FOLDER - PAKISTAN and Muslim World (09/2002)

[Pakistani_Tiger]

Malaysians Eye Pakistan Trade Route

KARACHI - **Malaysia is keen to use Pakistan as a conduit for exporting goods to Central Asian states and other countries of the region by entering into joint ventures for processing of palm oil, assembly of computers and other electronic goods. This was stated by the leader of 20-member trade delegation and deputy chief minister of Penang province, Hilmi bin Haji Yahaya in a meeting with vice chairman, Export Promotion Bureau (EPB), Ejaz Ahmed Qureshi. **

He said that there exists large scope for expanding trade as well as joint venture collaboration between the two countries, but initially his country would like to enter into processing of palm oil and assembly of computers and some other electronic goods for onward export to other countries. Similarly, he said Malaysia would like to import food items such as Halal meat, rice and some agriculture machinery, such as tractors, from Pakistan.

The high-powered Malaysian delegation, which includes three state ministers, will also hold meetings with the private sector during their week-long stay in Pakistan.

Hilmi said there lies a tremendous opportunity for capturing a hinterland market of Central Asian states, Afghanistan and other countries of the region by using Pakistan as a base country for the production of consumers goods. He further said that with the increased trade volume between the two countries the problem of direct and regular shipping service between them will also be taken care of.

**Hilmi felt that since Pakistan has embarked upon an extensive computerization program the domestic market for computers would be sufficient to ensure the viability of any joint venture. **

[Pakistani_Tiger]

Saudi Pak okays Rs351m Financing

ISLAMABAD, Sept 21: **Saudi Pak Industrial and Agricultural Investment Company (pvt) Limited on Saturday approved a total financing of Rs351 million to 11 companies in manufacturing, financial services, communication and petroleum sectors. **

The financing will facilitate expansion of existing production facilities and create additional capacities.

Board of Directors of the company has given approval, in this connection, in its 80th meeting held in Dubai on Saturday, under the chairmanship of Dr Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.

The board reviewed the operating performance of the company for the first eight months ending August 31, 2002 of current financial year and expressed its satisfaction on all the key areas of operation including approval and disbursements of new financing and position of collection of dues from long-term and short-term financing portfolio.

Since inception the company has provided financing facilities of Rs14,505 million, which includes direct equity investment of Rs1,690 million, and term financing of Rs12,815 million. In addition the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs1,825 million.

The company, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector.

[Pakistani_Tiger]

Turkmen Gas project lifts hope of prosperity

ISLAMABAD, Sept 21: **Once, it was envisioned as a pipeline of peace in central and south Asia. Then the idea was shattered by war in Afghanistan. Now it’s back, with dreams of boosting prosperity for some of the world’s poorest countries.

The project is a gas pipeline from the vast Dauletabad-Donmez fields of Turkmenistan that would cross the mountains and deserts of Afghanistan to a terminus in Pakistan. **

And maybe, if traditional enmities are overcome, it could even extend to energy-parched India.

Ministers from the three countries were meeting this week in Kabul to discuss a feasibility study to be financed by the Asian Development Bank (ADB).

Planners must find the finances, evaluate potential markets and form the consortium to build the $2.4 billion pipeline, which will stretch 1,460 kilometres across mostly barren land and carry a projected 15 billion cubic metres of gas a year. The Itochu conglomerate of Japan has expressed interest in investing.

Although the US is no longer involved - it was once in the thick of pipeline negotiations - President Pervez Musharraf discussed the project with President George W. Bush during their brief meeting in New York last week. US officials told The Associated Press the new Afghan government, untested in the ways of multinational business, wanted a US observer involved.

**Economic benefits of the pipeline are clear: it would open an outlet at the Arabian Sea port of Karachi to Asian markets for Turkmenistan, which according to estimates of the ADB may have the world’s fourth largest gas reserves. Its construction would provide 12,000 much-needed jobs in Afghanistan, and then an estimated $300 million in transit fees annually. And it would offer a source of energy and port revenues for Pakistan. **

But there are risks, too: Afghanistan remains unsettled and its new government has yet to firmly establish its authority outside the capital. Pakistan is rife with sectarian terrorism and attacks on Western interests, and Turkmenistan faces the uncertainty of an aging authoritarian leadership.

Promoters say the pipeline will have a political dividend. “This project will help establish peace and stability in the region,” Turkmen Vice President Yolly Gurbanmuradov, who is in charge of the development, said in Kabul.

A Pakistan-India pipeline has been explored several times in recent years, and touted as a way give the rival nations a shared economic interest and help bridge more than a half century of warfare and distrust.

Musharraf has said he doubts a deal with India is possible with the current level of tension. But Energy Minister Usman Aminuddin was quoted as telling the Kabul meeting that Pakistan could still include India in “the first mega-project of the 21st century.”

When the so-called CentGas project was first discussed in the mid-1990s, it was hotly contested by energy companies - and by their governments.

Energy was then a major factor in determining US policy toward Afghanistan and in Washington’s initial welcome for the Taliban regime that seized control of the country in 1996 after a two-year march on the capital.

Before and even after the Taliban takeover of Kabul in September 1996, a corporate war was raging over rights to develop and transport gas over Afghanistan, primarily between Bridas of Argentina and the American company Unocal Corp. (UCL) of El Segundo, California.

Competition was cutthroat. Both Bridas and Unocal signed deals with Pakistan, Turkmenistan and the Taliban, only to be undermined by the other. Bridas once sued Unocal for $15 billion, alleging that the American company prevented it from developing Turkmen gas fields, but a Texas court dismissed the case.

Ultimately, Unocal was forced to withdraw in 1998 after the US fired missiles at bin Laden’s suspected hide-out in retaliation for the bombing of the US embassies in Kenya and Tanzania. It also had been under pressure from feminist and human rights groups over its collaboration with the repressive Taliban authorities.

Unocal’s pullout, and the endless Afghan civil war, buried the CentGas consortium.

In a statement to its stockholders in May, Unocal said the project was meant to promote stability.

Now the new government of Afghan President Hamid Karzai sees the revival of the plan as a sign of confidence in the future.

“In the last few years of war, it was not practically possible to think seriously about this project,” said Afghan Mines Minister Juma M. Mahammadi. " Luckily, that problem is over now."-

[Pakistani_Tiger]

Iran, Pakistan Keen To Expand Cooperation in Electronic Media

ISLAMABAD – Iran and Pakistan on Monday expressed readiness to expand mutual cooperation in the field of radio and television.

The Iranian Chief of Radio and Television, Ali Larijani, and the Pakistan Television (PTV) Managing Director Yousaf Baig Mirza held a detailed meeting here and discussed ways and means of expanding mutual interaction and cooperation in the electronic media.

The members of Iranian team and senior officials of Pakistan television were also present during the meeting. Both sides covered production, technical aspects and exchange of programs during the meeting.

The participants of the meeting underlined the need to implement the agreements signed between the two sides in the past, particularly the understanding reached during Yousaf Baig Mirza’s visit to Tehran in March this year. Larijani said “We are keen to cooperate with PTV in all areas including training, technical know-how and exchange of programs.”

He appreciated the efforts by Pakistani TV officials to help the development of mutual cooperation with Iranian TV and radio in different domains, IRNA reported.

Reciprocating his observations, Mirza on the occasion said that Pakistan television was ever ready to cooperate with the Iranian electronic media.

He showed particular interest in Iranian animation productions, which depicted Islamic culture and values. He said a PTV team would visit Iran soon to examine which areas mutual cooperation could be expanded.

“Our technical team will like to witness the areas wherein the Iranian media have made great progress and we will like to benefit from the same,” he remarked.

The media sides agreed to exchange documentary programs showing indigenous culture, history of both countries and the potential of the tourism industry.

They were of the view such exchanges would greatly help in the promotion of people-to-people contact between the two brotherly countries in the days to come.

Discussing the production of a serial on the life of great poet and philosopher, Allama Mohammad Iqbal, Larijani asked the Pakistani side to make it clear on which phase of his (Iqbal’s) life they would like to concentrate and how would investment be made in this direction.

The Pakistani side is expected to identify in which portion of the life of the poet they would like to work on in a day or two.

Later, Larijani and his team were taken to various sections of PTV including designing and engineering. He appeared in a special interview for PTV.

[Pakistani_Tiger]

Pakistan, Afghanistan To Undertake Joint Ventures, Boost Trade

ISLAMABAD, May 13 (Xinhuanet) – Pakistan and Afghanistan have
agreed to undertake joint ventures and boost trade and investment
for their prosperity and mutual benefits of the people.

This was announced at a joint press conference by Pakistani
Commerce and Industries Minister Abdul Razak Dawood and his Afghan
counterpart Syed Mustafa Kazmi here on Monday afternoon.

Abdul Razak Dawood said, "We feel that closer economic ties
between the two countries are of immense importance to both of us.
"

Speaking on the occasion, Afghanistan Commerce Minister Syed
Mustafa Kazmi said that despite 23-year of war the Afghan
government had established an efficient command of security for
the protection to foreign investors.

He added that his discussions with Pakistani Minister for
Commerce Abdul Razak Dawood was very constructive.

The Afghan Minister for Commerce arrived here on Sunday with
the first flight of Afghanistan’s Ariana Airlines carrying a
business delegation from Afghanistan.

[Pakistani_Tiger]

Kabul Welcomes Pakistani Investors

ISLAMABAD, May 15: **The minister for housing and works Abbas Sarfaraz Khan and the visiting Afghan minister for public works Abdul Khaliq Fazal, discussed here today reconstruction and rehabilitation of Afghanistan. **

While welcoming the Afghan delegation, Pakistan’s minister for housing said the Pakistani consultants, construction companies, contractors and manufacturers of building material, are keen to work in Afghanistan.

He said Pakistan also wants to help Afghans in their rehabilitation and construction efforts for which the government was willing to provide incentives to the private sector.

Sarfaraz said Pakistan could also assist in the preparation of feasibility studies, designing, planning, and monitoring of projects.

Sarfaraz asked his counterpart to identify projects which could be taken up by Pakistani consultants and contractors and use their good offices to provide necessary assistance in this regard.

The minister said that a Pakistani delegation of constructors is likely to visit Afghanistan to look into the possibility of them participating in reconstruction projects.

The minister also offered to help train Afghan engineers by establishing an organization like Nespak. He said that President Gen Pervez Musharraf had announced US$100 million aid for Afghanistan for the development of infrastructure projects. Warehouses are also being established near the border at Peshawar.

The Afghan minister appreciated the role Pakistan was prepared to play in the reconstruction of Afghanistan. He said that Pakistani businessmen are welcome to invest in every sector and that there were many opportunities for them like exporting of raw material, construction of roads, housing apartments, hotels, airports, schools, and hospitals.

The minister also invited Pakistani companies to submit tenders for reconstruction programs being implemented under the World Bank, ADB, and donors assistance.

The meeting was attended by secretary Housing and Works, Muhammad Aslam, DG, PHA/Nespak, MD NL and other senior officials of Afghan Ministry of Public Works and Federal Ministry of Housing and Works.

[Pakistani_Tiger]

Banking System To Be Launched For Pak-Afghan Trade: Aziz

ISLAMABAD, May 22 (PNS): Announcing that banking system will be initiated for boosting bilateral trade ties between Pakistan and Afghanistan, Finance Minister Shaukat Aziz has said that telephone and postal service has begun adding that a joint ministerial committee has been set up for reconstruction of Afghanistan.

He was addressing the inauguration ceremony of Logistic Cell held here Tuesday on Reconstruction of Afghanistan. He said that both the countries are tied in the bonds of historical, cultural and trade relations and the factor of being neighbours will help upgrade the ties. National Logistic Cell can play vital role for accelerating the pace of mutual trade between the both countries, he observed.

He informed that in Iran Conference Pakistan had extended offer for imparting training to Afghanistan in the sectors of banking, health, education and other fields. “We appeal to all allied countries and donor agencies to purchase raw material and manufactured goods from Pakistan for the restructuring of Afghanistan”, he noted. These goods can be easily and swiftly transported to Afghanistan and people of Afghan like Pakistan made goods, he pointed out.

Tracing back to the history of strong ties between both countries, he said that Afghanistan and Pakistan are tied in the strong and mutual historical, religious and cultural ties adding that only a prosperous and strong Afghanistan can ensure durable peace in the region. The challenges of revival of economy and poverty alleviation in Afghanistan are ahead, he maintained.

Outlining the various steps being taken for strengthening friendly ties with Afghanistan, he said that commercial flight has been launched between both of the countries. “We both are members of ECO and we will invite more countries to the conference”, he announced.

Highlighting the role of Afghanistan for promotion of trade ties among the neighbouring countries, he said that it will serve as a bridge between Pakistan and Central Asian Republic States for initiation of trade activities. This will benefit the whole region, he added. " We also want to extend cooperation in energy sector and the neighbouring countries can utilise their surplus energy in Afghanistan", he suggested. The Bonn Conference has led to a significant change in Afghanistan, he indicated.

He suggested that Karachi Port Trust and Port Qasim can provide larger market to Afghanistan.

Speaking on the occasion, Japanese ambassador informed that his country is a major donor country for Afghanistan adding that it has so far provided assistance of $102 million to Afghanistan for rebuilding, health facilities and food supply. The monetary support extended includes $6 million through UNHCR, $37 million through WFP and $ 60 million through other agencies, he disclosed.

More aid is being provided for removing of landmines and disposal of sewerage water, he added. " We have given 6-point agenda focusing on rehabilitation of Afghan refugees, removal of mines, education, revival of political system and restructuring of the institutions", he noted. About $ 500 million will be provided for establishment of Afghan army and National Police, he disclosed. Out of this grant, $250 million will be released this year, he promised.

Addressing the ceremony US Economic Secretary said that the events of September 11 and Karachi suicide killing has left evil repercussions on the global economy .It is a better opportunity for Pakistan to take part in the reconstruction process of Afghanistan and promote its trade activities, he held.

Afghan Consulate Rehmat Ullah Moosa said that Afghanistan government has set no priorities, as it needs every thing. **Pakistan is a gateway and can play significant role for the progress and development of Afghanistan. **

[Pakistani_Tiger]

Media

ISLAMABAD – Pakistan Information Minister Nisar A. Memon said that the media can play a key role in further boosting Pak-Iran ties.

His remarks were heard during talks with the Chief of Iranian Radio and Television, Dr. Ali Larijani, in Islamabad on Tuesday, IRNA reported.

Dr. Larijani is currently in Pakistan for talks to strengthen relations between the two countries’ media. Items in the agenda of discussions between the two sides include the joint production of a documentary series on the `poet of the east’, Dr. Allama Mohammad Iqbal.

The Pakistani minister said that his government will continue its fight against terrorism, particularly sectarian terrorism.

Talking about his country’s tensions with neighboring India, Mr. Memon said Pakistan has offered dialogue. “But New Delhi has given no positive response,” he said.

He apprised the Iranian official of the government of President Musharraf’s reform agenda for sustainable development.

Dr. Ali Larijani, on the same occasion, told his Pakistani host that Pakistan is Iran’s important partner, and underscored the need for promotion of bilateral ties in the economic and cultural fields.

[Pakistani_Tiger]

Pakistan, Tunisia Business Body Formed

ISLAMABAD, Oct 1:** Pakistan and Tunisia have agreed to establish a joint business committee to increase trade and economic cooperation between the two countries.**

An agreement of cooperation was signed between Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and its Tunisian counterpart after the opening of 5th session of Pakistan Tunisia Joint Ministerial Commission, says a message received here from Tunis.

According to an official announcement here on Tuesday, addressing the plenary session of Pak-Tunisia JMC, leader of Pakistani delegation and Privatization Minister Altaf M. Saleem said the fields of telecommunication, information technology, leather & textiles, fertilizers and science & technology were the potential areas of cooperation between the two countries.

He said exchanging business delegations and participating in each other’s trade fair could play an important role for further enhancing the economic activities between Tunisia and Pakistan.

Underscoring the need for devising a more effective mechanism for implementation of decisions taken at JMC, Mr Saleem said that he was confident that the relations between both the countries would further strengthen through increased cooperation in economic and commercial fields by focusing on specific areas for expanding the existing economic and commercial linkage

[Pakistani_Tiger]

Musharraf For Unity To Resolve Ummah’s Problems

ISLAMABAD: President General Pervez Musharraf on Wednesday said the Ummah was passing through difficult times, and it was only through unity in its ranks that the Muslim world could help Muslims wherever they were being subjected to oppression and brutalities.

Talking to Iranian delegation headed by Dr Ali Larijani, chief of the Iranian Radio, who is currently visiting Pakistan, the president said both Pakistan and Iran could together play an effective role in encouraging the Ummah through the OIC to help the just causes of the Muslim nations.

The president said Iran and Pakistan traditionally and historically enjoyed a very close and cordial relationship, but he would like to see their relationship turn into a stronger bond of brotherhood. He said Iran enjoys a strong and respectable position in the region and can play an effective role in convincing India towards a just solution of the Kashmir issue.

Dr Ali said the Iranian leadership is greatly appreciative of President Musharraf’s initiatives towards peace in the region and his policies and plans for the progress of Pakistan. He made a special reference to the drive of Ayatollah Khomeini, the spiritual leader of Iran, for developing stronger bonds of friendship between the two countries.

The delegation leader also expressed concern over the unresolved issue of Kashmir and said Iran had always adopted a principled stand in this regard and looked forward for an early resolution of this dispute.

They also exchanged views on other subjects of bilateral interests including a project for laying of gas pipeline from Iran to India via Pakistan. Both sides hoped that India would see the benefits occurring to the people of the three countries from this gigantic project and initiate its early launching.

The same theme was stressed by Minister for Petroleum and Natural Resources Usman Aminuddin when the delegation met him. He said Pakistan fully supports the proposed Iran-India Gas Pipeline project and it will ensure all security in this regard.

Usman reiterated the government’s commitment to allow projects for flow of hydrocarbons through its territory to neighbouring countries to ensure regional stability and bring socio-economic benefits to its people.

He informed the Iranian dignitary about the proposed Pak-Iran Coastal Refinery Project and expressed Pakistan’s desire for its early implementation for the mutual benefit of the two countries. He said Pakistan is also ready to provide its expertise to promote CNG industry in Iran.

The minister expressed Pakistan’s concern with regard to cross-border smuggling of petroleum products causing enormous loss to both countries and asked the Iranian side to cooperate in this regard.

Dr Ali expressed his government’s desire for early implementation of the multi-dimensional Iran-India trans-Pakistan gas pipeline project. He also said its early implementation would bring mutual understanding in the South Asian region. He proposed to arrange a trilateral meeting in Tehran to address the apprehensions of India regarding security of gas supply.

He said the Iranian government was considering to withdraw the subsidies on POL products. He underlined the need to strengthen Iran-Pakistan volume of economic and commercial ties in all spheres of life for mutual benefits.

[Boston-Karachi]

Saudi Pak Bank Looks For Rapid Growth

The Saudi Pak Commercial Bank Limited has said it offered a strong potential for a rapid growth. “The Bank enjoys the trust of the general public and support of the corporate sector and offers strong potential for a rapid growth,” the Bank said in its half yearly report for the period ended June 30, 2002.

The Bank, formerly Prudential Commercial Bank Limited, said: “We will continue our efforts to expand the deposit base and meet diverse financial needs of our customers.” The Bank under its new management passed through a period of transition of key areas of operations and achieved solid financial results notwithstanding rather a weak economic environment in the country.

During the period, January-June 2002, deposits increased by Rs2,091 million or 43.4 per cent from Rs4,815 million to Rs6,906 million. The increase in deposits was accompanied by a reduction in the average cost. Advances grew by Rs1,533 million or 30.7 per cent from Rs4,999 million to Rs6,532 million and investments including lending to financial institutions by Rs580 million or 20.8 per cent from Rs2,787 million to Rs3,367 million during the same period. The advances were made prudently keeping in view the sectoral exposure of the Bank.

Special attention was devoted to the recovery of non-performing advances. As a result, the Bank was able to reactivate a number of accounts through restructuring and rescheduling.

The enhanced business activities coupled with control of administrative expenses, in fact enabled the Bank to earn a profit to Rs131.572 million after taking into account the impact of recoveries of markup made during the period, but, before taxation and provisions for the half-year ended June 30, 2002 as against the net loss of Rs63.044 million incurred in the corresponding period of the previous year.

The Bank has made a total provision of Rs266.20 million. Net profit for the half year ended June 30, 2002 amounted to Rs62.329 million after making provisions, adjustment of taxation and reversal of provision made in earlier years. This compares with a loss of Rs64.844 million during the corresponding period of the preceding year.

We will sharpen our focus on strengthening internal controls and improving operational efficiency. To raise the standards of customer service, we are in the process of streamlining our branch network, developing new products and investing in technology, the report added.

Approval for opening eight new branches has already been obtained from the State Bank of Pakistan. This will bring the total number of branches to 28. Opening up of new branches will help enlarge the reach of the Bank to general public and enhance the convenience and quality in banking services to the customers.

Profit and loss account for the six months ended June 30:

2002 2001

[list=1]

[li](Rupees in '000)
[/li]
[li]Profit/(Loss) before taxation 2,124 (63,044)
[/li]
[li]Profit/(Loss) after taxation 62,329 (64,844)
[/li]
[li]Unappropriated (loss) brought forward (973,216) (791,087)
[/li]
[li]Accumulated (loss) (910,887) (855,931)
[/li]
[li]Basic earnings/(loss) per share 0.53 (1.30)
[/li]
[/list=1]

[Boston-Karachi]

Iran Keen To Import Wheat, Rice

KARACHI: The Iranian companies are interested to buy wheat and rice from Pakistan, Director General, Commerce (Asia-Pacific), Iranian Ministry of Commerce Parvaiz Rezai said here on Wednesday.

Speaking at a reception hosted by the Islamic Chamber of Commerce and Industry (ICCI) in honour of Iranian delegation, Rezai said that due to some small problems, deals between Pakistan and Iran on wheat and rice have not materialised so far.

He said if the business community of both the sides sits together and solve the problems, the trade between the two countries could be increased. The Iranian government is presently reducing tariff on many important items, he said, adding that a joint meeting of both Pakistani and Iranian officials would be held in Iran to discuss bilateral commercial issues.

The leader of the Iranian delegation underlined the need of creating an Islamic Trade Order on the same pattern of World Trade Order to make the trade among Muslim countries easier. He said that Islam is a strong motivational force to maintain commercial relations among the Muslim countries. He said Iranian petrochemical projects could find markets in Pakistan.

Rezai said that the recently held single country exhibition of Iran at Expo Centre in Karachi would help improve bilateral trade between Iran and Pakistan. He hoped that Iranian businessmen would be able to reach Pakistani market and their counterparts.

Speaking on the occasion, the Iranian Counsel General Mohammed Zaeri Amiran said there is a lot of room for expansion of trade relations between the two countries. He said the low cost of production and lesser transportation costs are important to promote bilateral trade.

The former President of Chamber of Commerce and Industry, Karachi (KCCI) Amjad Rafi said Iranian goods have good market in Pakistan. He said Iranian petro-chemicals are in demand by Pakistani industries as there is no naphtha cracker industry in Pakistan.

He said two years back he led a businessmen delegation to Iran, which explored markets there. In his welcome address, the ICCI Secretary General Aqeel Al-Jassem underlined the need of increasing trade among Muslim countries. There is a lot of potential in the OIC markets but due to the gap in information this market is not being tapped.

He said the concept of globalisation is on the one hand providing to be very positive in bringing the developed nations together but for the developing countries, it is proving to be difficult. He invited the businessmen of Muslim countries to attend 9th Private Sector Meeting of ICCI in Sharjah, UAE from December 21 to 23.

[Pakistani_Tiger]

S. Arabia Assures of Oil Facility

ISLAMABAD, Oct 3: Pakistan has been assured to continue receiving annually $800m to $1 billion oil facility from Saudi Arabia. Informed sources said here on Thursday that Saudi Arabia which was providing oil roughly worth $1 billion annually on deferred payment will continue to offer this facility in future.

However, this year the government was expecting more than $1 billion Saudi oil facility. Pakistan has been getting this facility since 1998 when it decided to go nuclear.

Sources said that Saudi Arabia has also assured to offer preferential treatment in case US government decided to attack on Iraq. **“We will get uninterrupted Saudi oil in any emergency and too on deferred payment”, **a source said.

[Pakistani_Tiger]

Saudi-Pak Investment Co Approved Financing of Rs 351 m

DUBAI, September 22 (PNS): The 80th Board of Directors meeting of Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited was held here Saturday under the Chairmanship of Dr. Abdullah T.Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.

The board approved total financing of Rs.351 million to eleven companies in manufacturing, financial, services, communication and petroleum sectors. The financing will facilitate expansion of existing production facilities and creation of additional capacities.

The board reviewed the operating performance of the company for the first eight months ending August 31, 2002 of current financial year and expressed its satisfaction on all the key areas of operations including approvals and disbursements of new financing and position of collection of dues from long-term and short term financing portfolio.

Since inception Saudi Pak has provided financing facilities of Rs. 14,505 million, which includes direct equity investment of Rs.1,690 million and term financing of Rs.12,815 million. In addition the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs.1,825 million.

Saudi Pak, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is playing an important role in promoting brotherly relations between the people of Pakistan and Saudi Arabia. It is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector. Its financing is spread over all the key economic sectors including chemicals, engineering, textile, cement, communications etc. the projects financed by Saudi Pak are located throughout the country. The paid up capital of the company is rupees two billion held in equal proportion by the government of Kingdom of Saudi Arabia and the government of Pakistan.

The board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.

[Pakistani_Tiger]

Islamabad Seeks Aid for Kabul: Support to Karzai Reiterated

ISLAMABAD, Oct 7: Pakistan on Monday regretted that Afghanistan had not received adequate reconstruction assistance out of the $4.5 billion pledged at the international Tokyo moot, which hampered return of durable peace to, and rebuilding of, the war-battered country.

Foreign office spokesman, Aziz Ahmad Khan, underscored the need of continued interest in Afghanistan by the US and the international community for lasting peace there and rehabilitation of its refugees.

He had been asked at the weekly news briefing to give Islamabad’s assessment of the possible impact on Afghanistan’s fragile situation in the event of a US attack on Iraq.

While stressing Islamabad’s interest in maintaining long-lasting relations with Kabul, he said the country strongly supported the Afghan interim government and its leader Hamid Karzai’s demand that the role of the International Security Assistance Force (ISAF) should be expanded to cover other areas (besides Kabul and Kandahar) of Afghanistan.

He emphasized that quick disbursement of international community’s $4.5bn assistance pledge, and an extension of security cover in Afghanistan, were essential prerequisites for a continued fight against terror, establishment of peace, and mounting of reconstruction work. This would also facilitate return of some 1.5 million Afghan refugees to their homes.

The spokesman denied that the US government contemplated ending its military role in Afghanistan in view of the Iraqi situation. However, he said, military detachments from the allied states were routinely being detailed to ISAF and periodically replaced. That arrangement would continue.

Pakistan would maintain its support to the US so long as it was needed and until the fight against terrorism in the region was “reasonably eliminated,” he added.

He contested an observation that Pakistan had thus far offered a lukewarm support to Iraq on its confrontation with the US, and said Islamabad had clearly and categorically welcomed Baghdad’s decision to accept UN inspectors to carry out their mission.

Pakistan had declared that it would like the Iraq problem to be resolved peacefully by imple mentation of the UN resolutions. The country stood by the entire Ummah on this issue, he added.

Aziz Khan said Pakistan did not initiate any arms or missiles race in the region but was obliged to take necessary steps to meet the emerging threats. He asserted that the recent test-firing of missile was not aimed against anyone but was undertaken for technical reasons. If necessary, more such tests could be carried out by the technical department concerned, he added.

[Pakistani_Tiger]

[thumb=A]lm2.JPG[/thumb]

ISTANBUL: Uzbekistan President Erkin Hallov, Pakistan President General Pervez Musharraf, Iranian President Mohammad Khatami, Afghanistan President Hamid Karzai, Turkey President Ahmed Necdet Sezer, ECO Secretary General Seyed Mojtaba Arastou, Azarbaijan President Haydar Aliyev, pose for a photograph after the ECO summit here on Monday Oct 14, 2002.

Musharraf, Khatami Discuss ME, Regional security

ISTANBUL: Pakistan and Iran on Monday said Islam is a religion that is “harbinger of peace, security, esteem and independence”. President Pervez Musharraf and Iranian President Muhammad Khatami at a meeting in Istanbul reiterated we should not allow some thoughtless acts to tarnish the real image of Islam.

Reaffirming support for Palestinian people, they stressed the need for restoration of full Palestinians’ rights as a driving force to establish sustainable peace in the Middle East. They renewed call for talks on reconstruction of war-shattered Afghanistan.

Musharraf and Khatami are currently in Istanbul attending the seventh summit of the Economic Cooperation Organisation (ECO). Musharraf highlighted the importance of peace and security in the region.

He expressed Pakistan’s readiness to expand bilateral ties with Iran as well as implement the project to lay the pipelines transferring Iranian gas to India through Pakistan. The Iranian president congratulated Musharraf for holding general elections in the country and expressed the hope that both countries would boost bilateral relations in all domains due to great potentials of the two countries. He underlined the imperative need to reinvigorate cooperation among ECO member states to promote economic structure of Afghanistan.

Khatami termed establishment of peace and security in Afghanistan as “important” for Tehran and Islamabad. He referred to the pipeline project to transfer Iranian gas to India via Pakistan as a founding stone to restore security and stability in the region.

[Pakistani_Tiger]

Musharraf Calls For Afghanistan’s Reconstruction

ISTANBUL, Oct 14: President Pervez Musharraf has called for an accelerated reconstruction of Afghanistan and said this was necessary to ensure peace and stability in the region.

Addressing the Turkish War Academy on Sunday, the president said that Pakistan fully backed President Hamid Karzai in his efforts to develop his country after decades of fighting.

Gen Musharraf said that support to Mr Karzai was also imperative in order to help him establish the writ of his government all over Afghanistan.

The president noted that the peace and development in Afghanistan was key to the regional peace and stability. He said there was a need to establish multi-ethnicity in the Afghan police and army. He lauded the role of the United Nation peacekeepers, particularly the contingent of the Turkish armed forces, in maintaining peace and tranquillity in Afghanistan.

He pointed out that the international community had pledged to donate about $4 billion towards the reconstruction of Afghanistan. But, he added, the pace of development needed to be speeded up.

Speaking about Pakistan’s internal issues, President Musharraf said his government had started many measures to improve economy, ensured good governance, done political restructuring and taken steps for poverty alleviation.

He said Pakistan would continue to be in the forefront on war against terrorism. By holding elections within the period given by the Supreme Court, the president said he had fulfilled the promise to return the country to democracy within three years.

The president said that the verdict of the electorate delivered in Oct 10 elections would be respected and the elected representatives would be running the government by the first week of next month. -APP

[Pakistani_Tiger]

Iranian Envoy, Pakistani Politicians Discuss Iran-Pak Relations

ISLAMABAD – Iranian Ambassador to Pakistan Seyed Serajjodin Mousavi held discussions on Tehran-Islamabad relations with senior leaders of different political parties here.

During his meetings with the parties’ officials, the two sides emphasized the need to enhance their countries’ bilateral relations in all fields, IRNA reported.

Mousavi has met the President of Jama’at-e Islami and Senior Vice-Chairman of Mutahida Majlis-e Amal, Qazi Hussain Ahmed, at his residence and discussed with him matters of common interest.

Both also exchanged views on last week’s general election in Pakistan.

In the meeting, the ambassador congratulated Qazi on the success of the Mutahida Majlis-e Amal and expressed the hope that the new government would strive for further progress and prosperity for the Pakistani people for which the election was called.

Thanking the ambassador for his observations, Qazi remarked that there was room for closer relations between Pakistan and Iran, and stressed need for expansion of bilateral cooperation.

The MMA, a joint platform of six Islamist parties, bagged 45 seats of the National Assembly (Lower House) of Parliament and also emerged as the leading entity in NWFP and Baluchestan Provinces.

It is for the first time that Pakistan’s mainstream religious parties combed together their strength to win an unprecedented number of seats at the national and provincial levels.

Meanwhile, the ambassador also met with senior politician and parliamentary leader of the Pakistan Muslim league (Qaed-e A’zam), Chaudhry Shujat Hussain, and congratulated the latter on the success of his party.

“The government and people of Iran want further progress and prosperity in Pakistan and pray for a brighter future for the Pakistani nation,” the ambassador said in felicitation.

Reciprocating the ambassador’s remarks, C. Shujat Hussain made mention of their countries’ common bonds of religion, history and culture.

“The existing relations between the two brotherly countries will get a boost after the new government is formed,” the politician predicted.

He told the ambassador that a main item of the platform of the PML was to forge closer relations with Muslim nations, particularly Iran.

Seyed Serajjodin Mousavi was optimistic the different political parties would soon be able to develop a consensus and form a new government.

The ambassador was scheduled to call on the Chairman of the Pakistan People’s Party Parliamentarians (PPPP), Makhdoom Amin Fahim, and the head of the Pakistan Muslim League (Nawaz), Raja Mohammad Zafarul Haq, later in the day.

In the elections, PML (Q) grabbed 77, PPPP 63, and MMA 45 seats of the National Assembly out of the total of 272 seats.

[Pakistani_Tiger]

Saudis Show Keen Interest In Pak Pavilion

KARACHI: The Pakistan pavilion, comprising 18 companies, have been attracting hundreds of visitors at the world’s third largest exhibition GITEX, which is in progress in Dubai.

It was disclosed by a press release of Pakistan Software Export Board’s (PSEB) here on Wednesday. A message received from the PSEB delegation from Dubai informs that the visitors have shown immense response to the Pakistan pavilion and mega deals were expected to be signed by the end of exhibition, said the release.

It said that a Saudi consortium of IT companies visited Pakistan pavilion and showed keen interest in the product and services of the exhibiting companies. Their main interest was to acquire a company into their group. Main concerns were marketing abilities and revenues of companies. Target markets and ability to penetrate these markets were also under review. In April this year PSEB took part in Gitex Riyadh where Saudis came to know about the IT prowess of Pakistan.

Pakistani companies have received tremendous response from the local industry for its products and several companies have approached Pak firms to become its channel partners in UAE.

Four out of 18 companies participating in the expo at the Pakistan pavilion have their own offices in Dubai and others are planning to follow by the end of this year. These companies are actively engaged in developing strategic partnerships with Dubai-based IT companies.

Pakistan has already participated in Gitex Riyadh in April 2002, 2nd Vision and Technology Exhibition in Bahrain in September 2002 and now Gitex Dubai. This indicates the growing interest of Pakistani IT companies in the Middle East region.

[Pakistani_Tiger]

Pakistan, Malaysia Sign IT Accord Today

KARACHI: Malaysia and Pakistan will join hands for the development of information technology in both the countries after the Multimedia Development Corporation (MDC) of Malaysia signs a memorandum of understanding with the Pakistan Software Export Board today (Friday).

The agreement is a result of Dr Atta-ur-Rehman, Federal Minister for Science and Technology’s meeting with MDC representatives in Kuala Lumpur a couple of months back.

Tan Sri Dr Othman Yeop Abdullah, Chairman MDC and Managing Director PSEB will sign the MoU on behalf of the two governments. The MDC delegation, headed by its chairman is currently visiting Pakistan on the invitation of managing director PSEB.

Shedding light on the agreement, a PSEB official said that Malaysia is open and pragmatic in dealing with change and is committed to encourage creativity, innovation and entrepreneurship. “The country has created the Multimedia Super Corridor, the world’s first act to help companies test limits of technology and prepare themselves for the future”, he said.

He informed that MDC would accelerate Malaysia’s entry into the Information Age. It would bring together for the first time ever an integrated environment with all the unique elements and attributes necessary to create the perfect global multimedia climate.

“It is a length of green field corridor, 15 kilometres wide and 50 kilometres long, that starts from the Kuala Lumpur City Centre, itself an intelligent precinct housing the world’s tallest buildings”, he said.

Two of the world’s first smart cities, Putrajaya and Cyberjaya are being developed in the corridor. Putrajaya will on completion become new seat of the government and administrative capital with the concept of e-Government in full action.

He said it would be an intelligent city with multimedia industries, research and development centres, a multimedia university and operational headquarters for multinationals wishing to direct their worldwide manufacturing and trading activities using multimedia technology.

“As a government-appointed, government-backed corporation, MDC was established to lead the development and management of the Multimedia Super Corridor. Its mission is to ensure that goals of MSC are rapidly and efficiently achieved”, he informed.