Pakistani, Iranian

entrepreneurs urged for JVs

LAHORE (Staff Reporter): Former senior vice president of the Lahore Chamber of Commerce & Industry Mian Nauman Kabir has urged the Pakistani businessmen to expedite the process of joint ventures with their Iranian counterparts as both the countries have huge potential to touch the staggering figure of $10 billion trade. While talking to a group of exporters here on Monday, Mian Nauman Kabir said that Pakistan and Iran have the potential to cater to each other’s needs provided the businessmen have the exposure to the available opportunities. He said that the business community in the two countries would have to increase interaction to share their experiences in the larger interests of the people of two brotherly nations.

Pakistan and Iran not only have common border but also share a glorious history. He said Pakistan and Iran have close cultural affiliations and both have remained steady trading partners as well but in recent years, the momentum of trade has been seriously affected.

Uzbek ambassador seeks

collaboration in agriculture sector

ISLAMABAD (INP): Ambassador of the Republic of Uzbekistan in Islamabad, Furkat A. Sidikov visited National Agricultural Research Centre (NARC) to seek bilateral collaboration in agricultural research and development between Pakistan and Uzbekistan. It was a follow-up visit in connection with Prime Minister of Pakistan Muhammad Nawaz Sharif’s visit to Uzbekistan during November 2015. Acting Chairman, Pakistan Agricultural Research Council (PARC) / Director General (NARC) Dr Muhammad Azeem Khan gave a detailed presentation about NARC’s mandate and its research institutes and their salient activities leading to modern technologies and knowledge for the uplift of agriculture sector in Pakistan.

In the presentation session Deputy Director Generals Dr Tariq Mehmood & Dr. Tariq Hassan along with Senior Directors & Directors Dr. Khalid Mahmood Qureshi, Dr. Fateh Ullah Khan, Dr. Khalid Farooq, Dr. Pervaiz Khaliq, and Muhammad Fiaz Joyia have shared their views for developing bilateral collaboration in agriculture sector between Pakistan and Uzbekistan.

The Ambassador took keen interest in the agricultural machinery, plant genetic resources, horticultural and other inventions of NARC. He reflected his full commitment to extend the cooperation by Uzbekistan in the field of agricultural machinery, cotton, fruits, germplasm exchange, agricultural product development, water saving technologies, development of saline & waterlogged area, animal sciences / husbandry and other allied area of agriculture.

Dr. M. Azeem Khan offered the collaborative interventions from Pakistan on tropical fruits, cleaning the Uzbek Poultry Industry from Avian Influenza, and exchange of plant genetic resources. He appreciated the efforts of Uzbek Embassy to Pakistan for strong follow-up of Prime Minister of Pakistan visit to Uzbekistan. He further added that PARC’s Chairman, Dr. Nadeem Amjad has total vision and dynamic approach to translate the collaboration between two countries into reality.

OGDCL’s efforts yielding results

ISLAMABAD (APP): The public sector company-OGDCL is effectively contributing to overcome the country’s growing energy needs, spudding four wells during period from July to September 30. According to an official source, the four wells include two exploratory or appraisal wells namely Bachani-1 and Bitrism West-1 and two development wells-Qadirpur-55 and Buzdar North-2. Drilling and testing of 13 wells spud in the previous fiscal year also continued during the reporting period, the source remarked. OGDCL was carrying out a comprehensive study through an international consultant to evaluate shale gas, oil and tight gas/oil potential in its operated blocks in order to exploit unconventional oil and gas resources in the country, the source added.

In this regard, first phase of the study has been completed while the second phase of the study was currently underway. The source said the company’s exploratory efforts to discover new hydrocarbon reserves yielded two new oil and gas discovery at Chak Naurang South-1 well in district Chakwal, Punjab province and Aradin-1 well in district Khairpur, Sindh province.

Hijazi chairs first meeting of the consultative group on insurance

ISLAMABAD (APP): Securities and Exchange Commission of Pakistan (SECP) Chairman Zafar Hijazi on Monday solicited a comprehensive road map for development of a financially sound and robust insurance industry to play its legitimate role in the economic uplift of the country. The SECP was ready to offer its whole-hearted support for the purpose, he said while addressing the First Meeting of the Consultative Group on Insurance (CGI), according to an SECP statement issued here. “I have so far been largely concentrating my efforts on the development of the Capital Market of Pakistan but shall henceforth focus my attention on the development of Insurance Sector,” he remarked.

Zafar Hijazi said the SECP had developed a way forward for the development of MICRO-INSURANCE in Pakistan which included prescribing a lower level of capital for dedicated micro insurance companies, requiring minimum quota for micro insurance business applicable to all insures and allowing a tie-up between life and non-life insurers to offer comprehensive micro insurance product.

He also emphasized upon the need for maximum local retention of premium in facultative business so as to discourage out flow of valuable foreign exchange. For the same purpose, the reinsurance brokers required to be registered in Pakistan, he added.

Govt releases over Rs242b for development projects

ISLAMABAD (APP): The government has released over Rs 242.215 billion for different social sector developmental projects under Public Sector Development Programme (PSDP) 2015-16 as against the total allocation of Rs 700 billion. According to latest data released by the Planning Commission of Pakistan, government has released Rs 29.316 billion for infrastructure and development projects under National Highway Authority (NHA) as compared to the total allocation of Rs 159 billion for FY 2015-16. Under PSDP Rs 53.637 billion has been released for WAPDA and other power sector projects as against the total allocation of Rs 112.288 billion for current fiscal year to overcome the shortage of energy in the country.

Meanwhile, a sum of Rs 18.692 billion for Higher Education Commission as compared to the total allocation of Rs 31.100 billion for the year 2015-16.