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Economy

Saudi Crown Prince’s visit to Pakistan: MoUs worth $10b expected!

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Saudi Crown Prince's visit to Pakistan: MoUs worth $10b expected!

ISLAMABAD: According to Haroon Sharif, Chairman BoI, during the upcoming visit of Saudi Prince Mohammed bin Salman here on 16-17 February the two countries will sign three major MoUs worth US$ 10 billion.   

According to details, MoUs will be signed in the fields of oil refining, liquefied natural gas (LNG) and mineral development. Prince Mohammed bin Salman who is paying his first two-day visit to Pakistan on the invitation of Prime Minister Imran Khan will be accompanied by a group of top 40 Saudi businessmen whose interaction with local entrepreneurs might result into sizeable contracts. 

It is pertinent to mention here that Prince Mohammad bin Salman will be visiting India on 19-20 February. India and Saudi Arabia are expected to sign mega deals in the energy and infrastructure sectors. 

Relevant: A photography exhibition highlighting the longstanding history of Pak-Saudi relations was held in Islamabad on Tuesday. Chairman Senate Sadiq Sanjrani inaugurated the exhibition whereas Saudi Arabia’s ambassador Nawaf bin Said Al-Malki to Pakistan and leader of the house in Senate Shibli Faraz were also present on the occasion. The exhibition highlighted different development projects by Saudi Arabia in Pakistan. Later talking to Saudi and Pakistani media, Chairman Senate Sadiq Sanjrani said it is the first time that Saudi Arabia is going to invest in Pakistan at such a huge level. Pak-Saudi relations are deep-rooted in the common faith and culture. Chairman said we will continue to work together for the benefit of Muslim Ummah. He also appreciated economic assistance extended by Saudi Arabia to Pakistan and said people of Pakistan are happy and optimistic on Saudi investment in Balochistan as it will create job opportunities. Speaking on the occasion, Saudi Ambassador said a number of MoUs will be signed during the upcoming visit of Saudi Crown Prince Muhammad bin Salman.

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Economy

12th 5-years plan envisages 5.4% growth 

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ISLAMABAD: Minister for Planning Development and Reform Makhdum Khusro Bakhtyar has said that the 12th Five Year Plan envisaged an average growth of GDP at 5.4 percent and the expected outlay of the Plan would be Rs 11.750 trillion including Rs 1 trillion involving innovative financing through a public-private partnership.
He said the plan extensively covered growth, macro stability, expand agriculture production, galvanize agro-business potential, industry and export competitiveness, human resource development, integrated energy planning, infrastructure development, social safety nets, poverty reduction, achieving SDGs and administrative reforms along-with focus on less developed areas, climate change and environment.
The Minister was chairing a briefing to Economic Advisory Council on draft 12th Five Year Plan here on Friday.
Advisor to PM on Commerce & Industry Abdul Razzak Dawood, members Economic Advisory Council, Secretary Planning Zafar Hasan, Secretary BISP Ali Raza Bhutta, Chief Economist Ejaz Wasti, Members Planning Commission and senior officials of all sections of the ministry were present during the briefing.
Makhdum Khusro said that it has been decided to conduct quarterly reviews of the plan at the Ministry and bi-annual reviews will be made by the Prime Minister for its effective implementation in achieving all the set targets.
He stated that priority will be given to projects related to infrastructure development, transport, housing, communication, energy, and water sector.
The Minister said that development strategy also entails boosting the country’s exports as well as envisages a mechanism to monitor the progress of ongoing projects.
He added that the Plan aims at improving the productivity of all sectors of the economy. He said that the Government was committed to ensuring timely completion of all ongoing projects without any cost escalation.
Makhdum Khusro appreciated the macroeconomic framework prepared by the Planning Commission.
Secretary Planning Zafar Hasan said that Plan document has been prepared through an extensive consultative process involving dialogue with stakeholders, formal consultation with the members of different working groups formulated for different sectors.
So far, more than thirty sessions have been held with stakeholders for preparing the draft of the next Plan. He apprised that after taking the inputs and suggestions from the members of the Economic Advisory Council, the Plan will be placed before the National Economic Council for consideration and approval.

 

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Business

BMW, Daimler to invest 1b euros

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BERLIN: German auto giants BMW and Daimler said Friday they would invest one billion euros ($1.1 billion) in combining and extending their carsharing schemes, in future offering a slew of joint “mobility services”, including for electric cars.
“We are pooling the strength and expertise of 14 successful brands and investing more than one billion euros to establish a new player in the fast-growing market for urban mobility,” Dieter Zetsche, chief executive of Mercedes-Benz maker Daimler said in a statement.

 

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Economy

Senate Standing Committee visits Wafaqi colony

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Govt. increases duties to cut imports

LAHORE: Senate Standing Committee on Housing and Works led by its chairman Mir Kabeer Ahmad Muhammad Shahi on Friday visited 60 newly constructed apartments in Wafaqi Colony.
Talking to media men on the occasion, Senator Mir Kabeer Ahmad said the Senate standing committee on housing and works was thoroughly briefed by the ministry of housing and works regarding its projects in Lahore. He said that out of 60 apartments, 16 had been handed over. The cost of one flat was Rs 68,00,000, he said adding that it was ‘reasonable price’ in view of the project location.
He informed that the Senate standing committee also met Punjab Governor  Chaudhry Muhammad Sarwar on Thursday and discussed matters with him. He said the Governor assured to extend all possible support to retrieve Housing and Works land from Board of Revenue. Later, they also visited Wafaqi colony, federal lodges and reviewed the facilities being provided there. Senate standing committee members including Senator Mirza Muhammad Afridi and others were also present.

 

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