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Thursday, 13 September , 2012 TIANJIN app P RIME Minister Raja Pervez Ashraf on Wednesday, men- tioning Pakistan’s strong economic indicators, said the country was an attractive zone for foreign investment, particularly in power, oil and gas exploration and infra- structure development sectors. The Prime Minister expressed these views while leading a discus- sion of the Business Interaction Group on Pakistan at the Meijiang Convention Centre the venue of on- going World Economic Forum’s An- nual Meeting of New Champions. Dilating upon Pakistan’s macro-economic stability and lib- eral investment policy, the Prime Minister said country’s economic consistency, openness and pre- dictability in policies were vital fac- tors in providing foreign businessmen an enabling environ- ment for their investment. He said his government was com- mitted to facilitation of business, reforms and deregulation in pursuance of its eco- nomic philosophy. He mentioned Pak- istan’s strategic location next to three important regions - South, Central and West Asia, that provided a shortest access to the energy-rich and fast developing Cen- tral and Western Asia. He said for the eco- nomic world, the country could prove a bridge, linking to multiple corridors of co- operation in energy, trade, investment, transportation and tourism. Prime Minister Ashraf said due to macro-economic stability, the country’s economy was expected to grow by over four percent this year. He said country’s bank- ing sector had withstood the global finan- cial crisis of 2008 with the help of its exports that grew by 30 percent in 2011. On liberal investment policy, he said all sectors of economy were open to Foreign Direct Investment (FDI). In addition, there was no restriction on equity as foreigners were permitted hundred percent foreign equity, statutory protection, and high rates of return accrued to investment. He said there were institutional safe- guards provided in the system like Compet- itive Commission, the Security and Ex- change Commission and Central Bank. He said Pakistan had a non-discriminatory in- vestment policy for all countries. The Prime Minister said Pakistan was a country of 180 million with a growing middle class and an increasing demand for goods and services. He mentioned that abundant and unexploited natural re- sources including coal, oil, gas, water and irrigation systems and minerals had great potential of exploration. He said investment in power sector could be made in the areas of solar, wind, renewable energy, solar tube- wells, hydro and thermal power generation. He said opportunities also existed in mod- ernization and refurbishment of ports and railways. He informed the Business Group that a Korean company had shown interest in constructing a 300 mega watt solar power plant in Balochistan. To a question, the Prime Minister said Pakistan was work- ing to have good relations with India includ- ing trade ties. He mentioned the recent visit of Indian External Affairs Minister S.M Kr- ishna to Pakistan and the discussions car- ried out on easing the visa regime and cooperation in agriculture sector. Traders unite! ‘Business community contacts can play vital role in boosting trade, in SAARC region’ ISLAMABAD oNLINe Leader of the House Senator Ja- hangir Badar has said that enhancing people to people contacts particu- larly business community can play vital role in boosting trade and busi- ness in the SAARC region. Jahangir Badar expressed these views while talking to a delegation of SAARC chamber of commerce and industry and their business leaders who called Leader of the house and Leader of the Opposition in Senate, Senator Ishaq Dar at Parliament House here on Wednesday. Both Pakistani political leaders as- sured them that SAARC business leaders and SAARC countries would be extended mutual respect and co- operation especially for business ac- tivities. The Leader of the House said that it is need of the time keeping in view the global changes that atmosphere of peace and harmony in the mutual interest to be created for eradication of poverty, unemployment, terrorism from the SAARC region and to organ- ize South Asian world for the coming generations of the highest populated region in the world. The business leaders of the SAARC countries have invited both Leader of the House and Leader of the Opposi- tion in Senate to visit SAARC coun- tries one after the other and increase the interactions in this regard to make SAARC region a hub of trade and development activities for ulti- mate progress, prosperity and uplift of the people of the region. HONG KONG afp Asian markets rose and the dollar remained subdued against the yen Wednesday ahead of a US Federal Reserve meeting most economists expect will deliver fresh stimulus to kickstart the economy. Comments from China’s prime minister hinting at new monetary easing also provided a fillip, while traders are confident of a positive verdict in Germany as judges are due to rule on whether Berlin can legally take part in the eurozone’s bailout fund. Tokyo surged 1.46 percent by the break, with much better than-expected July economic data helping to lift sentiment, while Hong Kong jumped 0.94 percent, Sydney advanced 0.80 percent, Shanghai climbed 0.16 percent and Seoul added 1.39 percent. The US Fed will later begin its two-day policy meeting, after which there is a wide expectation it will unveil new meas- ures to spur growth, with most analysts tipping a third round of bond-buying, or quantitative easing. On Wall Street the Dow was up 0.52 percent and the S&P 500 rose 0.31 percent while the tech-rich Nasdaq was flat. Adding to buying incentives were data showing the US trade deficit was virtually unchanged in July from June, an un- expected reading although the figures showed imports and ex- ports dropped due to a global slowdown. “Market sentiment is very positive,” said Brett McGonegal, chief executive officer at Reorient Financial Markets in Hong Kong. “Once people get into the buying mood it is not a one- day event, we could have an overall buying appetite that could absorb a shock,” he told Dow Jones Newswires. But with the likelihood of more dollars flooding the market the currency retreated in New York from recent highs against the yen and stayed weak in Tokyo. In early Asian trade it bought 77.91 yen, against 77.73 yen in New York late Tuesday. In Asia on Tuesday the greenback was buying around 78.20 yen. However, also weighing on the unit was a warning from Moody’s that it would downgrade the United States’ AAA credit rating if lawmakers did not get the country’s debt situation in order. Late Tuesday Chinese Premier Wen Jiabao said the world’s number two economy “was showing signs of stabilising” and would likely meet the 7.5 percent growth the government set for the year. “We will, according to economic trends, make full use of the advantage of having relatively big space for fiscal and monetary policy (moves),” he said. Wen later emphasised that despite a slowdown in govern- ment revenues, the government has about a one trillion yuan ($158 billion) surplus on its balance sheet and around 100 bil- lion yuan in what he called “stability and adjustment funds”. The government “will not hesitate to use” such money, he following a speech to the World Economic Forum in the eastern city of Tianjin. The comments suggested Beijing was ready to announce new measures to boost spending in China — a key driver of re- gional growth — such as lowering the amount of money banks must keep on reserve, or even cutting interest rates. In Germany later Wednesday eight judges of the country’s Constitutional Court will rule on the legality of the European Stability Mecha- nism (ESM) set up to help under pressure nations. While the court has a history of ruling in favour of steps to- wards greater European integration, a negative decision could blow the entire euro project apart, owing to Germany’s key role in financing future rescues. ALLURING INVESTORS, ARE WE? Asian markets rise ahead of US Fed meeting Pakistan’s strong economic indicators, attractive for foreign investment in power, oil sectors REMITTANCES GROW ‘Pakistani diaspora remittances grew by 2.36 % in two months’ ISLAMABAD app The overseas Pakistani workers remitted an amount of $2,463.69 million in the first two months (July - August) of the current fiscal year showing a growth of 2.36 percent received in the same period of last fiscal year. “This shows a growth of 2.36 percent or $56.91 million as com- pared to $2,406.78 million received dur- ing the same period of last fiscal year”, a statement issued by the State Bank of Pak- istan (SBP) said. The statement of the Central Bank said that the inflow of remittances in July and August in 2012 from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU countries amounted to $657.78 mil- lion, $505.80 million, $446.61 million, $334.06 million, $274.09 million and $63.57 million respectively as compared to the inflow of $601.62 million, $552.11 million, $458.45 million, $282.45 million, $250.76 million and $74.97 million re- spectively in July-August 2011. It further said that Remittances re- ceived from Norway, Switzerland, Aus- tralia, Canada, Japan and other countries during the first two months of current fis- cal year (July-August FY13) amounted to $181.78 million as against $186.42 million received in the first two months of last fis- cal year (July-August FY12). The monthly average remittances for July-August 2012 period comes out to $1,231.85 million as compared to $1,203.39 million during the correspon- ding period of the last fiscal year. An amount of $1,258.98 million was remitted by Overseas Pakistanis in August 2012 as against $1,310.47 mil- lion in the same month of the last fiscal year (August 2011). In August 2012, the inflow of remit- tances from Saudi Arabia, UAE, USA, UK, GCC countries (including Bahrain, Kuwait, Qatar and Oman), and EU coun- tries amounted to $308.12 million} $265.26 million, $231.31 million, $185,57 million, $133.73 million and $32.74 mil- lion respectively as compared with the in- flow of $309, 79 million, $294.46 million, $263.58 million, $163.90 million, $134.31 million and $42.38 million respectively in August, 2011. Remittances received from Norway, Switzerland, Australia, Canada, Japan and other countries during the second month of current fiscal year (August FY13) amounted to $102.25 million as against $102.05 million received in the second month of last fiscal year (Au- gust FY12). The continued growth in workers’ remittances is the result of the ef- forts made by Pakistan Remittance Initia- tive (PRl) in collaboration with other stakeholders to facilitate both Overseas Pakistanis and their families back home. PTCL going great guns Shows impressive growth, posting revenue of Rs 60 billion for FY 2011-12 ISLAMABAD Staff RepoRt Country’s leading integrated telecommuni- cation services provider, Pakistan Telecommunications Company Limited (PTCL), has posted net profit of Rs. 7.24 billion in FY 2011-12. The company also showed a steady growth of 9% in revenue. The annual accounts were announced at the company’s Board of Directors meeting. “The positive growth of PTCL’s revenue streams points to our dynamic corporate identity and strong customer base,” said PTCL CEO & President, Walid Irshaid, fol- lowing the company’s Board of Directors meeting. “Our dynamic corporate leader- ship and talented human capital has cas- caded into PTCL’s impressive financial strides and rising shareholder value”, said Mr. Irshaid. According to the PTCL BoD announce- ment, PTCL’s group revenue stood at Rs.110.8 billion during the period under review, showing a growth of 8% over 102.6 billion. The telecom giant has yet again proved that it is the leader of the telecom- munication sector of Pakistan by posting impressive profits despite a sluggish econ- omy. The company’s market share in the broadband, wireless and specialized tele- com solutions segments has increased in the current fiscal year through introduc- tion of state-of-the-art products and un- matched affordable services. PTCL achieved country’s first One Million Broadband customer’s mark in May 2012. PTCL’s capable workforce continued to bring laurels for the company by winning the prestigious international “ESRI Award” for innovation in GIS technology. PTCL is continuing its digital revolution, bringing underserved areas into the na- tional telecom loop by launching telecommunications services in Azad Kashmir making it the 18th Telecom re- gion of PTCL. “PTCL believes in bringing a unique cus- tomer experience by offering sophisticated products and improved service delivery” said Mr. Irshaid, while reflecting on the ex- traordinary achievements of PTCL. “We will continue our role of a socially respon- sible telecom leader by introducing ever more flexible and innovative telecommuni- cations solutions to the masses”, he said. PRO 13-09-2012_Layout 1 9/13/2012 1:02 AM Page 1
