Helping Hand..

Pakistan is a potential market for entrepreneurs as many US-based companies are already doing good business in the country. PHOTO: FILE

FAISALABAD: The United States Consulate head of economic section assured Pakistani businessmen that Pakistan was an important country in the region, and the US wanted to further deepen economic ties and expand trade and investment.

While addressing businessmen at the Pakistan Textile Exporters Association (PTEA) on Tuesday, US Consulate Lahore Head of Economic Section Doreen P Bailey said that the US believed that strong business relations were vital to lay the foundation for long-term sustainable relations between the two countries.

The US wants to help Pakistan in the energy sector and entrepreneurship development as progress in these areas will put the country on the path to better economic growth, Bailey said. Pakistan is a potential market for entrepreneurs as many US-based companies are already doing good business in the country. However, she stressed that the Pakistani private sector should push for further regulatory reforms that were needed to foster greater trade and investment opportunities.

Bailey was optimistic that the resumption of Pakistan and US strategic dialogue would pave way for faster, deeper, broader and more comprehensive partnership between the two countries.

She admitted that there existed a vast potential for Pakistan to become a developed economy, but it was only suffering due to lack of technology. The US was keen and taking all possible measures to remove the hurdles in the way of expanded bilateral economic relationship, she added.

There was a need to make all out efforts to highlight Pakistan’s potential so that foreign investors could invest in sectors of their choice.

Sheikh Ilyas Mehmood, chairman of the PTEA, lauded US efforts for cooperating with Pakistan in the energy sector. Pakistan’s exports to the US, which range from $3.7 billion to $4 billion, can be enhanced to $6 billion, but it would require greater access to the US and transfer of technology, he added.

Mehmood also asked the US policymakers to give attention to the free trade agreement with Pakistan.

Govt changed bt policies still same..

ISLAMABAD: 

The Planning Commission (PC) is considering engaging the global management consulting firm ‘McKinsey & Company’ – a company that has in the past failed to produce a quality report on Pakistan despite charging $5 million − to prepare Vision 2025 for the country.

The PC’s desire to involve McKinsey in preparation of a policy document that it believes will set the priorities of a nation of 180 million people for next 12 years, has raised questions of aligning such policy prescription with ground realities.

Mckinsey had been engaged by the previous government, and paid $5million by the Asian Development Bank on behalf of Pakistan, a huge sum for just one report of questionable quality.

“The McKinsey’s report was fancy but a terrible one in terms of content”, said former deputy chairman Planning Commission Dr Nadeem ul Haque. Haque said he had contacted the McKinsey’s partners thrice and asked them to defend their work, but no one turned up. On one occasion, he said, one of the McKinsey partners admitted the poor quality of the work and promised to revisit the report.

Dr Haque said his predecessor Salman Faruqi had sanctioned $5 million payment to McKinsey.

The timing of giving McKinsey a stake in the new ‘visionary’ document coincides with a three-year International Monetary Fund’s (IMF) programme that has already set policy directions at least for the programme period. The ministry of finance is in the driving seat at the moment and has kept the planning ministry out of the loop. It did not engage the planning ministry when it was finalising the IMF programme that carries far reaching adverse implications on economic growth.

In a conference organised by the PC recently, Salman Ahmad, a partner at McKinsey had claimed that the previous government had shelved his company’s work.

When contacted, Asif Sheikh, the spokesman for the PC, said the government has not yet decided to formally engage the McKinsey.

Federal Minister for Planning, Development and Reforms, Ahsan Iqbal, was keen on preparing a new vision for the country aimed at stabilising economy and ensuring sustainable inclusive growth. However, the biggest obstacle for the commission, according to the minister, was the PC’s capacity constraint.

He has promised to develop the vision by the end of this year but so far the blueprint of the vision is not ready. Sources close to the minister said that Iqbal was upset about the slow pace of work and wanted to hire consultants from the private sector to complete the exercise.

Despite McKinsey’s poor work, Iqbal wanted to engage the firm to overcome capacity constraints, a strategy that is not received well in the PC, according to sources. While acknowledging capacity constraints, PC officials said that the continued indifference of the policymakers towards strengthening the PC led to demise in the working of the Commission.

They said that instead of doling out millions of dollars to these international consultants the government should focus on the Commission or else it should be closed down. The previous government turned the Commission into a project processing unit while compromising on its policy role.

Ahsan Iqbal was not available for comment.

In a similar case, the PC has also engaged Dr Khalid Ikram as a consultant on Vision 2025. Dr Ikram was also involved in the preparation of the Framework for Economic Growth (FEG), prepared by the previous government.

Asif Sheikh said that the PC had requested the ADB to provide assistance in preparation of the Vision 2025 and Dr Khalid Ikram was selected by the ADB. “We have accepted the ADB’s choice”, he added.

SC grant Bail..

ISLAMABAD: The Supreme Court granted former president Pervez Musharraf bail in the murder case of Baloch chieftain, Nawab Akbar Khan Bugti, Express News reported on Wednesday.

His bail was set at two surety bonds worth one million rupees each.

On September 27, the SC had refused to grant bail to Musharraf in this case.

Akbar Bugti was killed in 2006 in a military operation in Balochistan and a case was registered later in 2009 against Musharraf.

The Balochistan High Court (BHC) had turned down the former army chief’s bail plea in the Bugti murder case after which the case was brought to the Supreme Court.

Nawab Akbar Bugti was a veteran Baloch nationalist leader and former chief minister of Balochistan. Musharraf was president and army chief in 2006 when Bugti was killed during an army operation.

IS Michu Is Worth Of 35 Million Euros?

The 27-year-old attacker received his first call-up to the Spain squad after an injury to David Villa, as he continues to excel following last year's arrival in Wales

Swansea chairman Huw Jenkins has backed manager Michael Laudrup's assertion that Spanish attackerMichu is worth at least €35 million.

The Danish boss insisted the former Rayo Vallecano forward, who recently received a debut call-up to Vicente del Bosque's Spanish national team squad, would cost an astronomical sum last December.

And Jenkins has reiterated that valuation, believing that both the current market - which saw Gareth Bale make a world-record move to Real Madrid - and Michu's la Roja call-up only enhance his value.

"We've seen with Tottenham and Gareth Bale that every player has a price. We are not in that bracket with Tottenham but they sold a top player. We are realistic about that side of things," Jenkins told the Daily Mail.

"I would say Michael was about right with his valuation of Michu if you look at the current market, but this call-up enhances that further. We know we have a very talented player and naturally we want to keep him."

Jenkins is delighted Michu has received a well-deserved call-up to the Spain squad, replacing the injured David Villa, and believes it strengthens Swansea's growing reputation.

"As a club we are delighted he has got the call-up for Spain," he continued. "It is fantastic that he has been included in the Spanish squad because of his performances with Swansea in the Premier League.

"It is a massive compliment and achievement for Michu and Swansea City that he has been called up by the current European and world champions. It is not an easy squad to break into, but his commitment, work-rate and level of performance since he joined us has been first class.

"He enjoyed a successful first year with us and he has continued his form into this season, which is great to see. We are looking forward to seeing him continue his success here at Swansea in the Premier League and hopefully with Spain at international level."

Cases against Zardari can't be reopened: Swiss authorities

Former president Asif Ali Zardari. PHOTO: REUTERS

ISLAMABAD: The Swiss authorities, who were contacted by the Pakistan Muslim League-Nawaz (PML-N) government to reopen the pending graft cases against former president Asif Ali Zardari, said on Tuesday that the time limit to do so has passed, Express News reported.

“The cases are time-barred,” said Express News correspondent Muhammad Bilal, adding that Switzerland has their own policies and rules in place for such requests.

In April 2010, Swiss attorney general Daniel Zappelli had stated that since Zardari as President enjoyed immunity under international law, Swiss courts could not entertain any request to reopen the cases against him.

In their latest response, the Swiss authorities reiterated that the time to re-open graft cases worth $60 million against Zardari had passed.

“Secretary Law Ministry oversaw the entire procedure and the communication process. The Swiss authorities have now written back stating the cases can’t reopened,” said Bilal.

Prime Minister Nawaz Sharif is expected to be notified of the response and will constitute the next course of action after consulting with his legal team.

Tapi project finally got Finanacers?

Pakistan could not attend the meeting because of growing tensions with New Delhi over firing incidents on the borders. DESIGN: FAIZAN DAWOOD

ISLAMABAD: 

US energy giant Chevron has emerged as a potential leader in a consortium that will finance and run the transnational Turkmenistan-Afghanistan-Pakistan and India (TAPI) pipeline.

According to sources, the four countries linked with the TAPI project are in the process of setting up a consortium and selecting a technically capable and financially sound company as consortium leader, which will design, finance, construct, own and operate the gas pipeline.

Chevron, a renowned oil and gas company with vast experience in the energy sector including gas pipelines, is one of the potential consortium leaders for the project, they say.

Indian and Afghan officials also met a representative of Chevron in Delhi to discuss the company’s potential role in the project as a consortium leader. However, Pakistan could not attend the meeting because of growing tensions with New Delhi over firing incidents on the borders.

Still Pakistan is keen to see Chevron undertake work on the pipeline and sources stress there is a strong possibility that the US energy giant will be selected as consortium leader to finance, design and build the pipeline.

On its part, Chevron has sought exploration rights in Turkmenistan as well as contracts in response to financing and running the project. However, Turkmenistan has offered exploration rights for offshore fields and asked Chevron to swap gas found in these fields for onshore ones and export it to Afghanistan, Pakistan and India under the TAPI project.

The offer comes as Turkmenistan does not allow foreign companies to search for hydrocarbons on onshore fields.

“The Turkmen government invites US and European oil and gas companies to drill offshore wells and the gas extracted may be swapped for gas extracted from onshore wells for export to Afghanistan, Pakistan and India under the TAPI gas pipeline project,” a source familiar with the development told The Express Tribune.

Efforts to construct the TAPI pipeline have been stepped up as the US is pushing Pakistan to press on with the project and shelve the Iran-Pakistan (IP) pipeline due to a standoff with Tehran.

However, the new government of Pakistan Muslim League-Nawaz (PML-N) has fended off the pressure and assured Iran that work on the IP pipeline will go on according to schedule.

Under the TAPI project, Pakistan will get 1.365 billion cubic feet of gas per day (bcfd) from Turkmenistan, India will also receive the same 1.365 bcfd and Afghanistan will get 0.5 bcfd.

Turkmenistan will export natural gas through a 1,800km pipeline that will reach India after passing through Afghanistan and Pakistan.

Pakistan and India have already signed gas sale and purchase agreements and efforts are under way to attract potential investors for financing the project.

New Investment Opportunity.. Good news for Us

This partnership will succeed in creating at least 100,000 new jobs in the next five years in Pakistan. DESIGN: CREATIVE COMMON

KARACHI: Texpo and Cannon Technologies– two tech companies with combined experience of 50 years – have announced an investment of $25 million in Pakistan over the next five years.

Revealing the investment plans on Monday at a local hotel, representatives of the two companies said that this investment will bring major changes in the information technology (IT) sector of Pakistan, as over 25% of this money will be invested on the training of quality human resources.

Chief Executive Texpo, Dr Sarfaraz Alam, while talking to The Express Tribune said that the two partner companies are confident that their investment will not only give them good returns but also make a very good impact on the IT sector of the country.

Texpo has an experience of over 15 years with its head office based in the United Arab Emirates. Cannon Technologies is based in the United Kingdom and has been in the IT industry for the last 35 years.

Alam said that he believes this investment will return at least $5 million a year. “If we get the atmosphere we have planned for, our return may be much more than this because of the huge potential of the IT sector in the country, he added.

According to Alam, this partnership will succeed in creating at least 100,000 new jobs in the next five years in Pakistan. New employees Texpo and Cannon Technologies will be trained for not only local but also for the global job market.

Managing Director Cannon Technologies, Matthew Goulding, said, “This will be a fantastic way for us to meet with people involved in some of the most exciting IT projects in Pakistan and the Middle East, and it gives us an excellent opportunity to join with Texpo in promoting our industry leading T4 Data Centre Solutions range,”

The two representatives of the companies said that Pakistan is fast becoming the destination of choice for a international companies.