would help
improve its operational as well as financial efficiency and as a
result of coming out of political pressure it will be able to deliver
The government is making every effort to facilitate
investment in Pakistan by the Azerbaijani entrepreneurs and investors.
This was stated by Federal Minister for Industries
and Production Liaquat Ali Jatoi in a meeting with the Ambassador of
Azerbaijan to Pakistan, Dr. Eynulla Y. Madatli who called on the
ABAMCO OPEN-ENDED ISLAMIC FUND
ABAMCO Limited has announced that the Securities
and Exchange Commission of Pakistan had authorized its open-ended
scheme - the UTP-Islamic Fund, which was registered recently.
"This is the first and the only open-ended
Islamic Fund, which is being launched by ABAMCO Limited before the end
of December 2002," the company said, adding that it would be the
third open-ended Mutual Fund of ABAMCO.
CASH SHORTFALL AT RS30BN
The World Bank has estimated that Wapda's cash
shortfall will close to Rs30 billion during 2002-03, to be eventually
borne by the federal budget in the form of deferred debt service
Following the receipt of approval from the
Regulators, Balochistan Glass Limited had doubled the company's
paid-up capital from Rs55 to Rs110 million in 2001, by the issue of
eleven million new shares at face value of Rs5 per share to foreign
shareholders, without the issue of right shares to existing
shareholders of the company.