Addressing the grand audience, Shaukat Aziz said,
"We believe that such joint initiative from Multinationals and
our private sector will lead to the ultimate economic strength of the
country." "We welcome the additional investment made by the
company which is a proof of our investor-friendly policies and
encouraging environment," he added.
The inauguration ceremony was addressed by Jeon Bou
Guan, Ambassador of Republic of Korea, K. H. Kim, President Middle
East and Africa Operations, B. D. Yoon, Vice President, Production
Director, AC Division, Dr. Akram Shaikh, Chairman Engineering
Development Board and Mian Pervez Akhtar, Chief Executive of New
Allied Electronics Indus (Pvt) Limited.
"With this additional facility LG is now the
largest supplier of AC in Pakistan. Globally LG Electronics (LGE) air
conditioners have posted top sales in four straight years since 2001.
We posted 18.6% global market share, meaning that one out of every
five air conditioners bought worldwide in 2003 was an LG air
conditioner," said K. H. Kim, President Middle East and Africa
Operations, while addressing the gathering.
INTER SWITCH CONNECTIVITY-ALL PAKISTAN ATM'S LINKED
The Governor State Bank of Pakistan, Dr. Ishrat
Husain, inaugurated the inter connectivity of the two ATM switches,
MNET and 1 Link, at a ceremony held at SBP on March 16, 2004.
Addressing senior officials of the financial sectors on the occasion,
the Governor SBP highlighted that with the inter switch connectivity,
ATM/Debit card holders of any bank can now access their accounts for
cash and account information from the ATM of any bank in the country.
He elaborated, with this inter-switch connectivity subsequent to banks
joining either of two switched earlier, the major milestones of the
SBP led ECH Task Force had been achieved and the financial sector has
moved closer towards achieving e-commerce framework in the country.
Mohammad Aftab Manzoor, President & CE, Muslim
Commercial Bank Limited, on behalf of MNET said that MCB has been
investing over the years on not only to make the switch platform more
secure and robust but also enhance its capability to handle higher
volumes and variety of transactions, which will be benefit the 18
member banks of MNET. All MNET member banks including MCB have planned
to expand ATM network to enhance customer access to electronic
delivery channels, he added.
Naveed A. Khan, the country representative of ABN
AMRO and the Head of ECH Task Force thanked the Governor SBP and Heads
of all Banks for supporting this initiative of ECH Task force towards
enabling Inter-Switch Connectivity. On behalf of 1 Link he added
"An efficient electronic payment system plays a central role in
country's infrastructure, both in terms of financial stability and
facilitating transactions among consumers. The banking sector in
Pakistan is undergoing a sea of change of activities and is moving
into a concentrated approach of networking through automation between
Banks. The connectivity of the two switches is a giant step in this
regard. With the combined strength of both switches with approximately
600 ATM's, our mutual customer can now access any ATM in Pakistan and
access their accounts.
SSGC: GAS SUPPLY
The Sui Southern Gas Company has stated that gas
supply has not been disrupted to any large city or major consumer as a
result of explosions occurring on the company's 18" and 20"
dia main gas pipelines on the night of Monday, March 15, 2004. It
further said that repair work at the affected sites was progressing at
According to SSGC press release issued last week,
the 18" dia main Indus Right Bank gas pipeline was ripped by an
explosion at about 8.45 pm at the RBOD Canal crossing in the vicinity
of Bhan Saeedabad, 30 km down stream of Dadu. As a result, gas supply
was suspended to Bobak, Sehwan and other adjoining villages.
SSGC engineers and technicians rushed to the
explosion site as soon news of the accident was received and commenced
repair work on emergency basis. Work was also undertaken to restore
gas supply to the affected consumers through an alternate pipeline. As
a result, by 10.30 am on Tuesday, 16th March, supply of gas was fully
restored to the affected towns. Work was also in progress for
restoration of supply to Jhangra and Bukhara in the shortest possible
According to the press release, SSGC's IRBP-CEP
20" dia main gas line also sustained damage at about 9.20 pm the
same night as a result of another blast at the canal crossing near
Sita village, 40 km up stream of Dadu. This line supplies natural gas
from the Zamzama field in Dadu to the Sui Northern Gas Pipeline (SNGPL)
through SSGC 20" dia IRBP-CEP Pipeline. Repair work at both sites
is proceeding rapidly and it is being ensured that the affected supply
is restored at the earliest.
SSGC has emphasized that no major disruption in gas
supply to any major town or bulk consumer has occurred as a result of
the blasts. It said that these incidents are a part of the chain of
sabotage activities that are being carried out by unscrupulous and
anti-state elements in various parts of the country. According to
SSGC's press release the repair work is scheduled to complete within
next 24 hours.
SSGC wishes to ensure all its valued customers that
it will arrange to supply gas in an interrupted basis through out its
ALLIANZ EFU OFFERS AFFORDABLE HOSPITAL CARE PACKAGE
Allianz EFU, Pakistan's first and only specialized
health insurance company, has launched 'Hospital Care' to provide
comprehensive and affordable insurance cover against hospital
"The product allows peace of mind in a time
when medical costs are escalating by the day and covers cost of
treatment occurring due to illness, surgeries and accidents. The
benefits pay for Pre-Hospitalization Diagnostic tests in addition to
Post-hospitalization follow-up consultation, day care surgeries and
expensive diagnostic tests," explained Mr. Kashif Usman, Senior
Vice President, Marketing & Sales.
The eligible expenses covered in the policy
include: Daily Room & Board, Surgical Fees, Anesthetist's Fee,
Operating Theatre Charges, Blood and Oxygen Supplies, Kidney Dialysis
& Cancer Treatment, Prescribed Medicines used during hospital
stay, Intensive Care, Diagnostic Investigations during hospital stay,
Endoscopy and Angioplasty, Organ Transplant, In-hospital Consultation,
Fractures and Lacerated wounds, Local Ambulance Charges, Ventilators
and Allied Services.
Mr. Ahmirud Deen, Managing Director & CEO of
Allianz EFU, stated, "Allianz EFU strives to make the lives of
our customers in Pakistan better. The 'Hospital Care' insurance plan
allows the consumer to budget for his medical expenses by setting
aside a small sum of money that contributes to the pool. With Allianz
EFU's experience in healthcare, the company is able to offer to the
people of Pakistan a standard of living that will make their lives
easier and healthier. The product is made affordable in spite of
having a very comprehensive coverage."
Allianz EFU is Pakistan's first and only
specialized health insurance company. It is the only company that
offers health insurance solutions to individuals, families, companies
and voluntary groups. Allianz EFU Health Insurance is a joint venture
between Allianz Group and EFU Group. Founded in 1890 in Germany,
Allianz AG has 60 million clients in over 70 countries, with a broad
range of services via an international network of subsidiaries.
IMMENSE POTENTIAL IN PAKISTAN'S ENERGY SECTOR
The second Pakistan Oil, Gas, Energy Exhibition and
Conference, held at the Karachi Expo Centre from 17-20 March 2004, has
been a great success in highlighting investment and business
opportunities in the energy sector of Pakistan. This statement was
mutually expressed by all the foreign participants of the exhibition
in addition to their anticipation of gathering future orders worth
millions of dollars.
More than 100 companies from 28 countries are
participating at POGEE 2004. Direct and keen participation from
international participants, including Russia and Ukraine, is a clear
sign of the fact that Pakistan is emerging as a prolific investment
ground for the energy sector companies, which in turn would result in
better business prospects for their products and services in onshore
and offshore exploration, development and production.
International exhibitors expressed great
satisfaction on the negotiations and queries that they received from
the visiting high-level officials from the government and private
sector organizations. Officials from Motor Sich and Progress Design
Bureau, the two engines and power generation manufacturing companies
from Ukraine, said that it is their first-ever participation in any
exhibition in Pakistan and expected to obtain lucrative business as a
result of this exhibition. Progress Design Bureau also produces Mobile
Power Stations that are already in operation in Turkey and Brazil and
see a good market for such stations in Pakistan's developing markets.
Another company from Russia, Stroytransgaz JSC
expressed deep satisfaction over its contacts with the government
authorities at the show and said that they expected to work in Gas
sector in collaboration with the government and private sector
PAKTEL MAKES FIRST TEST CALL ON ITS GSM NETWORK IN
Paktel made its first test call in Islamabad. Mr.
Xavier Rocoplan, Chief Executive Officer Paktel made Paktel's first
test call from the GSM network.
Speaking on the occasion Mr. Xavier Rocoplan, CEO
Paktel said, "It's an important day for all of us, who have
worked so hard to make this possible. Now we are one step closer to
our GSM launch."
"Paktel is poised to bring revolutionary
changes in the cellular telephony business in Pakistan," said Mr.
Rocoplan. "Our goal has always been highest connectivity. The new
GSM network will become the standard and others will try to
emulate," he added.
EMIRATES NEW ROUTE
Emirates, the world's fastest growing
intercontinental airline disclosed that it will launch a new passenger
route between Dubai and Shanghai next month.
The new non-stop flights to the largest Chinese
city (est. pop. 17 million-plus) were announced recently in Shanghai
by Richard Vaughan, Emirates' Senior Vice President Commercial
Operations, East Asia and Australasia during a briefing for the
The new services will be the first-ever direct air
passage between Dubai and mainland China, providing business and
leisure travellers at both ends with convenient access to two of
world's fastest growing markets today. Emirates' passengers from
Shanghai also will be able to take advantage of Dubai's excellent
connections to other destinations on three continents.
Initially from 10 April, Emirates will operate
three flights a week between the two cities, on Mondays, Thursdays,
and Saturdays. Daily flights will start from 15 May, offering even
more convenient travel options between the two metropolises.
Flight EK302 will take off from Dubai International
Airport at 02:15 hrs and land at Shanghai's Pudong International
Airport at 14:55 hrs. The return flight EK303 from Shanghai will
depart on the same day at 23:55 hrs and arrive in Dubai at 05:10 hrs
the next morning. All times are local.