July-Sept foreign investment falls 28.5pc

 News

 

July-Sept foreign investment falls 28.5pc

 

Updated at 1200 PST Friday, October 15, 2010

 

KARACHI: Net foreign investment in Pakistan fell 28.5 percent to $455.1 million in the first three months of the fiscal year 2010/11, compared with $636.1 million in the same period last year, the central bank said on Friday.

Out of the total foreign investment, foreign direct investment fell 9.5 percent in July and September to $387.4 million, from $427.9 million in the same period last year, the State Bank of Pakistan said.

One window operation in Sindh to facilitate investors

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah said here on Saturday that the Sindh Board of Investment (SBI) will facilitate investors through one-window in setting up industries to promote industrialisation.

The chief minister made this announcement at the conclusion of an investors’ conference organised by the Sindh Board of Investment at a local hotel on Saturday, says an official handout.

Malaysian firm willing to invest $500m in Pakistan

ISLAMABAD: Renexus, a renowned Malaysian company, is willing to invest around US$500 million in Pakistan for building water treatment plants on Build, Own and Operate (BOO) basis.

This was stated by John Klerr, Executive Chairman of Renexus during his meeting with Acting High Commissioner for Pakistan in Malaysia, Dr Imtiaz Ahmad Kazi in Kuala Lumpur today.

Renexus deals in water treatment plants, construction infrastructure development, information and communication technology, says a press release received here today from Malaysia.

Lotte Group plans to invest $40m in Pakistan

KARACHI: Lotte PA, the biggest producer of PTA (Purified Terephthalic Acid) in the country, plans to retire around 63 million dollars of foreign loans and invest 40 million dollars in Pakistan.

According to industry sources, the management reiterated its plan to invest S$40 million in a captive power plant for uninterrupted power supply and $5 million in a catalyst recovery plant for cost efficiency. This will help the company’s volatile margins to improve. The management endorses the news report that Lotte Group is considering acquiring confectionery business in Pakistan without giving much detail.

IMF Board to finalise 5th tranche on 31st

ISLAMABAD: The Executive Board of International Monetary Fund (IMF) will meet in Washington on March 31 for an in-depth review of Pakistan’s economy and finalise the fifth disbursement of $1.2 billion (SDR766.7 million) as part of its Stand-by Arrangement (SBA) for the country.
Informed sources said that the upcoming meeting of the Fund will be the fourth review of Pakistan’s recent economic performance and the outlook for remaining last quarter of the current fiscal year. The IMF board will have before it a report prepared by the IMF mission that held discussions with Pakistani authorities in Dubai last month.

IDC team to attract Italian investment to Pakistan

Saturday, January 09, 2010
KARACHI: Italian Development Council (IDC) is taking a delegation to Italy from January 15 to 25 to attract Italian investment in Pakistan.

This was disclosed by IDC President Tariq Ikram while talking to media along with BoI Chairman Saleem H Mandviwalla here on Friday. He termed it a groundbreaking event which would set the stage for a larger delegation of leading Pakistani businessmen to visit Italy later this year.

Dubai’s DP World to seek London share listing

Thursday, January 07, 2010
DUBAI: Port operator DP World, part of troubled group Dubai World, said on Wednesday it is to seek a London listing for its shares following disappointment with its market valuation in Dubai.

The company, whose shares currently trade on the Nasdaq Dubai market, could list on the LSE as soon as the second quarter of this year, it said in a statement on the bourse website.

North Korea bans foreign currencies

Friday, January 01, 2010
SEOUL: North Korea has banned the use of foreign currencies, another sign its hard-line communist government is intent on reasserting control over the country’s nascent market economy.

Reports say the decree warns of severe punishment for anyone using US dollars, euros, yuan and other non-North Korean currencies. Foreign currencies previously were accepted in some shops, restaurants and other outlets, particularly those catering to foreigners.

SBP extends waiver to facilitate exporters

KARACHI: The State Bank of Pakistan (SBP) has extended waiver for another 180 days for the purpose of availing financing under the Export Finance Scheme (EFS) to facilitate the exporters whose export proceeds are overdue.

According to an official Circular issued Saturday, the period of waiver has been extended up to June 30, 2010.
Earlier in July, the SBP extended the waiver till December 31, 2009.

EPZA aims to attract more foreign investment

Wednesday, December 23, 2009
By our correspondent

KARACHI: The Export Processing Zone Authority (EPZA) seeks long-term planning to bring diversity to the special economic zone for exporters in a bid to expand foreign investment.

Federal Minister for Industries and Production Mir Hazar Khan Bijarani visited the Karachi Export Processing Zone (KEPZ), here on Tuesday, where EPZA Chairman Aftab Memon and other senior officials briefed him on issues about functioning of the authority.

S. Korean group to invest in power sector

ISLAMABAD: The Lotte Group of South Korea, considered as eighth-largest conglomerate of Korea, has expressed interest in making investment in infrastructure, power and energy sector, as well as financial services, chemicals, electronic product and fast-food chains in Pakistan.

A 15-member delegation from the group, led by Min Han Kim, held talks with chairman, Board of Investment, and Minister of State Mohammad Saleem H Mandviwalla and other senior officials of the board in Islamabad on Wednesday.

Foreign investment declines by 25 per cent

KARACHI: Foreign investment has fallen since the beginning of the current fiscal year, and collective decline in the first five months was by 25 per cent over last year.

The State Bank reported on Wednesday that Foreign Direct Investment (FDI) could not improve and fell steeply by 52 per cent.