Tag Archives: Prime Minister Shahid Khaqan Abbasi

Dr Tariq Banuri appointed as chairperson, HEC

on 29/06/2018

Prime Minister Shahid Khaqan Abbasi has approved the appointment of Dr Tariq Banuri as chairperson of the Higher Education Commission (HEC).

After months’ long rigorous process and clearance from the anti-corruption authorities, PM being controlling authority of HEC, approved summary for appointment of Prof Banuri as fourth permanent head of HEC.

Dr Banuri was already providing free consultative services to Pakistan government in the area of climate change and to Mehran University in the area of water.

He has broad experience in government, academia, civil society and the international system. Recently, he served as Director, Division for Sustainable Development, at the United Nations. Dr Banuri started his career in the Civil Service of Pakistan, went on to receive a PhD in Economics from Harvard University, and joined the United Nations as a Research Fellow at World Institute for Development Economics Research, a model that he adopted in setting up Sustainable Development Policy Institute in Pakistan which he served as its founding Executive Director.

He was also member of the Board of Governors of State Bank of Pakistan, member of the Pakistan Environmental Protection Council and Member/Secretary of the Presidential Steering Committee on Higher Education, and a Coordinating Lead Author of the Nobel Prize winning Inter-governmental Panel on Climate Change (IPCC).  Tariq Banuri was also member of Steering Committee on Higher Education Reforms which contributed a lot in establishment of HEC in 2002. Lately, he was affiliated with University of Utah, US, as Professor in Economics

ECNEC approves Gwadar drinking water, Mohmand Dam Hydropower projects

on 08/06/2018

The Executive Committee of the National Economic Council (ECNEC) Thursday approved three major projects, including supply of drinking water to Gwadar, a hydropower project at Mohmand Agency and Metro Bus service for the new Islamabad International Airport.

The meeting, chaired by Prime Minister Shahid Khaqan Abbasi here, accorded approval to these projects. The ECNEC gave approval for the Rs 309.558 billion multi-purpose Mohmand Dam Hydropower Project.

Besides producing 800 mv electricity, it would also have a storage capacity of 1,594 million cubic meters of water that could be used for irrigation, flood mitigation and supply of drinking water to Peshawar and FATA.

ECNEC gave approval for the construction cost of infrastructure and allied works for Metro Bus Services from Peshawar Morr interchange to  New Islamabad International Airport. Central Development Working Party had recommended the review of the project by the ECNEC.The 25.6 km long project, which was still in different stages of completion, would cost Rs.16,427.880 million and provide affordable and convenient transport for passengers using the New Islamabad International Airport, rescheduled for opening in first week of May.

To meet the long standing demand of the people of Gwadar, the port city would get a five million of gallons per day Reverse Osmosis Sea Water Plant at a total cost of Rs. 5,071.43 million. Under this project sea water would be desalinated for catering to the drinking and other requirements of Gwadar City and adjoining areas. The Federal Government has also agreed to increase its financing share from 50% to 67% while the remaining 33% would be financed by the Government of Balochistan.

 

Free trade with China may Dampen Investment in SEZs?

on 01/06/2018

Pakistani Manufacturers start selling Chinese-made products with ‘Made in Pakistan’ tags!

Beijing’s push for further trade liberalization under second phase of the Pakistan-China free trade agreement (FTA) may severely dampen prospects of Chinese investment in prioritized special economic zones (SEZs) being set up under  (CPEC).

It would be convenient and cheaper for Chinese companies to manufacture in China and import products into Pakistan at zero duties, which would render the SEZs useless, officials in the Board of Investment (BOI) fear.This will also dash Pakistan’s hopes of starting a new wave of industrialization as almost 60% of the national output is contributed by the services sector which is not job-oriented. This means Pakistan is en route to becoming a trading nation.

Another worrisome aspect of the proposed second phase of the FTA, called FTA-II, is that it is shrouded in secrecy. Both Federal Board of Revenue (FBR) and the BOI were not aware of the tariff lines on which the commerce ministry wanted to slash duties to zero.

The timing of the FTA-II is also a matter of concern for some government agencies as Pakistan is not yet ready for further open trade due to a lack of product diversification and high cost of doing business.The Commerce Ministry says it will not sign the FTA unless every stakeholder is on board including the BOI and FBR.

Prime Minister Shahid Khaqan Abbasi will visit Beijing next month and the government intends to sign the expanded FTA with China. Pakistan has reportedly agreed to offer zero duties on 75% of tariff lines, which constitute roughly 5,340 out of total 7,120 tariff lines. About 35% of tariff lines were already subjected to zero duties, which have caused huge losses to the domestic industries.

It was unearthed in a meeting of the Senate Standing Committee on Finance that Pakistani manufacturers have even started importing goods from China and selling them as ‘Made in Pakistan’ products by placing their stamps on them.The FBR is concerned that the proposed 75% reduction in customs duty will adversely hit its revenues. However, the government said it did not care about the revenue loss because the FTA-II would help increase Pakistan’s exports to China from the current $1.5 billion to $9 billion. – ER Monitoring Desk

Hong Kong Invited to Invest in Technology, Logistics and Infrastructure

on 24/05/2018

Prime Minister Shahid Khaqan Abbasi invited Chinese investors and companies to participate in the development of Pakistan’s power sector. PM stated this while talking to Administrator of National Energy Administration (NEA) of China, Nuer Baikeli, who called on him on the sidelines of BOAO Forum for Asia, a statement issued by the PM House here said.

PM expressed the hope to further strengthening cooperation with the National Energy Administration of China and the government of Pakistan. Appreciating the contribution rendered by CPEC energy projects in alleviating the energy shortage in Pakistan, PM thanked  Chinese government and NEA for their strong support and collaboration. He said that these projects were providing efficient and affordable electricity and both sides were continuing to work on other projects based on hydropower in north of Pakistan and local coal in Thar district of south.

He also indicated the need of early completion and synchronization of transmission line of South-North with the upcoming generation projects in Karachi and Thar. PM stated that the oil and gas sector was a priority area which was featured prominently in the Long Term Plan for CPEC. He emphasised that the government was committed to supply clean, affordable and sustainable energy to consumers.  PM said that focus was on provision of affordable and diversified energy mix as Pakistan holds tremendous potential in the coal, hydro, solar and wind sectors.

The PM expressed satisfaction over regular exchange of views between experts on energy from the two sides. He said that private sector was now playing a crucial role in developing Pakistan’s economy by supplementing generation capacities and related infrastructure. Present government has introduced robust policy frameworks that carry competitive incentives and simplified procedures for both local and foreign investors, PM said.

Meanwhile, PM said that businessmen from Hong Kong could expect excellent returns on investment in Pakistan in the fields of financial services, technology, logistics and infrastructure. PM was talking to Chief Executive of Hong Kong Ms Carrie Lam who called on him on the sidelines of BOAO Forum for Asia, PM office media wing said in a press release. PM said Pakistan considered Hong Kong as a significant and largest free trade area and a super connector of the Belt & Road Initiative.

PM said Hong Kong was home to over 25,000 Pakistan origin residents and commended Hong Kong’s policy of tolerance and interfaith harmony that was hallmark of its diversity. He said the enhanced people to people contacts were the key to strengthening relations and suggested a more liberal visa regime for Pakistani businessmen & tourists; and increase in scholarships for Pakistani students in universities of Hong Kong.

He expressed his satisfaction over participation of investors from Hong Kong in the ‘Pakistan Investment Forum’. PM expressed the hope to organise investment and trade promotion events, and B2B meetings in collaboration with the government of Hong Kong. He also felicitated Ms Lam on assuming office of the chief executive through a successful election process that manifested effectiveness of the unique model of ‘one country, two systems’.

PM invited the Chief Executive of Hong Kong to visit Pakistan.The Hong Kong chief executive commended the economic growth attained by Pakistan under the present government and expressed the hope to further strengthen economic and people-to-people contacts.

 

 

 

85 pc foreign investors forsee growth

on 30/01/2018

The Perception and Investment Survey of the Overseas Investors Chamber of Commerce and Industry (OICCI) has found that near about three quarters foreign investors foresee continued growth in their businesses and plan to make further investments in Pakistan.

In percentage nearly 66pc respondents of the survey were found indicating plans for making new investments in business and human capital. Around 85pc of the respondents expect increased sales and 68pc anticipate a rise in their profits in coming years.

Yet another healthy sign was that the issue of energy shortages, which was listed as the second biggest challenge in the last three surveys, has dropped out of the list of top five challenges. However, law and order still remains in the top five list but it dropped two points down and at present is the biggest challenge on number three instead being the number one.

The results of the survey have been presented to Prime Minister Shahid Khaqan Abbasi. OICCI President Khalid Mansoor told the prime minister that the overall results of the survey reflect improved and positive sentiments of the members of the OICCI.

OICCI members also highlighted key concerns impeding fast growth in foreign direct investment (FDI), including a negative perception of the country against positive realities. They pointed out that a poor ranking on World Bank`s Ease of Doing Business Index and tax related matters, like the year-on-year continuation of three to four percent super tax, long delays in the settlement of refunds and a growing number of inter provincial coordination issues, can be managed by ensuring good governance.