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  1. #1
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    Imran Khan Welcomes Investment From Hong Kong-based Port Operator

    Prime Minister Imran Khan on Tuesday welcomed a $240 million foreign investment from Hong Kong-based port operator Hutchison Port Holdings, the Prime Minister's Office said in a statement.

    A delegation of Hutchison Port Holdings led by their Group Managing Director Eric Ip called on the prime minister at his office today.


    Ip apprised the prime minister of the company's fresh investment into Pakistan approximating $240m that will make available a significant amount of new container terminal capacity at the Karachi Port.

    The funding increases Hutchison Ports’ total investment in Pakistan to $1 billion.

    While welcoming the investment from the port operator, Prime Minister Imran reiterated his government's commitment to facilitate investment and ease of doing business in the country.

    The premier was informed that the fresh investment will grow Hutchison employees to 3,000 people.

    According to the statement, Prime Minister Imran was also briefed about the development of Hutchison Port Holdings, its parent company CK Hutchison Holdings, and the group’s commitment to play a pivotal role in facilitating economic growth of Pakistan, as well as supporting the development of Karachi Port into a major hub for trade in Asia.

    During the meeting, Ambassador at Large for Foreign Investment Ali Jehangir Siddiqui stated that as a result of a fairly priced currency, unit volumes of exports were increasing and there was a need for additional container terminal capacity. As a result, this investment will support the country's export competitiveness and result in greater revenue for both the federal exchequer and the Karachi Port Trust.

    Hutchison Port Holdings is one of the world’s largest port companies. With over 30,000 employees, it is operating 52 ports and terminals in 27 countries spanning Asia, the Middle East, Africa, Europe, the Americas and Australia. The company is headquartered in Hong Kong.

    Minister for Maritime Affairs Syed Ali Haider Zaidi, Adviser to Prime Minister on Commerce Abdul Razzaq Dawood, Special Assistant to Prime Minister Syed Zulfiqar Abbas Bukhari, Board of Investment Chairman Zubair Haider Gilani and senior officials attended the meeting.

    The delegation from Hutchison Ports included Managing Director Middle East and Africa Andy Tsoi, Business Director Middle East and Africa Eric Ng and the leadership of their Pakistan management team.
    Link: https://www.dawn.com/news/1510994/pm...-port-operator.


    LIONEL MESSI FAN
    Find PakPassion on Twitter: @PakPassion

  2. #2
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    That is pretty hefty investment. Hope happens soon and not just on paper.


    For the latest updates on Cricket, follow @PakPassion on Twitter

  3. #3
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    Mashallah! More great news for Pakistan!

    Pakistan on the up inshallah!

  4. #4
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    Companies will want to invest in Pakistan now. It was rightly difficult to trust the previous corrupt leaders who didn't care for the economy or for security. Imran is working hard to make both stronger for investors.


    Lions don't lose sleep over the opinions of Sheep

  5. #5
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    I am sure good times are ahead. Inshallah.


    PP's own self proclaimed sharpshooter and defender of Islam and Pakistan.

  6. #6
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    ISLAMABAD: The Central Development Working Party (CDWP) of the Planning Commission on Thursday approved nine projects worth Rs40 billion in energy and science and technology sectors. It also recommended two mega projects worth Rs55.5bn to Ecnec for approval.

    The projects approved in the energy sector include a regional grid in Gilgit-Baltistan (Phase-1) worth Rs4959.187 million, 220Kv Nawabshah sub-station project worth Rs6291.80m, 220Kv Larkana new substations worth Rs6449.40m, procurement of 220Kv mobile grid station along with emergency recovery system and 500Kv reactors for emergency services project worth Rs6978.95m and 220Kv Swabi substation project worth Rs6399.84m.

    The approved projects in the science and technology sector include the Pakistan Research Reactor-3 project worth Rs4671.050m and establishment of a campus of National University of Technology (NUTECH) in Islamabad worth Rs2878.610m.

    The CDWP recommended for approval three health projects which include strengthening and upgradation of the nursing and midwifery worth Rs27908.545m, safe blood transfusion service worth Rs863.367m and Medical Device Development Centre at the National University of Science and Technology (NUST), Islamabad, worth Rs331.12m.

    A project related to water resources development titled, “National Programme for Enhancing Command area in Barani areas of Pakistan” worth Rs27526.369m was recommended to Ecnec for approval.
    Source: https://www.dawn.com/news/1511496/pr...s40bn-approved.


    LIONEL MESSI FAN
    Find PakPassion on Twitter: @PakPassion

  7. #7
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    Foreign private investment jumps 51pc

    KARACHI: Foreign private investment increased by 51 per cent to $564.8 million in the first quarter of this fiscal year, up from $374m in same period of 2018.

    Meanwhile, foreign direct investment (FDI) edged lower by 3.1pc to $542.1m during July-Sept, as compared to $559.4m in same quarter last year.

    However, FDI in September clocked in at $385.3m, surging by 111.6pc over $182.1m in corresponding month last year.

    If the September trend persists for the remaining fiscal year, the country could receive record high investment it received during the last five years but it depends upon the business environment and low cost of doing business.

    Data reveals that the most significant chunk came from Norway, even beating China which has been the largest investor in the country for the last three years.

    FDI from Norway stood at $263.7m, soaring by a whopping 1,600pc, over just $15.5m in the same quarter of FY19. Of this, $253.2m were invested in September.

    On the other hand, inflows from China plunged 70.4pc to $103m during July-September versus $348m in corresponding months last year.

    Prime Minister Imran Khan recently visited China to speed up the working on projects under the China-Pakistan Economic Corridor.

    Sector-wise investment indicates that telecommunications attracted highest amount of $246.4 million during the quarter. This represented a massive growth of 389.6pc over $54m recorded in July-September FY19.

    Inflows in the oil and gas exploration, on the flip side, dipped by 54pc to $34.1m during the first quarter, compared to $74.1m in same period last fiscal year.

    The sector is at the top of government’s priority list for attracting investments but the response during the latest quarter is disappointing.

    The attraction for hydel power also declined as the investment fell to $27.3m, from $36m. Inflows in cars didn’t show much difference as they came in at $25.8m, down from $29.5m.

    However, a big jump was noted in electrical machinery as it received $64.8m during the quarter, rising from 1QFY19 level of just $5.2m.

    A major change was noted in portfolio investment which had been showing outflows for most of the time but in the latest quarter posted a net inflow at $22.7m, as opposed to a net outflow of $185.3m in corresponding months last year.

    https://www.dawn.com/news/1511499/fo...ent-jumps-51pc

  8. #8
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    Imran Khan seems like a great negotiator. He has secured quite a few huge investments. Good signs.


    LIONEL MESSI FAN
    Find PakPassion on Twitter: @PakPassion

  9. #9
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    ISLAMABAD: Prime Minister Imran Khan on Saturday said that his economic team has turned around the national economy within a period of one year, especially referring to a sharp decline in the current account deficit and an increase in investments.

    The premier in a series of tweets shared some data-graphs showing performance of foreign direct investment, exports and remittances besides a sharp decline in the current account deficit.

    Mr Khan said that a 111.5pc increase was recorded in the foreign direct investment and a 194pc increase in foreign private investment during the past one year. The massive increase in investments was a reflection of the trust of foreign investors in the government’s economic policies, he added.

    The prime minister said that the current account deficit was on a 41-month low in September 2019, indicating that the economy was on the mend. Between July-September, the first quarter of the current fiscal year, the current account deficit declined by a huge 64pc to $1.5bn from $4.3bn over the last year. It was mainly led by a 21pc decline in imports.

    Pakistan had witnessed the biggest current account deficit at $18.25 billion before the Pakistan Tehreek-i-Insaf had taken over the government. He went on to say that remittances from overseas Pakistanis showed a 17.6 per cent increase in remittances during last month.

    The fiscal deficit — the difference between revenues and expenditures of the federal government — declined by 36 per cent in the first quarter of the ongoing fiscal year as revenue increased and expenditure cuts took root.

    PM Khan’s economic team led by Adviser on Finance Dr Hafeez Shaikh — currently visiting Washington to attend the annual meetings of International Monetary Fund/World Bank-2019 — held a series of meetings with heads of various global financial institutions and business leaders to apprise them of the overall state of economy in Pakistan.

    The focus of these meetings, according to an official statement, is to focus on government’s measures to curtail the twin deficits and revive various sectors of the economy through institutional reforms and collaboration with regional and international investment partners.

    State Bank Governor Dr Reza Baqir and Finance Secretary Naveed Kamran held an extensive meeting with Asian Deve*lopment Bank (ADB) president Takehiko Nakao and exchanged views with him on the ongoing ADB-funded projects in Pakistan as well as planned portfolio.

    The finance adviser apprised the ADB president about the steps taken by the government for curtailing the current and capital account deficits effectively. In his remarks, ADB President Nakao said that ADB was an important financial partner of Pakistan and acknowledged the current structural reforms undertaken towards economic stabilisation in Pakistan.

    Dr Shaikh also met World Bank’s South Asian Region (SAR) Vice President Hartwig Schafer and his team. The meeting reviewed WB’s portfolio in Pakistan and exchanged views on further steps to strengthen cooperation between Pakistan and the Bank.

    Later, the finance adviser along with a delegation met IMF’s Middle East and Central Asia Department (MCD) Director Jihad Azour. They discussed the implementation of the ongoing IMF programme. The IMF director appreciated the progress Pakistan made towards economic stabilisation as well as government commitment to the reform process.

    Essential commodities

    Meanwhile, Special Assistant to the PM on Information Dr Firdous Ashiq Awan told the media that the Prime Minister had directed the federal ministries and provincial governments to take measures to bring down the prices of wheat, sugar, cooking oil, fruit and vegetables to provide relief to public.

    She said the direction came from the premier during the three-hour meeting with the chief ministers of Punjab and Khyber Pakhtunkhwa, chief secretaries, ministers of food, agriculture, statistics, commerce and industry and cane commissioners. Mr Khan asked them to adopt a comprehensive strategy on ways to reduce prices of essential commodities, she added.

    Dr Awan said the Sindh province had failed to ensure timely procurement of wheat flour, which resulted in depletion of stock and rise in its prices. To control the situation, PM Khan asked Pakistan Agricultural Services and Storage Corporation (PASSCO) to release 100,000 million tonnes of wheat for Sindh to fill the gap in supply and demand. She said the PM also directed the Economic Coordination Committee to come up with a comprehensive strategy and recommendations within three days on release of stock of wheat and cut in prices.

    Besides, she hinted at the possibility of importing wheat in case of lower stock of the commodity to keep the prices under stable.

    Extending support to farmers, the adviser said sugar cane farmers received payment as per support price of Rs180 per 40 kilograms. The prime minister, according to her, showed displeasure over the rise in sugar prices and asked for taking action against profiteers and hoarders.

    Mr Khan suggested to the Punjab and KP chief ministers to establish farmers’ markets to bring an end to the role of middlemen, she told the media. He also directed the Federal Board of Revenue to rationalise regulatory duty on cooking oil, she added. The adviser linked the price hike of tomatoes and onions with the blockage of imports from India and said new crops in Pakistan would improve the situation.
    Source: https://www.dawn.com/news/1511892/pm...mic-turnaround.


    LIONEL MESSI FAN
    Find PakPassion on Twitter: @PakPassion

  10. #10
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    ISLAMABAD: The United Arab Emirates (UAE) has offered to Pakistan access to its labour market database, which would help boost export of Pakistani workforce to the Gulf state.

    According to a press release, the offer was extended by UAE Minister of Human Resources and Emiratisation (Mohre) Nasser Bin Thani Al Hameli during a meeting with Special Assistant to the Prime Minister on Overseas Pakistan and Human Resource Development Sayed Zulfikar Abbas Bukhari on the sidelines of the 5th ministerial session of Abu Dubai Dialogue.

    The initiative would provide Pakistan updated information of job opportunities in the UAE’s labour market, besides enabling it to train the workforce as per market demand.

    Mr Bukhari informed his counterpart that Pakistan wanted to integrate a digital platform with the UAE to ensure a fair and transparent recruitment process, besides minimising its cost. The country was ready to link its digital platform with the UAE, he added.

    Both sides also agreed to activate the joint committee formed for implementation of the memorandum of understanding recently signed to ensure the protection of Pakistani workers’ rights and resolving their legal job disputes in the UAE.

    It was also decided to prepare a three-year plan for recruitment of Pakistani workforce.

    Mr Bukhari said that the Pakistan Tehreek-i-Insaf (PTI) government stood by its promise of providing respectable jobs to the youth on local and international level, adding that the country’s economy was moving in the right direction under the leadership of Prime Minister Imran Khan.

    He said the government had been taking practical measures to create job opportunities for the youth within the country and abroad. The export of manpower witnessed 51 per cent increase during the first seven months of the PTI government, he added.
    Source: https://www.dawn.com/news/1511887/ua...arket-database.


    LIONEL MESSI FAN
    Find PakPassion on Twitter: @PakPassion


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