ISLAMABAD, Mar 14 (APP):Special Assistant to Prime Minister on Revenue Senator Haroon Akhtar Khan on Wednesday said the government was willing to review and adjust high taxation rates in case they were found to be stymieing growth of any sector or industry.
“The government is not in favour of counter-productive taxation as our prime objective is to promote growth and help businesses flourish and contribute more revenue to the national exchequer,” he said while talking to a delegation of the American Business Council of Pakistan which met him here.
Haroon Akhtar told the delegation that the government valued the contribution made by multinationals to growth of revenue and economy and the downward revision of corporate tax rates from the previous 35 to the current 30 per cent was indicative of the government desire to further facilitate the corporate sector.
“We are reviewing proposals and recommendations to further facilitate this sector in the upcoming budget which would be pro-investment and pro-businessman in nature,” he added.
Earlier, Kamran Nishat, president of the American Business Council of Pakistan, said the investment environment had considerably improved in Pakistan as indicated by recent perception surveys, indicating marked improvement in law and order and ease of doing business.
He also shared with the Minister a set of proposals and recommendations for further boosting economic and revenue growth.
Govt not in favour of counter-productive taxation, says Haroon
CPEC is not against any country but for peace and prosperity: Sartaj Aziz
ISLAMABAD, Mar 14 (APP):Deputy Chairman Planning commission, Sartaj Aziz on Wednesday said that China Pakistan Economic Corridor (CPEC) is vital for the whole region and is not against any country but for the peace and prosperity of all nations around the globe.
He was addressing the session on CPEC during second day of Pakistan Capital investment summit and Expo 2018 held here.
Sartaj Aziz said that CPEC is not just about roads and infrastructure but it is all about people to people connectivity for the brighter future of the world.
“CPEC will transform our country into an economic power that all the Pakistanis wanted,” he added.
While commenting on the economic growth, he said that Pakistan remained stuck at merely 3 per cent growth rate from 2006 onwards for almost 7, 8 years but during last 4 years of current government economic growth witnessed by all and government is eying to achieve 6 per cent growth in current year.
He said that Chinese President Xi’s idea of one belt one road is just a concept to building roads , it connects policies, public and intellectuals.
He said that Pakistan is proud that CPEC is flagship project of OBOR and Pakistan’s CPEC is far ahead of other countries in terms of progress regarding OBOR project.
He mentioned that exports have expanded and China has become the highest export partner for Pakistan. Sartaj Aziz further stated that in the next phase of CPEC implementation, railway infrastructure will be built at greater level. He assured that Pakistan will become a powerful economy by 2030.
During the session, Director General FWO, Lt. Gen. Muhammad Afzal said that Pakistan is not just a bridge between China and sea but realistically Pakistan is to connect the whole world. He stated that all the law enforcement agencies are well geared up to face any challenge in implementing the CPEC.
He said there is no security threat to CPEC. He also offered his fullest support if any investor want to visit Baluchistan for investment.
He mentioned that there are number of opportunities of investment in different sectors like mining, real estate etc.
In other sessions of the summit, outlook and investment potential of energy sector, Creation of value through technology and FDI and challenges, potential and future of wealth management in banking sector were discussed. Key industry leaders and dignitaries from government institutions were among the panelists.
Chief Executive Officer, IGNITE Yusuf Hussain elaborating on the IT industry in Pakistan said that this industry is growing rapidly and today it is worth $3.5 billion and is expected to double in next three years.
The leaders in IT industry were of the view that IT industry has the potential to grow and create a big base for employment generation.
Existing transmission network being upgraded: Awais
ISLAMABAD, Mar 14 (APP):Minister for Power Division Sardar Awais Ahmed Khan Leghari Wednesday said the government was working on upgrading the existing transmission network to make it more reliable and efficient and National Transmission and Dispatch Company (NTDC) has been asked to take the necessary measures.
Chairing 115th meeting of the Private Power and Infrastructure Board (PPIB) here the minister said the government realized the importance of transmission lines in complimenting the upcoming power generation projects.
Current transmission network needed to be strengthened and made reliable to support government aim of achieving sustainability in the system, he said.
At the same time private sector was also being encouraged to contribute in network expansion, he said.
The minister said as a result so far, Pakistan’s first ever HVDC Transmission Line project had already been initiated in the private sector under China-Pakistan Economic Corridor (CPEC) while several other projects were being planned to launch through international competitive bidding, said a press release.
Managing Director PPIB Shah Jahan Mirza briefed the Board on various projects being implemented by PPIB under the CPEC.
In today’s meeting, the Board approved extension in Financial Close deadline of +660 KV HVDC Matiari-Lahore Transmission Line being processed under the CPEC.
The Board also allowed extension in Financial Close deadlines of Thar coal based power projects being processed under CPEC which include 330 MW Project by Thar Energy Limited and 330 MW Project by Thal Nova Thar Pvt. Ltd.
The minister said that the current government believed in the policy of facilitating investors, and extending full support to them for processing and timely completion of their projects.
Shah Jahan Mirza while briefing the Board on the performance of PPIB stated that extensive efforts were being made to cultivate Thar coal and hydro potential for power generation.
Mirza said that PPIB was successfully meeting the challenging and ambitious timelines of the current government for addition of huge quantum of power generation capacity in the national grid. Within a period of less than one year, two projects of 1467 MW have started commercial operations while another four projects of 5000 MW cumulative power capacity have achieved partial commissioning as well, he added.
The minister remarked that sustainability in power system was a must to do task of the government next to balancing the demand-supply situation. Merely, providing additional megawatts would not be sufficient to gain real goals, he added.
He said Pakistan’s future lies in the indigenous and renewable energy for which serious efforts were being put in.
National Electricity Plan and a new Energy Policy were steps to consolidate these efforts which would act as a guide for future capacity expansions as well as choice of fuels etc, he said.
The meeting was attended by Minister of State for Power Ch. Abid Sher Ali, Yousaf Naseem Khokhar, Secretary Ministry of Energy (Power Division), Arif Ahmed Khan, Secretary Ministry of Finance, Shoaib Ahmad Siddiqui, Ministry of Planning, Development & Reform, Lieutenant General Muzammil Hussain, Chairman WAPDA representatives of Ministry of Energy (Petroleum Division), Punjab, Sindh, Khyber Pakhtunkhwa, Balochistan provinces and AJ&K, a private sector member, besides, Executives Director and Directors of PPIB and other senior government officials.
Xinjiang continues to strengthen anti-terrorism efforts: Senior CPC official
BEIJING, March 14 (APP):The Xinjiang Uygur autonomous region will continue to strengthen its anti-terrorism efforts due to the complicated international situation and there is no room for slacking off, Zhu Hailun, deputy party secretary of Xinjiang CPC Committee said on Wednesday.
“The battle against separatism and terrorism is a long-term and complicated one, and could be very fierce in some cases,” he said while responding to a question of APP Correspondent about the security situation in Xinjiang.
He added the region’s efforts to maintain social stability have been made “online and offline, domestically and overseas, in and out of Xinjiang.” It also mobilized the public and enhanced border control, Zhu said.
“Fighting separatism and terrorism is our utmost priority. We will continue to strike hard against such activities and win a people’s war in border control,” he added.
Zhu said while Xinjiang’s social situation has been stabilized, it is still in a phase in which terrorist activities are active and warned that the fight against separatism and terrorism is a long-term one.
Maintaining social stability and long-term peace is the goal of Xinjiang, Zhu said, having a safe and stable environment is the foundation for regional social development.
“The fight cannot be relaxed for even one second. Xinjiang people are confident that they can safeguard the stable and harmonious situation in the region and protect China’s border,” Zhu said.
“Through the joint efforts of all people, the overall social situation at present in Xinjiang has been stable and harmonious and people of all ethnic groups feel considerably safer and securer,” he added.
Zhu said, the stable social environment provides the most important conditions and most potent guarantee for Xinjiang’s economic and social development and a better life for people of all ethnic groups.
He said under the leadership of the CPC Central Committee with Xi Jinping at core, Xinjiang carders and masses of all ethnic groups have every determination and confidence to ensure the overall situation in Xinjiang sustainably harmonious and stable.
A series of new anti-terrorism measures have been introduced in Xinjiang in August 2016.
They included setting up a network of police stations in all cities and townships to quickly react to any emergencies.
Significant results have been achieved in maintaining social stability in Xinjiang, which has always been the front line of China’s battle against terrorism.
China felicitates Ms.Bhandari on re-election as Nepalese president
BEIJING, March 14 (APP):China on Wednesday congratulated Bidhya Devi Bhandari on her-re-election as Nepalese President.
“The Chinese side looks forward to Nepal’s greater achievements in development under her leadership and the Nepalese government,” Chinese foreign ministry’s spokesperson, Lu Kang said during his regular press briefing here.
He said that China was a friendly neighbour of Nepal, adding, “China attaches great importance to developing relations with Nepal and is willing to continue to work with Nepal to deepen China-Nepal mutually beneficial cooperation and bring more benefits to the two countries and peoples.”
Nepal’s president, Bidhya Devi Bhandari, has been elected to a second term in voting by national and provincial lawmakers on Tuesday.
Bhandari, who was first elected in 2015, is the Himalayan nation’s first female president, a largely ceremonial role.
She has the backing of the Communist alliance government which dominated recent parliamentary and provincial assembly elections.
Bhandari has a long political career. Before becoming president she was a powerful leader of the Communist Party of Nepal Unified Marxist-Leninist.
ADB sells $3.25 bn 5-Year Global Benchmark Bonds
ISLAMABAD, Mar 14 (APP):The Asian Development Bank (ADB) returned to the US dollar bond market with the pricing of a $3.25 billion 5-year global benchmark bond issue, proceeds of which will be part of ADB’s ordinary capital resources.
“We are very pleased with the strong reception to our second benchmark offering in 2018. We are happy to accommodate ongoing demand for ADB paper with this new 5-year issue following the solid performance of our dual tranche outing in January,” a statement quoted ADB Treasurer Pierre Van Peteghem as saying on Wednesday.
The 5-year bond, with a coupon rate of 2.75 percent per annum payable semi-annually and a maturity date of 17 March 2023, was priced at 2.871 percent to yield 25 basis points over the 2.625 percent US Treasury notes due 28 February 2023.
The transaction was lead-managed by Bank of America Merrill Lynch, HSBC, Morgan Stanley, and RBC Capital Markets. A syndicate group was also formed consisting of Credit Agricole, Daiwa, DBS Bank, SMBC Nikko, and Wells Fargo.
The issue achieved wide primary market distribution with 39 percent of the bonds placed in Europe, the Middle East, and Africa, 34 percent in Asia, and 27 percent in the Americas.
By investor type, 55 percent of the bonds went to central banks and official institutions, 27 percent to banks, and 18 percent to fund managers and other types of investors.
ADB plans to raise around $25 billion from the capital markets in 2018.
Deputy Secretary national security council of Russia calls on Tehmina Janjua
ISLAMABAD, March 14 (APP):Deputy Secretary National Security Council of the Russia Federation Mikhail Popov called on Foreign Secretary Tehmina
Janjua at the Ministry of Foreign Affairs here on Wednesday. Mr Popov is in Pakistan to hold consultations with his counterparts.
According to Foreign office statement, both sides discussed defence and security relations and expressed satisfaction on
the current level of cooperation in this context.
The Foreign Secretary elaborated on Pakistan’s improved security situation in the country and ongoing counter terrorism
efforts. She also expressed satisfaction at increasing military and technical cooperation between Pakistan and Russia.
The talks were marked by convergence of views between the two sides on various global and regional issues of mutual
interest, she added.
The Russian side expressed deep appreciation and acknowledged Pakistan’s contribution and sacrifices in the fight against terrorism. They also recognized the need for joint efforts for peace, security and stability in the region.
Initiated this year, the talks between the high-level security officials of Pakistan and Russia provide a useful platform for engagement on wide range of issues.
PML-N not to withdraw from public service mission: Shehbaz Sharif
LAHORE, Mar 14 (APP):Punjab Chief Minister Muhammad Shehbaz Sharif has said that Pakistan Muslim League-N will not withdraw from the mission of public service and prosperity of the country.
Zardari-Niazi hookup is the result of fear of development process in Punjab province. One has made Karachi, which was once the city of lights, a filth depot while the other has ruined the beauty of historic city of Peshawar.
Talking to Ghulam Bibi Bharwana MNA and other members, the Chief Minister said that people were longing for development and prosperity instead of destructions and devastations. The fear of the development agenda of PML-N had forced the promoters of politics of falsehood to unite. Niazi Sahib has disappointed the youth by colluding with the biggest malady of the country, he said.
The hapless people of KPK and Sindh are facing tremendous problems and have become a picture of neglect. The elements doing the politics of falsehood and mendacity could never be the leader of the nation, he maintained.
The Chief Minister said that energy crisis and terrorism had been eliminated due to the sincere efforts of the PML-N government. Meanwhile, the people of Lahore, Multan and Rawalpindi-Islamabad are enjoying latest and comfortable transport facilities. If Allah Almighty granted an opportunity, then world-class transport would be introduced in other small and big cities on the pattern of metro.
He expressed the satisfaction that the provision of subsidized fertilizers, cheap electricity and interest-free loans to the farmers would be lauded always.
Shehbaz Sharif said that he is desirous of developing other big and small cities including the southern Punjab like Lahore.
He pointed out that more development funds had been provided
to southern Punjab as compared to its population and added that
record development schemes in southern Punjab are the honour of
the PML-N government.
He disclosed that more innovative schemes would be introduced
to bridge the economic divide between the haves and have-nots
at the grassroots. He said the government will further promote
development schemes relating to health and education because
provision of best of the best facilities to the masses is our
commitment.
Ghulam Bibi Bharwana, MNA and others congratulated the Chief
Minister over becoming unopposed PML-N president and hoped that the party would continue the mission of public service with
renewed vigor under the leadership of Muhammad Shehbaz Sharif.
COAS visits Headquarters Bahawalpur Corps
RAWALPINDI, March 14 (APP):Chief of Army Staff (COAS), General Qamar Javed Bajwa visited Headquarters Bahawalpur Corps on Wednesday, said a statement issued here by Inter-Services Public Relations (ISPR).
The COAS was given a detailed briefing by the commander Bahawalpur Corps on operational preparedness of the formation.
The Army Chief appreciated the Corps for keeping themselves well prepared for response against any threat on eastern border as per assigned tasks.
Our commitments in sub conventional combat has not lowered our attention for response to conventional threat rather it has enhanced our confidence and made us battle hardened, he added.
Commander Multan Corps was also present.
Deputy Secretary national security council of Russia calls on Tehmina Janjua
ISLAMABAD, March 14 (APP):Deputy Secretary National Security Council of the Russia Federation Mikhail Popov called on Foreign Secretary Tehmina Janjua at the Ministry of Foreign Affairs here on Wednesday. Mr Popov is in Pakistan to hold consultations with his counterparts.
According to Foreign office statement, both sides discussed defence and security relations and expressed satisfaction on the current level of cooperation in this context.
The Foreign Secretary elaborated on Pakistan’s improved security situation in the country and ongoing counter terrorism efforts. She also expressed satisfaction at increasing military and technical cooperation between Pakistan and Russia.
The talks were marked by convergence of views between the two sides on various global and regional issues of mutual interest, she added.
The Russian side expressed deep appreciation and acknowledged Pakistan’s contribution and sacrifices in the fight against terrorism. They also recognized the need for joint efforts for peace, security and stability in the region.
Initiated this year, the talks between the high-level security officials of Pakistan and Russia provide a useful platform for engagement on wide range of issues.