Business & Finance
Turkmenistan gas to Pak, India, Afghanistan
Four country deal to be signed soon
Staff ReporterIslamabad—The Sub-Committee of the Economic Coordination Committee (ECC) on Pakistan Gas Import Projects on Friday authorized Interstate Gas Systems (ISGS) of Pakistan to execute the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Sale Purchase Agreement with Turkmenistan and called for early implementation. The meeting of the Sub-Committee chaired by Minister for Petroleum and Natural Resources, Dr. Asim Hussain held here also expressed its satisfaction on overall progress of Iran-Pakistan (IP) Gas project.
Trade & industry demands reckoning for genuine tax payers
Amanullah KhanKarachi—Karachi Chamber of Commerce & Industry (KCCI) in the larger interest of trade and industry and to penalize the unscrupulous elements has demanded Chairman Federal Board of Revenue Mumtaz Haider Rizvi to bifurcate the list of tax-payer to whom notices were served under Section 8-A (37) of Sales Tax Act 1990 to segregate the tax-payers who strictly abided the sales tax act while implementing section 73 and the real culprits/dishonest elements who had received that money which was mandatorily to be deposited in the national exchequer and KCCI would not oppose action if any against dishonest elements and those who brought loss to national exchequer should be treated according to law.
Pak wants to build substantive, long term ties with Sweden: Bokhari
Staff ReporterIslamabad—Chairman Senate, Syed Nayyar Hussain Bokhari on Friday said trade not aid is ultimate key to economic progress of any country and Pakistan seeks this from friends to provide it an opportunity as it will be appropriate route to assist economy to take off. “Pakistan offers attractive investment opportunities in energy, infrastructure, communications and agriculture sectors. We would welcome more investment from Sweden in these fields,” he said this in a meeting with Swedish Ambassador, Lars - Hjalmar Wide here at Parliament House.
Nawaz unveils economic revival plan for business community
Staff ReporterIslamabad—The country is passing through tough times due to the wrong planning and policies of the Government. Political stability, end to corruption and good governance are essential for country’s economic reforms. These remarks were made by Pakistan Muslim League-Nawaz (PML-N) President, Mian Muhammad Nawaz Sharif, while speaking at a diplomatic dinner hosted by Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI) at his residence. A big gathering of Ambassadors, High Commissioners designated in Pakistan and diplomats graced the prestigious function.
Tuwairqi Steel Mills to serve global operations of POSCO
Amanullah KhanKarachi—Ambassador of South Korea, Choong Joo Choihas has said that Tuwairqi Steel Mill (TSML) potentially rich to serve as a catalyst for industrial growth in Pakistan. During a visit to TSML, the Korean diplomat said “South Korean steel giant POSCO, has so far invested US$ 15 million in this project, and contemplating to invest more. Owing to the strategic geographical location of Pakistan, in central and south Asia, this joint venture appears to be vital initiative in the global business operations of POSCO,” he said. Choong Joo also said that South Korea is willing to invest in different sectors, particularly steel sector, which offers huge growth opportunities spurred by government’s investment-friendly policies
SMEDA distributes grant for revival of flood affected micro businesses
Staff ReporterPeshawar—Small and Medium Enterprises Development Authority (SMEDA) under the UNDP-Funded ‘Early Recovery and Restoration of Flood Affected Communities’ had distributed a grant of Rs.2.4 million at micro-level in district Nowshera. The grant had extended to more than 80 small enterprises whose livelihoods were badly affected in the devastated flood of 2010.
Fiscal deficit, inflation, energy, debt servicing prime budget challenges
Staff ReporterLahore—President Business Forum of Punjab (BFP) Ibrahim Qureshi said Friday that fiscal deficit, increasing inflation, energy crisis and debt servicing would be the prime challenges for the government in upcoming budget 2012-13. He said there is a need of catering the long term and short term energy needs of the country. The current energy mix in Pakistan is not sustainable, as it is relying heavily on oil consumption he said and added that the costly energy has multiplied the cost of production making hard for industry to compete with globally in a highly uncompetitive interest rate regime.
Wheat to Iran
Naveed for expeditious processIslamabad—Minister for Water and Power Syed Naveed Qamar during a meeting of the cabinet committee on wheat import directed the concerned quarters to expedite the process for exporting surplus wheat to Iran. Chairing a meeting, Syed Naveed said that about ten lac ton surplus wheat would be exported to Iran under barter trade arrangements and in return urea would be imported.
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