21 March 2004 Sunday 29 Muharram 1425 Exim Bank upgrades Pakistan's rating WASHINGTON, March 20: Recent positive economic and political developments in Pakistan encouraged the US Export-Import Bank to upgrade the country's risk rating, said a statement issued in Washington on Saturday. ... EoIs for power proposals worth $5bn received KARACHI, March 20: The Private Power and Infrastructure Board (PPIB) has received expressions of interest (EoI) from 33 prospective investors for producing 5,800 megawatts of electricity in Pakistan under the Power Policy 2002. ... FAP asks money changers to get franchise: Exchange firms KARACHI, March 20: The Forex Association of Pakistan that loosely groups 300-400 money changers in Pakistan has reminded them that they now need to get franchise from a foreign exchange company if they want to legally operate after June 30, 2004. ... Minfal identifies eleven areas for investment ISLAMABAD, March 20: Ministry of Food, Agriculture and Livestock (Minfal) has identified various areas in agriculture sector for investment aiming to enhance economic growth and prosperity in the country. ... KSE may become part of Morgan Stanley index KARACHI, March 20: Arif Habib, the chairman, Karachi Stock Exchange said that the market capitalization at KSE, which had peaked to $23 billion, would make Pakistan equity markets eligible for inclusion in the prestigious emerging market index ... Work on steel billets plant begins in April KARACHI, March 20: The work on Steel Billets Plant, a joint venture of Al-Tuwairiqi Group of Industries from Saudi Arabia and Pak-Kuwait Investment Company (PKIC) and having an initial production capacity 1,000 tons, will start in the middle of April 2004. ... Pakistan to buy Indian rice for re-export KARACHI, March 20: Pakistani exporters will purchase 500,000 tons of Irri rice, if needed, to cater to the existing buyers of rice to earn additional foreign exchange of more than $125 million for the country. ... What will Safta mean to Pakistan? Tensions between Pakistan and India have kept the growth potential of the region hostage for long. Better sense prevailed and the political dice got loaded to promote peace. The Saarc nations signed Safta agreement in January 2004 in Islamabad. ... Shaukat sounds optimistic ISLAMABAD: Finance Minister Shaukat Aziz has expressed the hope that successful implementation of South Asia Free Trade Agreement (Safta) would help generate economic activity, which would ultimately benefit people of the region. ... SMEs under the shadow of Safta LAHORE: What will happen to our small and medium business sector once Safta is actually implemented? "Nothing. Some (efficient and cost-effective) would survive, others won't," came this apt reply from a leading economist. ... Interest governs the attitude KARACHI: There are mixed feelings on normalization of trade relations between Pakistan and India. There are businessmen and industrialists who want a quick normalization of business relations with India so that they could import machinery and equipment. ... India has an edge in agriculture MULTAN: In whose favour the balance of trade in agriculture sector will go when the Safta would be in place from January 1, 2006, is a difficult question to answer because all Saarc nations ... Mixed prospects for NWFP PESHAWAR: After having lost a considerable proportion of local markets to Indian and Chinese smuggled products, NWFP's trade and industrial circles foresee a mixed future of bright prospects and tough challenges at the hands of the South Asian Free Trade Area (Safta) agreement. ... Perils and promises of Safta KARACHI: This is just a concept. South Asian Free Trade Area or Safta for short. But it may become a reality if the South Asian nations are willing to come closer to each other-without compromising on their individual political sovereignty. ... A distant dream: Cross border listing KARACHI: Five years ago, it would have been insane to talk about cross border listing of stocks. Indian market was much too big and Sri Lankan, much too small. ... Textile industry sees competition with India only KARACHI: The South Asian Free Trade Area (Safta) agreement 'rings bells of hope as well as fear' depending upon the advantages and disadvantages each sector may accrue when it comes into effect from year 2006. ... Pakistan to prepare negative list ISLAMABAD: In order to protect the local industry from any adverse impact of the South Asian Free Trade Area (Safta) agreement, the government has decided to prepare a negative list ... Trade with India not a threat, says KCCI KARACHI: Trade with India is not a threat, but an opportunity, which should be effectively taped through support and cooperation of respective governments. ... Local market players divided KARACHI: The South Asian Free Trade Area (Safta) agreement is unlikely to make a big impact on the informal trade between Pakistan and India. But many market players in Jodia bazaar are divided. ... IT sector looking for collaboration KARACHI: The initiative to boost trade among South Asian Association of Regional Cooperation (Saarc) member countries through preferential and free trade pacts reached in January in Islamabad ... Balochistan for trade balance among states QUETTA: Business leaders of Balochistan are optimistic that the South Asian Free Trade Area (Safta) agreement will prove to be a breakthrough for the region's trade. ... Corporate sector opinion divided KARACHI: Opinions are divided as to the impact free intra-regional trade among Safta countries may have on a member country's economy, but leading corporate bosses agree that if the policy guidelines are followed Safta could benefit member nations in their respective fields of activity. ... EAC panel meeting put off MULTAN, March 20: A meeting of the sub-committee formed by the Experts Advisory Cell of the federal ministry of industries and production to propose tariff structure ... Ginners oppose hedge trading in cotton MULTAN, March 20: The Pakistan Cotton Ginners Association has opposed the idea of reopening of hedge trading in the cotton market, declaring it a recipe to disaster. ... Indian team in Lahore LAHORE, March 20: A delegation of over 70 Indian businessmen, industrialists and bankers arrived here on Saturday afternoon on a three day visit to Pakistan. ... Spinners, mills cover forward positions KARACHI, March 20: Firm conditions were witnessed on the cotton market on Saturday as spinners and mills continued to cover their forward positions at the prevailing prices. ...

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