Iran invites KSE team at Tehran moot for regional cooperation

Apr 23 - 29, 2007

Bertrand M. Millot, Vice President, Portfolio Management, Cordiant - a Montreal-based emerging market fund management company - accompanied by Azhar Kirmani, Trade Commissioner, Consulate of Canada, visited the Karachi Stock Exchange (KSE) last week with a view to explore investment possibilities at the stock exchange.

Actually, KSE on the back of its stellar growth in capital formation - which is currently estimated at $58 billion besides the record level of KSE-100 Index currently running well over 12000 points - has become the focal point for local and foreign investors.

During his meeting with Muhammad Yacoob Memon, Acting Managing Director of Karachi Stock Exchange, Millot appreciated what he called wonderful growth and development of the Karachi Stock Exchange. He was of the view that Cordiant - which manages three investment funds, two debt funds and the Canadian Investment Fund for Africa, a private equity fund launched at the initiative and with the support of the Canadian government - is looking for investments in emerging markets. His visit to Pakistan, he observed, was primarily to explore the possibility of making investments in the equity market of the country.


Earlier this week, Zanganah Haidri Kurd, Deputy Minister of Economic Affairs & Finance of Islamic Republic Iran along with Mr. Manoochehr Rezaei Z, Commercial Attaché; Mr. Arif Elahi, Director General, Board of Investment and other officials visited the Karachi Stock Exchange (KSE) also held a meeting with Muhammad Yacoob Memon, Acting Managing Director, Mr. Shehzad Chamdia and Mr. Sikandar Esmail Bagasrawala, and discussed the current scenario in stock exchange and capital markets of Pakistan.

Shehzad Chamdia briefed the hon'ble guest on the current Pakistan economic scenario and the progress and development made by the KSE during last few years. He also briefed about the steps taken by the KSE on de-mutualization of stock exchange, signing of MoUs with some leading stock exchanges of the world, new products including introduction of derivative market. He also briefed about the current foreign portfolio investment in the stock market, which is more than US$600 million as well as cross border listings in future. A comprehensive presentation was also made on the working, operation and growth of the KSE.

The hon'ble deputy minister expressed his deep gratitude to the KSE management for their hospitality and presentation. He appreciated the development and progress made by the KSE and hoped that the cooperation between the stock exchanges of the two countries would be further strengthened in future. He also invited the Karachi Stock Exchange to participate in the taskforce meeting of IOSCO which will be held in Tehran in October 2007 for mutual cooperation of the stock exchanges of Pakistan, Iran and Turkey in order to exchange information, share the experience of each other as well as developing the stock exchanges and strengthening relations among the regional countries.