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News from Pakistan (25-11-2002)

  • Industrialization provides the basis of economic development of any region in the modern era. According to latest statistics, there are 1,970 industrial units in NWFP, employing 57,290 workers with an investment of more than Rs.60 billion.

  • The meeting of the Pak-US Joint economic Forum concluded last week in Islamabad on a broad note that both sides will further strengthen their trade and economic relations.

  • The Central Board of Revenue has conveyed to the authorities engaged in defence purchases that the exemption of general sales tax would not be available for certain types of vehicles assembled or manufactured by the local industry for the armed forces.

  • After cut in lending rate by the central bank, equity market is set to attract genuine long-term investments as the returns offered by several companies are in double digit compared with other government securities at less than eight percent.

  • Share prices for the second consecutive week ending on November 23, 2002, scored gains where index recorded an increase of 3.3 percent after a month's deadlock as new government was formed ensuring continuity in economic reforms and heralding political stability.

  • The dollar some-how resisted further decline in its value versus the rupee in both the kerb and inter-bank market last week on the back of the State Bank of Pakistan's intentions to keep it at a certain level.

  • Dewan Salman Fibres, with financial assistance from International Finance Corporation to set up a specialty fibre project worth $ 15 million, is expected to start production from June next year.

  • The National Electric Power Regulatory Authority (NEPRA) has returned WAPDA's two part tariff petition, asking it that applications should be filed by the distribution companies.

  • Pakistan on Sunday strongly denied a report that it had helped North Korea develop its nuclear weapons programme, in return for missile technology that would strengthen its hands against India.

  • Prime Minister Mir Zafarullah Khan Jamali has assured that his government would continue the policies and reforms initiated by the government of Pakistan General Pervez Musharraf.
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