Naveed , Liepach vow to keep TAPI momentum going

Federal Minister of Petroleum and Natural Resources Syed Naveed Qamar while recognizing Asian Development Bank (ADB)’s role in keeping the TAPI gas pipeline project on track has assured that Pakistan would make all efforts for the expeditious completion of the project to meet growing energy needs of the country.

Syed Naveed Qamar was talking to Mr. Werner E. Liepach (Deputy Director General-Central and West Asia Department) ADB who called on him here today and discussed the status and progress of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project.

Both the parties discussed the advancement made in the (TAPI) gas pipeline project.They also expressed hope that all open issues including gas pricing would be resolved soon and the project would gain momentum.

ADB, while recognizing the strategic importance, affirmed continued support for the project and expressed contentment with the way the project was advancing. Liepach appreciated the political support the project was getting from the governments of the member countries saying all the countries were “quite keen” on going ahead with this project. Liepach apprised the Minister of ADB s willingness to provide institutional as well as financial assistance.

Asian Development Bank (ADB) is acting as the lead developer and coordinator for the project. The TAPI gas pipeline project aims to bring natural gas from the Dauletabad and adjacent gas fields in Turkmenistan to Afghanistan, Pakistan and India.

Pak-China trade surges upto $8.7 B

In the past one year – 2010 – Pakistan-China bilateral trade has registered an overall growth of 28% and has reached the US$ 8.7 billion mark. In 2009, Pakistan-China trade was US $6.7 billion, says a press release received from the Embassy of Pakistan Beijing, here today.

Masood Khan, Pakistan’s Ambassador to China, welcomed the swift increase in the volume of bilateral trade.

The most remarkable growth has been in Pakistan’s exports which increased last year by 37.44%; while imports from China also grew by 25%.

The Pakistani Ambassador attributed the growth in Pakistani exports to the enhanced market of cotton yarn and mineral products in China. “The trend seems to be pretty stable,” he said.

“Despite the encouraging growth pattern, we would not sit on our laurels. There is a long way to go as we have to achieve the US $15 billion mark and move beyond it in the near future”, Masood Khan said.

Pakistan and China have resolved to increase their trade to US$ 15 billion in the shortest possible time. The recent trend of growth in Pakistan-China bilateral trade has put the two countries on a fast track to achieve this target.

In 2010, the biggest spurt in Pakistani exports to China has been in cotton yarn, home textiles, garments, ores and mineral products, copper and copper scrap, leather goods, fish products, electrical goods, and medical and surgical instruments.

The second meeting of Pakistan-China Free Trade Commission (FTC) was held in November 2010 to give a fresh stimulus to Pakistan-China trade and to promote Chinese investment to Pakistan. During Prime Minister Wen Jiabao’s visit to Pakistan in December 2010, the two sides decided to launch in the first quarter of 2011 the second phase negotiations of Pak-China FTAs to enhance trade liberalization and to promote economic and trade growth of the two countries.

Pakistan has requested China for unilateral tariff concessions for 268 of its product lines. If these concessions materialize, Pakistani exports to China will increase even more rapidly.

Pakistan exports to China, cotton yarn and fabrics, synthetic yarn and fabrics, garments, home textiles, chromium and other ores, fish and fish products, vegetable and animal products, marble, granite and stone products, medical instruments, sports goods, carpets etc.

From China, Pakistan imports, polyester and silk fabrics, polyester staple fabrics, fertilizers, tyres, mobile communication equipment, gas turbines, motorcycle parts, combustion piston engines, electrical appliances, iron and steel products, and various other forms of machinery.

Premier Wen Jiabao and Prime Minister Gilani in December 2010 had agreed to take a series of measures to improve the balance of trade in Pakistan’s favour by encouraging frequent visits of Chinese purchase missions to Pakistan, Pakistani traders’ and trade associations’ participation in major Chinese Trade Fairs and Expos. The two sides have also decided to hold seminars and to enhance visa facilitation.

Pakistan has also proposed to China for the development of an efficient Electronic Data Interchange (EDI) to realize the full potential of the FTAs.

Acting CEO of PSM suspended

An emergency meeting of the Board of Directors (BOD) of Pakistan Steel Mills Corporation was held on Friday. The BOD has suspended the services of Mr. Imtiaz A, K, Lodhi as acting Chief Executive Officer (CEO) and CFO of the Pakistan Steel Mills Corporation with immediate effect.

As an interim arrangement, the BOD has placed Mr. Wasif Mehmood, Principal Executive Officer as the Acting CEO in addition to his present assignment. The BOD has requested this Ministry (MoIP) to immediately nominate a full time CEO for Pakistan Steel so that BOD may confirm his appointment in its next meeting scheduled on 4th February, 2011. The BOD in its meeting requested the MoIP to take up the matter with the Interior Division for placing the name of Mr. Imtiaz A.K.Lodhi on ECL.

It is pertinent to mention here that the Ministry of Industries and Production has already sent a summary to Ministry of Finance about 6 months ago for the appointment of a full time CEO for Pakistan Steel. So the summary for the appointment of a full time CEO for Pakistan Steel is lying pending with Ministry of Finance. Further, in compliance of the instructions of PAC, this Ministry has already written a letter on 22-01-2011 to Ministry of Interior to put the name of Mr. Imtiaz A.K. Lodhi on ECL and not to review/extend the validity of his Passport and CNIC.