Saturday, 1 December, 2012

ISLAMABAD

ONLINE

PAKISTAN and the CzechRepublic agreed that thefull potential of bilateraltrade had not been at-tained and that the two

countries should intensify contacts be-tween their businessmen and Cham-bers of Commerce. The Fifth Sessionof the Annual Bilateral Consultationsbetween Pakistan and the Czech Re-public was held in Prague.

Additional Secretary (Europe &FoDP) Ms. Ayesha Riyaz led Pakistan’sdelegation to the meeting. The Czechdelegation was led by Deputy Foreign

Minister H.E. Mr. Tomas Dub.Pakistan and the Czech Republic

enjoy close and cordial relations. Thissession of Annual Bilateral Consulta-tions between the two Foreign Min-istries provided an opportunity toassess the entire range of these rela-tions as well as ways and means to fur-ther strengthen bilateral ties betweenthe two countries.

During the consultations, Addi-tional Secretary (Europe & FoDP)highlighted Pakistan’s counter-terror-ism efforts and the sacrifices made byPakistan in this regard. Discussionswere also held on enhancing trade andinvestment between the two countries.

The Additional Secretary informed

the Deputy Foreign Minister of the op-portunities offered by the Governmentof Pakistan to facilitate foreign in-vestors and businessmen.

Cooperation in Defence, education,science and technology and cultural af-fairs was also discussed. The Addi-tional Secretary appreciated thesupport of the Czech Republic instrengthening Pakistan-EU coopera-tion, especially for Pakistan’s effortsfor greater market access in the EU.Both sides also exchanged views on re-gional and global issues of mutual con-cern.

Additional Secretary (Europe &FoDP) also met Pavel Solc, DeputyMinister in the Czech Ministry of In-

dustry and Trade. The two sides dis-cussed possibilities of strengtheningeconomic links between the two coun-tries through more frequent exchangeof visits by business delegations andsetting up of joint ventures.

Additional Secretary (Europe &FoDP) informed the Deputy Ministerthat the Government of Pakistan wel-comed Czech power companies to Pak-istan for cooperation and investmentin Pakistan’s energy sector. DeputyMinister Solc told the Additional Sec-retary that the Czech Government sup-ported stronger economic relationswith Pakistan and would encourageCzech businessman and investor tovisit Pakistan.

Europeans Czech out investment opportunities

KARACHI

STAFF REPORT

Chairman Businessmen Group and formerPresident KCCI Siraj Kassam Teli openedINTEXPO Pakistan Exhibition, an Indianshowcase of synthetic and rayon textilesproducts, being organized by The Synthetic& Rayon Textiles Export Promotion Coun-cil of India (SRTEPC) and Karachi Cham-ber of Commerce and Industry (KCCI)here at a local hotel Friday. In INTEXPO40 leading Indian brands form textiles sec-tor are exhibiting their products.

About a 60-member delegation ofSRTEPC headed by its Chairman Vinod K.Ladia arrived yesterday for Intexpo Pak-istan Exhibition in Karachi (30 Nov & 01Dec) and Lahore (2nd & 3rd December).Ladia and President KCCI Haroon Agaralso signed MoU to facilitate members ofrespective trade organizations.

The chief guest Siraj Kassam Teli,Chairman Businessmen Group speaking atthe inauguration ceremony appreciatedIndo-Pak emerging business opportunitiesand recent productive developments be-tween two governments to fortify economicand commercial relations between two

countries. He said that the Indo-Pak Busi-ness communities firmly believe that im-proving economic ties may help to resolvethe larger political issues that obstructfriendly and cordial relations and will bringpeace and prosperity in the region.

He was of the view that political rela-tions should not affect the positive busi-ness developments between businesscommunities of two countries and busi-nesses should not suffer. He hoped Pak-istan may accord MFN to India soon andsaid that eight years back when he led thefirst delegation to India when he was thePresident of Karachi Chamber in 2004, hehad same viewpoint then. Guest of HonourChairman Sindh Board of Investment andformer President KCCI Muhammad ZubairMotiwala proposed points which heopined, if implemented would act as cor-nerstone for development of bilateraltrade. He proposed that the travelling be-tween India and Pakistan should be madeeasy with grant multiple visas for multiplecities. Indo Pak trade may be done in ru-pees (India & Pak Rupees) rather than dol-lars. He voiced to remove Non-TariffBarriers and introduce Mediation/Arbitra-tion Committees He said that sea-link

should be started initially small vessels beallowed to operate between the ports ofKarachi and Indian ports of Mumbai, Por-bunder, Mundra etc. He was of the viewthat India and Pakistan had large diversi-fied textile sectors and immense potentialof mutual cooperation do exist.

Karachi Chamber of Commerce & In-dustry’s President Muhammad HaroonAgar admired the steps taken by Indo PakGovernments to enhance bilateral eco-nomic and commercial cooperation andpaid tribute to the business community oftwo countries to support their govern-ments in this regard. He said that 2013 isthe year of Indo-Pak trade liberalization.Both governments have also agreed to lib-eralize visa regime and allowing businessvisas with multiple entries for differentcities. He said, “today this exhibition be-came possible with the joint efforts ofSRTEPC and KCCI to provide a platform toIndo-Pak business community to explorethe future business prospects. I hope sign-ing of MOU between KCCI and SRTEPCwill prove milestone for mutual coopera-tion and facilitation to business commu-nity of both countries.” He informed thathe has planned to allocate one complete

hall for Indian Pavilion in 10th My-KarachiExhibition scheduled to be organized from5th to 7th July, 2013. He said that KCCIalso intend to organize one exhibition ofproducts made in Pakistan in MumbaiIndia during first quarter of 2013.

Chairman Synthetic & Rayon TextilesExport Promotion Council of India(SRTEPC) and leader of Indian DelegationVinod K. Ladia in his speech applaudedKCCI’s support to organize INTEXPO Pak-istan exhibition. He lauded the efforts ofKCCI’s Leadership and President KCCI forwarm welcome to the Indian business del-egation. Exchanging views he said Indiaand Pakistan had similar business trend intextiles and cooperation in the textiles sec-tor between two countries will create win-win situation. Textile sector of both sidescan join hands as collaborators instead ofcompetitors as India and Pakistan are bothare leading cotton growers and textilesmanufacturers. “Collectively we can dowonders”, he said. INTEXPO Pakistan was67th Exhibition of SRTEPC, wherein lead-ing Indian Brands from Textiles includingproducts like yarn, man-made fibres, fab-rics, textile made-up and accessories wereon display for match-making with Pak-

istani counterparts, he said. Sanjeev Saran, Convenor Export Pro-

motion Committee & Former ChairmanSRTEPC; S.K. Khandelia, President, In-dian Spinners Association & Board Mem-ber SRTEPC; Aziz Vali Ullah, BoardMember SRTEPC; E.L. Paulo, Acting Ex-ecutive Director SRTEPC, Shamim Firpo,Senior Vice President KCCI, NasirMehmood, Vice President KCCI and Ju-naid Makda, Chairman International Af-fairs KCCI and also exchanged views onthis occasion. Mementos and gifts werealso exchanged after signing of MoU.

INTEXPO Pakistan 2012 to com-menced today at Taj Marquee SheratonHotel after inauguration by ChairmanBusinessmen Group & Ex-President KCCIand will continue on 1st December from10am to 5pm. Chief Guest Chairman Busi-nessmen Group Siraj Teli along with Guestof Honour Chairman Sindh Board of In-vestment Zubair Motiwala accompanies byPresident KCCI Haroon Agar and Chair-man SRTEPC Vinod K. Ladia also visitedthe stalls; met Indian exhibitors and wit-nessed the products. Earlier, NasirMehmood Vice President KCCI receivedthe delegation at Karachi Airport.

KCCI, SRTEPC agree upon bilateral trade facilitation

ISLAMABAD

ONLINE

Pakistan and Italy on Friday signed a Mem-orandum of Understanding (MOU) whichwill help Pakistan to promote olive produc-tion in the country.

According to the officials technical Un-derstanding has been signed between bothcountries for Project ImplementationAgreement between the Istituto Agronom-ico per l’Oltremare (IAO) Italian Ministryof Foreign Affairs and the Pakistan Agri-cultural Research Council (PARC) Min-istry of National Food Security andResearch (MNFSR).

The Project activi-ties are related tothe project “Tech-nical Assistanceand Support toLine Min-istries in theA g r i c u l t u r a lSector withEmphasis onOlive Production.

The official saidthat Italian government

supporting the people of Pakistan throughdifferent projects of social welfare andparticularly in the field of agriculture. Thenature of the cooperation is based on toencourage regional stabilization of thethree countries involved in the Pro-gramme (Afghanistan, Pakistan and

Nepal) and strengthen-ing the development

of the agriculturalsector, in particu-

lar olive-growingand productionof olive oil inthe three coun-tries targetedby the project,

and at the sametime improve

the standard ofliving of rurali n h a b i t a n t sand foster adialogue be-tween the

C o u n t r i e s ,thereby improv-

ing the stability ofthe region.

ISLAMABAD

ONLINE

Advisor to Prime Minister on Indus-tries Basharat Raja has stressed theneed for ensuring universal access tosustainable energy as this is pre-requi-site to achieving sustainable develop-ment and driving new models ofeconomic growth.

National Productivity Organiza-tion (NPO) in collaboration withUnited Nations Industrial Develop-ment Organization (UNIDO) Pakistanorganized a workshop on projects for“Sustainable Energy Initiatives for In-dustries in Pakistan” under GEF fund-ing in collaboration with governmentof Pakistan. Basharat Raja said thatgovernment supports initiatives car-ried out by UNIDO and NPO. He saidthat energy stands at the forefront ofthe complex and interconnected chal-lenges that define our increasinglyglobalized world.

Alois Posekufa Mhlanga , UNIDOProject Director, congratulated all thestakeholders of coming together atsingle platform and realize this impor-tant agenda. He said that the United

Nations Secretary General (UNSG),Mr. Ban Ki-moon has declared 2012 asthe International Year of SustainableEnergy for all.

He said that Energy is like agolden thread that connects economicgrowth, increase social equity and cre-ates an environment that allows theworld to thrive.

Khawaja Muhammad Yousuf,CEO-NPO said that NPO through itsenergy audits has been successfullybeen saving energy cost of various in-dustries to 15 per cent and thus thismindset need to be created among

masses. He said that energy efficiencyis more important than energy gener-ation. Adding he said that UNIDO-NPO partnership has always been infavor due to the aligned mandate ofboth institutions. NPO and UNIDO areworking on multiple projects for pro-moting and accelerating sustainableindustrial development in Pakistan.

Ghazala Raza who represents GEFPakistan said that there is a need toseek market environment in whichusage of renewable energy is promotedby adopting energy efficient technolo-gies with defined measurements inPakistani Industries.

Under this project UNIDO willfocus on the industrial sectors to facil-itate the sustainable energy projectsthrough developing the policy and reg-ulatory framework on use of EE/RE inIndustry, create an investment plat-form for promoting investments inRE/EE and scaling up the market andestablish an accreditation center forenergy experts on EMS & Re applica-tions in industry. NPO is being one ofthe major counterparts with UNIDOsince last year as new projects in col-laborations are underway.

‘We need universal accessto sustainable energy’

Pak, Czech Republic agree to boost bilateral trade

Need more olives foryour pizza toppings?Pak, Italy ink MoU to promote olive production

Saturday, 1 December, 2012

Major Gainers

COMPANY OPEN HIGH LOW CLOSE CHANGE TURNOVERBata (Pak) 1640.00 1722.00 1722.00 1722.00 82.00 200Wyeth Pak Limited 890.00 934.50 930.00 934.50 44.50 100Island Textile 907.00 952.35 900.00 951.18 44.18 500Indus DyeingXD 580.00 607.00 590.00 607.00 27.00 300Sanofi-Aventis Pak 348.60 366.03 366.03 366.03 17.43 400

Major LosersUniLever Pak 10694.25 11228.96 10159.54 10159.54 -534.71 10,200Nestle Pakistan Ltd. 4900.00 4660.00 4655.00 4655.00 -245.00 180Unilever Food 4410.00 4190.00 4190.00 4190.00 -220.00 20Sunrays TextileXD 171.95 163.36 163.36 163.36 -8.59 500Millat Tractors Ltd. 560.51 560.90 553.00 554.35 -6.16 47,300

Volume Leaders

Fauji Cement 6.84 7.19 6.74 6.95 0.11 89,167,500Jah.Sidd. Co. 16.65 17.65 16.71 17.23 0.58 27,709,500K.E.S.C. 6.93 7.40 6.81 6.88 -0.05 17,508,000National Bank Pak 47.50 49.87 47.45 49.86 2.36 12,767,500Bankislami Pakistan 9.02 9.95 9.15 9.83 0.81 8,161,000

Interbank RatesUS Dollar 96.5747UK Pound 154.7224Japanese Yen 1.1682Euro 125.4989

Dollar EastBUY SELL

US Dollar 96.90 97.40Euro 124.55 126.22Great Britain Pound 153.46 155.49Japanese Yen 1.1570 1.1723Canadian Dollar 96.11 97.88Hong Kong Dollar 12.24 12.46UAE Dirham 26.13 26.45Saudi Riyal 25.63 25.90Australian Dollar 99.48 102.26

Business

Punjab health department geared

toward disaster management

ISLAMABAD: There have been concerns regardingthePunjab department of health’s capacity to respondproperly to disasters; however, as a test case a de-tailed analysis of the PSLSM (Pakistan Social LivingMeasurements survey) data for Punjab was under-taken. The analysis revealed that the 2010 floods didnot worsen the difference in access to health betweenflood affected and non-flood affected districts, and ledto improvement in the health services delivery inflood affected districts. The 2010 floods increased thelikelihood of households in flood affected districts re-ceiving treatment for diarrhea by 10 percent. Thefloods did not affect the access to pre and post-natalcare. The data also does not show an increase in Outof Pocket Expenditures for health care post floodwhich proves that the health response to the disasterwas adequate.

James Hogan named Capa

Aviation ‘Executive of the Year’

KARACHI: Etihad Airways President and ChiefExecutive Officer, James Hogan, was named

CAPA Aviation Executive of the Year 2012 at theCentre for Aviation’s global awards for excellenceand leadership, presented in Hong Kong lastnight.The CAPA Aviation Executive of the Year isawarded to the executive who has had the greatestindividual influence on the aviation industry,demonstrating outstanding strategic thinking andinnovative direction for the growth of the businessand the industry.CAPA Executive Chairman, Peter Harbison, whopresented James Hogan with the award, said:“The Gulf carriers have progressively disturbedthe global airline equilibrium over recent years,and 2012 has seen a rapid escalation of thisprocess. None has been more distinctive andmould-changing than Etihad Airways , under theleadership of James Hogan.

Samsung, TEVTA sign MoU

KARACHI: November 30, 2012 – Samsung Elec-tronics Co. Ltd., a global market leader andaward-winning innovator, has signed an MOU(Memorandum of Understanding) with TEVTA(Technical Education and Vocational Training Au-thority) to establish four labs namely Mobilephone, Home appliances, Air conditioner/Refrig-erator and Washing Machine/Microwaves in La-hore. This ‘hands-on’ lab training will enable

students to gain the necessary experience andtechnical skill to seek employment opportunities.According to the MOU, Samsung Pakistan willprovide electronic products to TEVTA exclusivelyfor educational and training purposes. The stu-dents at TEVTA will be deemed competent to usethese products by the TEVTA faculty.

German investment moot

to be held in June 2013

KARACHI : A German Investment Conference isto be held in June 2013 In Pakistan with the col-laboration of the German embassy and PGBF(Pakistan German Business Forum). This was saidby German Consul General in Karachi Dr TiloKlinner in his visit to the Karachi office of the Ger-man corporation, DS-Concept Pakistan The German envoy held discussions with DS Con-cept country head Mr Qaseem Jaffri regardingsome suggestions and solutions proposed to en-courage Pakistani exporters. in the best possiblemanner in the worst financial conditions. Themeeting was organized by DS-Concept Pakistan attheir office premises to strengthen the brotherlyties between Germany and Pakistan as well as toescalate the business affairs concerning the twocountries. He appreciated DS-Concept Pakistanfor its hard work and success in Pakistan and said

this was yet another example of a German com-pany in the finance sector that had grown from itsinception to a leading position in Pakistan by fol-lowing German principles of business ethics andmaintaining international standards.

British parliamentarians laud BISP

ISLAMABAD: The role of Benazir Income Sup-port Programme (BISP) in a journey towards mak-ing Pakistan a social welfare state is quiteastonishing. The Programme is a vital step in so-cial sector of Pakistan which is bringing in positivesocio-economic challenges in the society. This wasexpressed by the members of delegation of BritishParliament (International Development Commit-tee) led by Sir Malcolm Bruce during a meetingwith Federal Minister and Chairperson BISPMadame Farzana Raja here at BISP Secretariat.

NESPAK’s actions are

above board: MD

LAHORE: NESPAK Managing Director Asad I. A.Khan has said that NESPAK is guided by a set ofrules and regulations, adding that the Companyfirmly believes in checks and balances and func-tions under the organisational structure suited toits specific professional needs, according to apress release issued here on Friday.

CORPORATE CORNER

Meezan board clears maiden air-time Sukuk

KARACHI: The Shariah Supervisory Board (SSB) of theMeezan Bank has approved the concept for the first ever air-time based Sukuks to be issued in the country. The Board hasalso approved detailed guidelines for Islamic banks related tosharing of security with other banks for long term Islamic proj-ects and structured financing. These decisions were taken dur-ing the 19th meeting of the SSB of Meezan Bank held here atDarul Uloom Korangi. Chaired by Chairman SSB Justice (R)Mufti Muhammad Taqi Usmani, the board meeting was at-tended by Sheikh Essam M. Ishaq, who specially came fromBahrain for this meeting and Dr. Muhammad Imran Usmani,who is also the Shariah advisor of the bank. President and CEOMeezan Bank Irfan Siddiqui and Chief Operating Officer ArifulIslam also attended the meeting along with Head of Product De-velopment Ahmed Ali Siddiqui and other team members. Sev-eral important matters related to Islamic financial products andprocesses were discussed in the meeting. A summary of theBank’s Shariah Audit was also presented to the SSB. The SSBpraised the performance of the bank and showed overall satis-faction with the Shariah-conformity of the products and overallbusiness and transactions of bank.STAFF REPORT

WASHINGTON

AGENCIES

US Secretary ofState Hillary Clin-ton urged EuropeThursday to re-solve the eurocri-

sis and seek ways to promotegrowth and jobs as she praisedAmerica’s “revitalized relation-ship” with the region.

On the eve of her 38th trip toEurope, Clinton told a Washing-ton think-tank that the world wascounting on European leaders tomeet tough challenges ahead andoffered assurances that the UnitedStates was not turning its back onold alliances.

“Our pivot to Asia is not apivot away from Europe. On thecontrary, we want Europe to en-gage more in Asia, along with us,

to see the region not only as a mar-ket, but as a focus of commonstrategic engagement,” Clintonsaid. She outlined how in the pastfour years they had worked to-gether on many key issues — from

the conflict in Afghanistan to waysto rein in Iran’s suspect nuclearprogram, as well as the wars inSyria and Libya and climatechange.

“But if the United States and

Europe are not strong, stable, andprosperous in the long-term, ourability to tackle these and other is-sues will be put at risk,” the top USdiplomat warned.

Both Europe and the UnitedStates had to make some toughchoices as they sought to get theireconomies in order.

“The eurozone is slipping backinto recession as austerity policiestake effect,” she told the BrookingsInstitution.

“So it’s vital to the entireglobal economy that Europeanleaders move toward policies thatpromote credible and sustainablegrowth and create jobs.”

But she acknowledged that“this is fundamentally a Europeanproblem that requires Europeansolutions. America can’t andshouldn’t try to dictate any answeror approach.”

TOKYO

AGENCIES

The yen lost more ground in Asiantrade Friday, hitting a seven-month low against the euro as risksentiment among investors turnedup while markets eye progress in asimmering US budgetary impasse.

The dollar gained on the

Japanese currency in midday Tokyo trade, buying 82.49 yen

from 82.10 yen in New York lateThursday, while the euro fetched

107.27 yen, up from 106.58 yenin US trade and a new seven-monthhigh. Against the greenback, the 17-nation euro traded at $1.3001 from$1.2978. The persistently strongyen, seen as a port in the storm from

turmoil in Europe and a wobbly USeconomic recovery, has been losingsteam in recent weeks. It took a hitafter Japan’s main oppositionleader Shinzo

Abe vowed to pressure theBank of Japan into more aggres-sive easing measures if he iselected as the country’s primeminister at polls next month.

Abe has been widely tipped todefeat the government of

Prime Minister YoshihikoNoda, which on Friday approvedan 880 billion yen ($10.7 billion)stimulus package ahead of the De-cember 16 elections that his rulingparty is widely expected to lose.

Daisuke Karakama, marketeconomist at Mizuho CorporateBank, said the yen’s drop Fridaymay have stemmed from Japan’swidening trade deficit rather thana specific piece of news.

“It’s month-end and somepeople say what we are seeingtoday could be a result of thecountry’s trade deficits,” he said.

“We used to see dollar sellingat month-end but the oppositemay be happening now due toneed for dollars to finance im-ports,” told Dow Jones Newswires.

On Thursday, Republicanspeaker of the House of Represen-tatives John Boehner said, aftermeeting with Treasury SecretaryTimothy Geithner, there had been“no substantive progress” in talksover the so-called fiscal cliff ofspending cuts and tax hikes. Thepackage is due to come into effecton January 1 and could throw theUS into recession unless a deeplydivided Congress agrees on a newbudget deal. “No matter, marketshave shrugged off initial disap-pointment at Boehner’s remarks,and evidently continue to travelhopefully in the expectations thata deal will get done before yearend,” National Australia Bank saidin a note. Forex markets reactedlittle to Japan posting a surprise1.8 percent jump in its Octoberfactory output.

SURELY YOU COULD DO MORE! Clinton urges Europe to do more on economy

Yen slips in Asia as risk sentiment turns up

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