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Government
of Pakistan Board of Investment
(Public Affairs Wing)
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News
from Pakistan (2-1-2003)
- The
State Bank of Pakistan authorized the commercial banks
to set up subsidiaries for Islamic banking and announced
certain critical measures for the promotion of Islamic
banking in the country.
- The
Securities and Exchange Commission of Pakistan directed
12 insurance companies to cease their underwriting
insurance business forthwith as they failed to increase
their paid-up capital to a minimum of Rs 50 million.
- Profit
on the National Saving schemes reduced by 2 percent.
- The
New Jubilee Insurance Company has acquired the general
insurance business of Commercial Union in Pakistan,
effective from January 1, 2003.
- Pakistan
Steel announced expansion plan as the demand of steel
products has increased after a decade-long stagnation.
- Shell
Pakistan Ltd will sell fuel oil at a cheaper rate than
Pakistan State Oil Ltd for two weeks.
- Chairman
of Modaraba Association of Pakistan said that during
presentation in Sharjah OIC member countries were invited
to explore investment opportunities in Pakistan, and
offered support in financing and investments.
- Adviser
to the Prime Minister on Finance and Economic Affairs
said that the housing sector represents one of the
attractive growth opportunities for economy and is
one of the critical drivers of growth in the construction
industry.
- The
Federal Minister for Food, Agriculture and Livestock
said that interest rate on agriculture loans will be
cut to the minimum, while government will also consider
a proposal to issue agricultural credit cards to facilitate
the farmers.
- Pakistan
and Austria are willing to enhance mutual trade relations
and would take necessary steps in this regard.
(Iqbal
Ahmad Khan)
Director (PA/IF)
2-1-2003
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