ISLAMABAD: Industry is on the verge of collapse and traders are suffering badly due to massive load shedding and poor law & order situation and government should take urgent remedial measures to steer the trade & industry out of trouble as well as to pave way for growth of economic activities in the country.

Mian Shaukat Masud, President, Islamabad Chamber of Commerce & Industry (ICCI) said this while addressing the newly elected office bearers of Traders Welfare Association, Jinnah Super Market, Islamabad. He said traders should unite themselves on a common platform to fight for their collective cause because they can send a strong message to policy makers and influence government policies in their favour only with unity & strength. He said ICCI always supports the promulgation of a fair and balanced Rent Control Act in Islamabad to stem the rising trend of rent disputes.

Malik Rab Nawaz, newly elected President and Abdur Rehman Siddiqui, General Secretary of Traders Welfare Association, Jinnah Super Market, Islamabad said traders of Jinnah Super have posed their confidence in them and they will leave no stone unturned to come up to their expectations for resolution of their problems. They also expressed their cooperation with ICCI for promoting the interests of business community.

Ajmal Baloch, Organizing Secretary of Traders Action Committee, Islamabad said victory of Traders Group in Jinnah Super Market is the victory of principled politics and just cause. Khalid Javed, Chairman Founder Group, Munawar Mughal, former President ICCI and Malik Zubair Ahmed, Executive Member of SAARC Chamber also addressed the meeting. NNI

Islamabad: ACCA Pakistan held its first Annual Membership Ceremony at a local hotel in Islamabad to celebrate the remarkable achievements of ACCA members who have successfully completed their exams, professional experience requirements and a module on professionalism and ethics.

Federal Minister for Education, Mir Hazar Khan Bijarani was the chief guest of the ceremony while Ms Sabah Rashid, Financial Management Specialist, World Bank and ACCA member was the keynote speaker.

The evening commenced with welcome remarks by Mr Haroon Jan, Head of Business Development, ACCA Pakistan. He congratulated the new members on their success and lauded the contribution of their employers including PTCL, Mobilink, UN, WHO, SECP, A.F Ferguson Chartered Accountant & Co., Auditor General of Pakistan, KPMG Taseer Hadi & Co, Ford Rhodes Sidat Hyder & Co, Citi Bank N.A., Wateen Telecom (Pvt) Ltd., Telenor Pakistan (pvt) Ltd and ZONG, for providing them training and development opportunities which enabled them to fulfill the practical experience requirement of ACCA Qualification. Mr Haroon Jan added that, “There has never been a more crucial time for accountants to continue to show their true value. Over the last 18 months, as a systemic banking collapse has evolved into significant worldwide recession in many countries, a range of presumptions about accounting, organisations and society will be questioned – and we believe that the role of the accountant will emerge into a golden age as a champion of sustainable value in business.”

While congratulating the new ACCA members, Mr Bijarani, Federal Minister for Education said that, “I must commend ACCA for adopting a forward thinking approach in designing its curriculum as it ensures that its members perform to the best of their academic and professional abilities and also demonstrate high standards of professionalism and ethics” He added, “As a professional accountancy body, ACCA Pakistan has not just worked to benefit the profession but I see its endeavours closely aligned to the business benefit ensuring that its members enjoy the elevated repute of this professional accountancy body”.

In her keynote address, , Ms Sabah Rashid, Financial Management Specialist, World Bank said that “I can assure you, from my experience, that in line with its commitment to lifelong engagement with members, you will always find ACCA’s policies and initiatives highly important and relevant to your professional needs and aspirations.”

Later, certificates were presented to the successful members by the honorable chief guest and Mr Haroon Jan, followed by a dinner.

Agriculture, the biggest sector of the economy, is under serious threat as gradual sale and lease of large patches of lands to foreigners is been carried out in a very quick and secretive manner, the Pakistan Economy Watch (PEW) said. The idea of corporate farming has evoked more fears than hopes. Many think that corporate farming will have negative impact on rural livelihood and will transform Pakistan into a more unequal country.

Despite opposition, some important persons seem determined to allow foreigners to own an unlimited amount of land in any part of Pakistan. The development is bound to hurt environment, water resources, forests, wildlife and above all the farming community. Millions of farmers will become jobless while thousands of acres of fertile land will become barren because the corporate farms would be given preference in provision of canal water, seed, pesticides, fertilizers and other inputs, said Dr. Murtaza Mughal, President PEW.

Political unrest may follow as rights of farmers are being neglected and nation is not being taken into confidence. Alternative arrangement for poor peasants seems not to be a consideration at all; rather a force would be raised to help foreigners carry out their activities in a smooth manner.

Industrial privatization was carried out to retire the debt. In the process we lost many profitable unite and the country was pushed to brink of bankruptcy. Now fertile lands are being privatized in the name of technological advancement and attracting foreign investment.

Foreigners have only one think in mind while investing outside their country, to gain maximum in minimum of time and leave. “Wealthy countries have controlled global trade, now they are eying over one trillion dollar agricultural output of underdeveloped countries,” said Dr. Murtaza Mughal.

Rich countries have already bought large farms in many countries like Congo, Sudan, Zambia, Myanmar, Laos, Uganda, Cambodia, Mozambique, Madagascar, Ethiopia, Angola, Nigeria, Tanzania, Brazil and Central Asia. They are expanding attracting unrest and riots. It seems that now it is our turn.

Corporate farming will push some cultivators to commit suicide while others may prefer crimes. A good number may develop extremist tendencies that will have a heavy political price. -PEW

KARACHI: The leading global players from the Energy Industry are participating at the 7th Pakistan Oil, Gas & Energy Exhibition and Conference – POGEE 2009, which is scheduled from 18th to 21st May 2009, at the Karachi Expo Centre. The exhibition is co-located with the 5th International Fire & Security Exhibition & Conference – FIRE & SECURITY Pakistan 2009.

The two co-located exhibitions have brought together 335 companies from 32 countries, including Austria, Germany, Italy, Turkey, UAE, UK; at the same time, there will be dedicated Chinese and Iranian pavilions. The increased international participation is a clear indication of the confidence that the international community has in Pakistan as a lucrative business destination.

POGEE has achieved global acclaim among the leading players operating in the Oil, Gas & Energy industry. The show has also received tremendous support, particularly from the Ministry of Petroleum and Natural Resources, Mines and Minerals Development Department (Government of Sindh), Board of Investment, Engineering Development Board, Pakistan Petroleum Dealers Association and CNG Dealers Association of Pakistan. The exhibition also has the distinguished sponsorship of Oil and Gas Development Company Limited (OGDCL).

On the other hand, FIRE & SECURITY Pakistan has been actively supported by the China Security & Protection Industry Association (CSPIA), Fire Protection Association of Pakistan and the Organization of Safety Management. The exhibition will serve as an ideal forum for boosting economic activity in the related sectors of Pakistan as well as integrating the regional markets. NNI

KARACHI: The State Bank of Pakistan has directed all commercial banks to provide basic banking services including cash withdrawal facility to internally displaced persons (IDPs) as a result of the current situation in Swat and other adjoining districts.

It is mandatory for all banks having branches in affected areas to arrange their presence in each relief camp through all or any means as provided in the Branch Licensing Policy and ensure access of IDPs to their bank accounts through opening of booths, temporary shifting of Branch(es), installation of ATMs, temporary ATM facility/Mobile ATM and Mobile banking facility.

It may be mentioned here that a large number of internally displaced persons (IDPs) displaced from Swat and other adjoining affected districts have been compelled to seek shelter mainly in the relief camps located in Districts of Mardan, Swabi, Charsadda, Nowshera and Peshawar. Many of them are account holders of various banks branches located in these areas and some of them are in possession of their cheque books/ATM Cards etc. but could not withdraw money or avail other banking facilities due to dislocation and non-availability of banking facilities in the relief camps.

In this backdrop, the State Bank has advised all banks to immediately arrange for provision of basic banking services which, interalia, include cash withdrawal facility to IDPs.

Commercial banks have also been advised to display banners/posters in the relief camps about the banking facilities arranged for IDPs, wide spread publicity of such arrangements should be made through Electronic and Print media for maximum awareness of IDPs enabling them to get full benefits from the banking facilities arranged for them.

The concerned banks have been advised to immediately take necessary steps and report compliance to the State Bank, says BPRD Circular No. 8 issued to the Presidents / Chief Executives of all banks / Islamic banks / microfinance banks today. (BPRD Circular No.8 of 15th May is available on our website: www.sbp.org.pk ) NNI

ISLAMABAD: The Advisor on Finance Shaukat Tareen has said the national economy is improving gradually and Pakistan would become in a position to reduce its fiscal deficit upto two point four percent during the next two years.

Addressing a news conference here Friday, he said the IMF has expressed satisfaction over economic performance during the six months and has agreed to give fiscal space for further improvement in the economy. He said the IMF has also offered additional help to support our economy and the government is considering to get standby facility from the IMF in its meeting in June this year.

Mr. Shaukat Tareen said Pakistan has asked the IMF to provide short term assistance for rapid development in Agriculture, Energy and infrastructure sectors. To a question, he said Pakistan has achieved all targets set up IMF, therefore it has decided to release the next installment of 840 million dollars shortly.

The Advisor said that World Bank has also assured to enhance funding for Pakistan upto three hundred million dollars during the next three years besides considering positively for providing financial assistance to build water resources.

He said five point two eight billion dollars pledges have been made at Friends of Pakistan Forum held in Tokyo and out of this amount about one billion dollars would be provided as grant and in the shape of soft loans. He said major amount from this assistance would be spent on poverty alleviation and improvement of education and health sectors.

Mr. Shaukat Tareen said World Bank, IMF and Islamic Development Bank have agreed to provide funds for CASA REM energy project in Tajikistan that would generate one thousand megawatt electricity for Pakistan and Afghanistan. He said after developing transmission lines to supply this power Pakistan can also purchase three thousand megawatt electricity generated through hydel resources on cheaper rates that would help in overcoming energy crisis.

He said Asian Development has also pledged to increase funding for Pakistan from current level of four point five billion dollars. He said the Bank has also agreed to favourably consider for providing financial assistance to construct new dams in the country.

Answering questions, he said keeping in view the current security situation, Pakistan needs at least ten billion dollars to expand its security forces network and equip them with modern technology and latest training to curb the challenges of terrorism.

To another question, he said the United States has agreed to expedite the process of completing Free Trade Agreement with Pakistan that will help boost Pakistani exports to that country. He said Pakistan has also asked the US government to expand the network of reconstruction opportunity zones upto Balochistan.

He said Pakistan and Libya have also agreed to form strategic economic partnership and bases for this partnership have been laid down in the recent visit of the President to that country. He said the Libyan government has also agreed for inviting Pakistani construction companies to participate in the infrastructure development there. NNI

ISLAMABAD: The Third Regional Economic Cooperation Conference on Afghanistan (RECCA) was held in Islamabad on 13-14 May 2009. The Conference was co-hosted by the Governments of the Islamic Republic of Pakistan and the Islamic Republic of Afghanistan. The RECCA was inaugurated on 13 May by the President of Afghanistan, His Excellency Mr. Hamid Karzai and the Prime Minister of Pakistan Syed Yousaf Raza Gillani. The Conference was attended by 24 countries and 18 regional and international organizations, institutions and bodies.

During the Conference, besides the plenary sessions, the delegates exchanged views in five technical working groups on Mining, Labour Movement and Human Resource Development, Health, Energy and Infrastructure and Transit Trade. The Heads of Delegation participating in the Conference also held a separate session to discuss a broad range of issues to chart out a regional approach concerning Afghanistan.

The two-day Conference adopted the Islamabad Declaration which recognizing Afghanistan’s centrality for peace and stability in Asia and for the prosperity and stability of surrounding states and region, endorsed the need for a comprehensive approach and participation of the international community in economic development of Afghanistan. The Kabul Declaration on Good Neighbourly Relations and the Declaration on Counter Narcotics were endorsed as firm foundations to strengthen linkages among Afghanistan and its neighbours. It was also decided to fast-track and further institutionalize linkages among Afghanistan and its neighbours within the framework of that Declaration. The Islamabad Declaration also endorsed various recent regional initiatives and trilateral summit processes concerning Afghanistan.

The Conference welcomed the signing of Declaration on Directions of Bilateral Cooperation between Afghanistan and Pakistan in January 2009, and an MoU to improve trade and accession facilitation in Washington this month. The Islamabad Declaration also welcomed the revival of Jirga Process for dialogue and development by Pakistan and Afghanistan, and appreciated Pakistan’s announcement to award 1000 scholarships to Afghan students in Pakistani institutions for higher learning.

The Islamabad Declaration noted the significance of the positive role played by regional organizations such as ECO, SAARC, SCO, OIC and CAREC in extending the scope of regional cooperation. The Declaration affirmed the importance of regional and international commitment to Afghanistan’s economic development. The Conference agreed that transport, trade, energy cooperation, Agricultural cooperation, capacity building and education, border management, counter narcotics and refugee return and re-integration are areas with considerable scope for mutually beneficial regional cooperation.

The Third RECCA successfully endorsed a number of concrete, long-term impact, regional projects including Rail Link from Chaman to Kandahar, CASA 1000, Hairatan-Mazar-e-Sharif Rail Link, establishment of a Customs Academy in Kabul, early conclusion of Afghanistan-Pakistan Trade and Transit Agreement and development of Border Economic Zones around Afghanistan. It was decided to set up model returnee villages and vocational centers to act as pull factors for the voluntary and sustainable return of Afghan refugees to their homeland with dignity and honor.

The RECCA process for the first time crystallized a regional consensus on key trans-regional cooperation projects. It is hoped that the international community, regional and international organizations, institutions and bodies would now come forward with their strong and sustained support to take these initiatives successfully forward. NNI

Karachi: Ambassador-at-large/ envoy to China Mr. Khalil Ahmed on Thursday called on Chief Minister Sindh Syed Qaim Ali Shah at C.M. House. He discussed various issues pertaining to investment, industrial development and other related matters. Chief Minster Sindh informed him that comprehensive plan for the Coal and power project has been prepared and will be supplied to intending investors and there is water facility for drinking purpose and communication system at Thar Coal field.

Syed Qaim Ali Shah further said that Thar Coal & Power project is an important project and many firms have come to study while others are approaching to take part in exploration and power generation. Mr Khalil Ahmed informed the Chief Minister Sindh that investors from China are intending to come here and wants to invest in many projects including Coal mining and power projects. He also apprised the Chief Minister about other schemes. NNI

Karachi: Chief Minister Sindh Syed Qaim Ali Shah has underlined the need to promote establishment of industries in the province and utmost efforts be made to establish maximum small industrial estates so as to create job opportunities for un-employed youth at their doorsteps.

This he stated while presiding over meeting of Industries department Sindh at Chief Minister House Thursday. He said that agriculture and industries are the back bone of economy of province and it will be utmost need of hour to encourage agro-based industries so as to utilize raw material of area and discourage migration of people from villages to big cities.

Syed Qaim Ali Shah further maintained that Sindh is famous for handicrafts and traditional artisan works and places like, Hala, Matli, Kashmore, Luqman, Gambat, Nagarparkar. Mithi, Sehta, Matrari, Tando Muhammad Khan and other places are famous for various traditional handicrafts like Ajrat, Lacquor work, pottery, woodwork, Khadhar, Khes, Rili, Khatho etc. He said that present government will not only promote but also support those crafts. Chief Minister Sindh directed that small industrial estates, already initiated, be completed and strengthened. He said that maximum incentives be provided to craftsmen and industrialists so as to boost up industrial productivity in province.

Chief Minister Sindh said that foreign and local investors are coming to Pakistan for establishment of industries on large scale in Karachi and other places of province. He further said the medium and small scale industries will also be given priority for which maximum facilities be provided to industrialists and investors. He hoped that loadshedding problem will be resolved by the end of this year while the Government in fully devoted to maintain Law and Order. He added that Industrial Zones be established while efforts be made to strengthen the already functioning industrial units and industrial production must be increased.

He stressed that public private partnership must be encouraged so that jobs are provided to un-employed youth. Earlier Sindh Minister for Industries & Commerce Mr. Abdul Raoof Siddiqui and Sindh Secretary for Industries Mr. Ali Ahmed Lund briefed about various schemes of Industries Department.

It was decided in the meeting that Sindh Government will start ” One Window” services for the purpose of establishment of industries in the province where departments of Revenue, Industries. KESC, KW&SB and Sui Gas will provide services and resolve issues immediately. It was further informed that an amount of Rs.50.oo million was allocated for infrastructure at SITE Nawabshah and so far 26.26 million have been spent, and an amount of Rs.200.00 million were allocated for supply of water pipeline from Keenjhar Lake to SITE Nooriabad and Rs.143.10 million have been spent so far, while an amount of Rs. 20.00 million were allocated for construction of 5.0 MGD Filter Plant at SITE Hyderabad out of which Rs.19.50 million have been spent. A new scheme of flyover in SITE Karachi has been approved by Priorities Committee with a cost of Rs.528.00. million.

The meeting was also attended by Additional Chief Secretary (P&D) Mr.Nazar Hussain Mahar, Secretary Finance Mr. Fazalullah Pechuho, Secretary to C.M. Syed Sohail Akbar Shah, Special Secretary Finance Ms. Naheed D.Shah, Managing Director Sindh Small Industries Corporation & other. NNI

ISLAMABAD: The State Bank of Pakistan will issue the banknotes bearing the signature of Syed Salim Raza, Governor, State Bank of Pakistan from the field offices of SBP Banking Services Corporation (Bank) with effect from 15th May 2009.These banknotes will be in the same denomination, colour, design and size as the existing new design banknotes. The banknotes bearing the signatures of his predecessors will also continue to remain in circulation as Legal Tender. NNI