functionaries have very important role to play for bridging the gap
between policy formulation and its effective implementation on the
ground," said President General Pervez Musharraf.
The second review meeting was
held to review progress on National Programme for improvement in water
courses in the country. The authorities were asked to gear up their
work of brick-lining of water courses as it is an important program.
He also focused on the policy for relief, reconstruction and
rehabilitation in the quake-hit areas .
"These times of trial
have brought us together as they have also shown how vulnerable we can
be alone and yet how much more we can do together," said Queen
Elizabeth II at the opening ceremony held at a conference centre in
the historical heart of Valletta, capita of Malta.
The three-day summit is to
bring down trade barriers at next month's World Trade Organization (WTO)
talks in Hong Kong and give poor countries greater access to rich
markets. Commonwealth Secretary General Don McKinnon said, "Trade
is not just an engine for economic growth but is the most potent
weapon to combat poverty".
"China is our best
friend in the world and, therefore, our importers of dyes, pigments
and chemicals should be given preference to import the items from
China as they will get 8 percent to 50 percent margin of preference in
customs duty from January 2006 under Early Harvest Programs,"
according to the Federation of Pakistan Chambers of Commerce and
The liquid foreign reserves
of the country held by the end of week on November 19, totaled
$11,525.0 million: State Bank of Pakistan.
There is $11,525.0 million
total liquid reserve, out of which $8,934.6 million net reserve with
SBP and $2,590.4 million net reserve with banks. On November 5, there
were $ 11,680.2 million and on November 12, there were $11,544.6
million total liquid foreign reserves.
"Kenya is a gateway to
other African states. You people should visit more and strengthen your
base in Kenya to sell your products in the entire region," said
High Commissioner of Republic of Kenya, Mrs Mishi Maskika Mwatsahu.
Kenyan high commissioner has
offered Pakistani businessmen to support and give all facilitation to
them, as Kenya is the gateway to 38 African states, which are
landlocked to Kenya that has international seaport of Mombasa. She
informed that Pakistan had floated tenders for construction of
warehouse facility in Kenya, which was very much awaited to increase
Pakistan trade share in Africa.
"I do believe that GCC
markets will continue to do very well, even though I have to make the
caveat that they are among the most expensive equity markets in the
world," said Burkhard P. Varnholt, head of Credit Suisse
Investment bank Shuaa
Capital's UAE index is up 117.2 per cent since the beginning of the
year, the Saudi Arabian index has risen 90.7 percent; Qatar has gained
90.4 per cent, Kuwait, 84.2 per cent, Oman, 31 per cent and Bahrain,
24.2 per cent.
"One can never overlook
the petroleum and natural resources sector due to its emergence as one
of the most prospecting areas for investment owing to attractive
incentives and pursuing the policies of de-regulation, liberalisation
and privatisation," said Minister for Petroleum and Natural
Resources, Amanullah Khan Jadoon.
Pakistan had a fast growing
economy and growth rate of over 8 percent has been achieved in the
last two years due to far-sighted fiscal policies influenced by the
government reducing deficit down from 7 percent to 2.3% last year. The
geology of Pakistan provided variety of mineralized zones having
metallic and non-metallic minerals, coal, oil and gas for the
investors. He said the Pakistan government had introduced a very
liberal mining policy for foreign investors supported by
investment-friendly regulatory and fiscal regimes.
"Adding some very
significant trade contracts signed, more such large-scale deals are
expected to take place during the remaining days of the show."
(An official representing
organizers said, on the second day of the exhibition.)
The exhibition was ongoing on
at the Karachi Expo Center. The exhibition has successfully attracted
the attention of international tradesmen and diplomats. Foreign trade
missions and commercial counselors of various countries, including
Italy, Qatar, Bahrain, Poland, Russian Federation, Ukraine, Germany,
Saudi Arabia, and UAE visited the exhibition.
Prime Minister John Howard
has said Australia would be investing more in Pakistan in engineering,
construction, oil and gas, minerals, infrastructure and property
sectors. He expressed his happiness over the launch of Clough Limited
centers and expansion of its operations in Pakistan.
process is an essential component of policy development and will
foster a great sense of ownership on the part of those mostly involved
in policy implementation like inspectors, employers and workers,"
(Mohammad Aamir, incharge of
'Legal Cell' at Smeda, NWFP, said)
The Ministry of Labour,
Manpower & Overseas Pakistanis (MOL) has started discussion for a
comprehensive 'Labour Protection Policy' and a 'Labour Inspection
Policy' under Asian Development Bank (ADB) funded project
"It is imperative for
our countries to accelerate the process of economic and trade
co-operation inside the OIC, which in turn will act as a lever ... to
ensure that some of our economies are not further marginalised,"
(OIC Secretary General
Ekmeleddin Ihsanoglu said in Istanbul.)
"It is clear that we
shall succeed in achieving our development aims by means of the
constitution of an Islamic Economic Union," said Sheikh Saleh Bin
Abdullah Kamel, President of the Islamic Chamber of Commerce and
Industry. The system of trade preferences between the OIC members,
development of tourism and intensification of the war on poverty were
on the agenda for discussion by 230 representatives from 51 of the
OIC's 57 member states.
"The Hong Kong economy
is showing a lot of vitality. Consumption is benefiting from a tighter
labour market and positive effects from rising asset prices. These two
effects counteract the negative effects of higher interest
rates," said Rob Subbaraman, senior economist at Lehman Brothers.