Uganda wants to enhance trade relations with Pakistan

ISLAMABAD (INP): Pakistan and Uganda enjoyed historic political relations, which should be transformed into growing trade and economic relations as bilateral trade between the two countries was far less than the available potential, observed Dr Asuman Kiyingi, Minister of State for Foreign Affairs and In-charge of Regional Cooperation of the Republic of Uganda while addressing business community at ICCI. The Minister was accompanied by Dr Mohammad Ahmed Kissule, Ambassador of Uganda accredited to Pakistan, Dennis Tumukunde Personal Assistant to the Minister, Mawanika Brian Phenox Second Secretary Embassy of Uganda in Iran and K.K. Ahsan Wagan Director (Africa), Ministry of Foreign Affairs of Pakistan.

He said Uganda was an agricultural country with 90 percent arable land and both countries could share experiences & expertise in irrigation, mechanised farming and value addition of agro products to achieve mutually beneficial results. He said Uganda offered best investment opportunities with easy access to big market of 200 million people of East African community and Pakistani investors should explore Uganda for investment and joint ventures in areas including energy, food processing,

TWEPL gets LoI for 30MW wind power project in Jhimpir

ISLAMABAD(INP): Tapal Wind Energy (Pvt) Limited (TWEPL) has secured Letter of Intent (LOI) from AEDB for the development of 30MW wind power project in Jhimpir, district Thatta, Sindh.  TWEPL has completed the project feasibility study and received the generation licence and tariff from Nepra under upfront tariff regime. TWEPL has finalised the Energy Purchase Agreement (EPA) with Central Power Purchasing Agency (CPPA). The Implementation Agreement (IA), to be signed between AEDB and TWEPL has also been finalised. The IA document is ready for the signing with TWEPL. The project is expected to achieve Financial Close by 31 March, 2015 and Commercial Operation by September 2016.

The estimated project cost of 30MW TWEPL project is $80 million The required debt of the project is financed by a Consortium of local banks.  The company has been allocated an area of 197.34 acres and the turbnes will be purchased from Gold Wind China.  

SECP strengthens enforcement,

adjudication, litigation functions

ISLAMABAD (Staff Reporter): The Securities and Exchange Commission of Pakistan (SECP), for greater transparency and efficiency, has implemented new manuals for its enforcement, adjudication and litigation functions. The new manuals for offsite surveillance and monitoring, inspection, enquiry and investigation adjudication and litigation have been made effective from March 1, 2015. The SECP in 2012 initiated the task for development of new working manuals to strengthen its working. The Chairman SECP, Zafar Hijazi is of the view that standardisation of this function across the board is important first step towards improving the standards of all internal processes and procedures.

As per previous practices, SECP functions of inspection, investigation and adjudication were performed by the same employees in the Department.  Through implementation of these Manuals, the inspection and investigation functions have been separated from adjudication.  This would enable to minimise biases, if any, in these functions.

In these manuals, the inspection and investigation functions would be made more effective, eliminate duplication of effort and introduce checks and balances. The SECP officers who will perform these functions would be formally trained as financial investigators, as is the norm in many developed international jurisdictions.

Pak rice has good potential in int’l markets: Reap

KARACHI (Staff Reporter): Rice Exporters Association of Pakistan (REAP) Chairman Rafique Suleman said that there is a good potential of Pakistani rice in international markets and with the help of Expo Pakistan 2015, we had a good opportunity to introduce Pakistani rice to foreign delegates and soon get very positive results of this event. While speaking to the reception given by REAP to the foreign delegations of Kenya, Indonesia and Malaysia and Kuwait Rafique Suleman added that Pakistani rice is not included in the PTA between Pakistan and Indonesia, he hopes that after inclusion of Pakistani rice, it can play a pivotal role to increase the bilateral trade.

Regarding trade with Kenya, he commented that main items of trade are rice and tea. He recommended to add few more products, so that bilateral trade between Pakistan and Kenya will cross $ 516 million.

Abdul Rahim Janoo, Senior Vice Presient, FPCCI expressed that Pakistan enjoys very friendly relationship with GCC countries and Pakistan is importing huge quantity of oil products. He added that after the successful event of Expo Pakistan, first time a huge number of foreign delegations attended the event which shows the confidence of foreign investors on Government of Pakistan and local business community is also satisfied with the steps of government towards the improvement of trade and business in Pakistan.

On the occasion, Rafiuzzaman Siddiqi, High Commissioner of Pakistan to Kenya, Hadi Santoso, Consul General of Indonesia in Karachi, Hanif Janoo, Honarary Consul of Kenya in Karachi, Abdul Rahim Janoo, Senior Vice President, FPCCI, Maria Kazi, Commercial Secretary of Pakistan Embassy in Indonesia, Wajihullah Kundi, Commercial Secretary of Pakistan in Malaysia and others were also present.

PHDA’s int’l halal conference

LAHORE (Staff Reporter): Punjab Halal Development Agency (PHDA) is conducting two-day 4th International Halal Conference and Exhibition on March 10 and 11 in Lahore with objectives to showcase the livestock and allied industries potential of Pakistan among international community visiting the country for this event. Justice Khalil-ur-Rehman Khan, PHDA Chairman, while addressing a press conference at Lahore Press Club on Tuesday, said that Pakistan was a natural hub of Halal trade as more than 97 per cent of the country’s population was Muslim and they produced and consumed Halal products. PHDA is educating the stakeholders about potential of Halal business available in Pakistan, he said, adding the country could play a vital role in the promotion of Halal industry.

On the occasion, he raised the question about quality and brand management of Pakistani products and said that they were not up to required international standards. He expressed that Pakistan has all required resources to be the Halal product’s center in the world but to tap the lion’s share; we need to develop international standards products. He said that PHDA conducted the annual Halal event to boost-up Halal trade volume of Pakistan on every year. He also discussed about upcoming Event and said that this year in collaboration with USAID- Punjab Enabling Environment Project (PEEP), PHDA had planned the event.