01

BUSINESS

BMonday, 20 May, 2013

Effort only fully releases its

reward after a person refuses to

quit. — Napoleon Hill

Pakistan StateOil launches FuelSmart CardsKARACHI: The Pakistan State Oil (PSO)has launched what it termed as `FuelSmart Cards’. A pompous ceremony tothis effect was organised in Karachi onSaturday evening attended largely bycorporate executives and others. It waspointed out on the occasion that the PSOhas reached yet another technologicalmilestone by introducing the first of itskind `chip-based smart cards’. These, itwas stated, have been introduced withthe objective of providing increasedconvenience for PSO card customers andthat the fuel cards incorporate addedsecurity features in the form of chip-based encryption technology whichsecures all customer information residingin the chip from unauthorised access andthat the usage of these cards will benefitcorporate customers by facilitatingadministrative supervision, economisingfuel expenses and selection ofcustomised cards options. Speaking onthe occasion, the Chief Executive Officerand Managing Director of PSO, NaeemYahya said that through the launch ofthis Smart Card, the PSO has furtherunderlined its standing as a customer-centric company which is continuallyintroducing new products and services toprovide ever greater benefits to theconsumers at large. He said that the PSOhas embarked on the path of innovationin order to make a rapid headway. “Weare on the rise, we are going forward”,he remarked while he stressed thesignificance of technology and said thatthe PSO is working in this very area.Naeem Yahya said that in two years’ timethe PSO intends to become the numberone company in Pakistan and in fouryears a regional player and later on aglobal company. PSO’sGeneral ManagerMarketing, ArifNasim, alsoexpressed hisviews on theoccasion. App

LAHORE

App

First time in the South Asian history thatall the Vice Presidents from differentcountries of SAARC Chamber of Com-merce and Industry an apex body ofchambers in the region Sunday formallyfelicitated the President PMl,Nawaz

Sharif on his landslide election vic-tory in Pakistan.

Vice Presidents oneeach from India Mahen-

dra Parmar,B a n g l a d e s h ,

J a s h i m u d d i n ,Bhutan, Thinley

Palden Dorji,M a l d i v e s ,Ahmad Mu-

jtaba, Nepal, Predeep Kumar Shrestha,Sri lanka, Kolsala Wickaayake, Pak-istan Iftikhar Ali Malik, former SCCIChief Annis Ul Haq, SCCI PresidentVikramjit Singh and founder PresidentSCCI Tariq Sayeed congratulatedNawaz Sharif. In a joint congratulatoryletter sent to Mian Muhammad NawazSharif through their Pakistani counter-part Iftikahr Ali Malik, they hoped thatwith the installation of Pakistan Muslimleague government in Pakistan, the in-teraction among the private sectors ofSAARC member countries will be fur-ther strengthened in future under thesagacious leadership of the democrati-cally elected government in Pakistan.

They said that businessman-turnedpolitician Nawaz Sharif has greater eco-nomic vision and hoped that in future

trade ties and bilateral relations betweenPakistan and India will be improved sig-nificantly in every sphere of life. Hesaid a stable democratically elected gov-ernment in Pakistan will steer the coun-try out the looming economic crisis anddefuse tension in the region impedingprogress and prosperity.

They said that political tensions andconstraints that the South Asian regionfaced over the years played a decelerat-ing role in the economic integration.

They said that nearly 60 per cent oftotal indigenous natural resources in theSouth Asia are yet not so far fully ex-ploited.

“The intra-regional trade figures forSouth Asian are still disappointing astrade in the region constitutes only 1.4percent of the total world imports and

1.2 per cent of global exports.“The merchandise trade is only

27.9 percent of GDP, the lowest in theworld. Although South Asia has signif-icantly reduced import tariffs and thecost of trading across its borders is oneof the highest in the world. A numberof non-tariff barriers have been identi-fied which hamper trade and increasecost”, noted Virkam.

On the prevalent bleak economiccondition in the region,he said thatWorld Development Indicators re-vealed that South Asia has one third ofworld’s population-thus representing alarge workforce, tremendous businesscum investment opportunities.

Iftikhar Ali Malik thanked all VPsfor extending whole hearted greetingsto Nawaz Sharif on election victory.

SAARC CCI VPs greet Nawaz

PML-N to enhance educationbudget to 4 pc of GDP by 2018

ISLAMABAD

App

All the political parties in theirmanifestos have focused on re-forms in education sector to alarger extent for the first time inthe history with commitments to

enhance education budget up to 4 percentof GDP by 2018 and strengthen au-tonomous position of HEC which is agood sign.

The political parties especially Pak-istan Muslim league (N), PakistanTehreek-e-Insaaf, Pakistan People’s PartyParliamentarians, Pakistan Muslim league(F) and Pakistan Muslim league (Q) havegiven special focus on educational re-forms this time.

Talking to APP, Rozina Alam Khan ofPakistan Muslim league-N

said her party has prioritized changingdestiny of nation through initiating re-forms in education system of the country.

She said her party’s manifesto clearlyspeaks of its commitment toward uplift ofhigher education sector in the country es-pecially through strengthening Higher Ed-ucation Commission (HEC) that hasachieved tremendous success during theprevious years.

She said HEC was given tough time

during the last few years, however thecommission continued its efforts towardpromotion of higher education, bringingcountries universities at par with interna-tional institutions which is commendable.

The way youth has expressed confi-dence over PMl-

N, it would definitely remove the financialconstraints being faced by HEC during theprevious regime, giving it complete auton-omy, she said.

Meanwhile, Chairman Higher Educa-tion Commission (HEC), Dr Javed Rlaghari said it is a good omen that for thefirst time in the history of the country,leading political parties have given thatmuch importance to education in theirmanifestos.

It is quite welcoming step that the po-litical forces have realized that no nationcan achieve progress without educating itsyouth”, he said. He said PMl-N has ex-pressed its commitment to increase spend-ing on education up to 4 percent of GDPtill the year 2018, gradually.

It was conveyed through many inter-active forums at universities, studentsand Vice Chancellors level that HEC has

suffered from financial constraintsdue to low budgetary allocations andthe leading political party PMl-N

has given it so much importance,he said.

He said PMl-N has en-joyed the support of youthas the over whelming ma-jority of youth with all

their intellectual and emo-tional sentiments has sup-

ported the party through giving theirvotes, hoping for the better future.

According to the PMl-N manifesto,it would enhance education budget upto4% of GDP by 2018, give greater auton-omy to HEC and promote vocational andtechnical education.

Pakistan Tehreek-e-Insaaf has com-mitted to make the HEC fully au-tonomous, make universities a hub forresearch and autonomous by de-linkingthese from government, increase univer-sity enrolment by establishing new uni-versities and enlarging existing capacityand focus on university education in sci-ences and encourage collaboration withforeign universities.

Pakistan Muslim league (Q) commit-ted to give HEC autonomy and encourageto improve quality of universities.

Pakistan Peoples Party Parliamentar-ians (PPPP) promised to enhance educa-tion budget more than 4.5 per cent of GDPby the end of their next term, create a Na-tional Scholarship Programme, provide10,000 scholarships for higher educationand specialized technical education forstudents in FATA and Balochistan.

Pakistan Muslim league (F) focusedon making HEC a free and independentorganization through ensuring the repre-sentation of all provinces in it.

ISLAMABAD: A vendor selling emergency

lights at his makeshift shop. inp

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BUSINESSMonday, 20 May, 2013

02

B

Sometimes when you innovate, you make mistakes.

It is best to admit them quickly, and get on with

improving your other innovations. — Steve Jobs

International buildingand construction showfrom May 24KARACHI: The second international buildingand construction technology, materials exhibitionwould be organised from May 24. Anannouncement here on Sunday said that theinaugural ceremony of three-day event would beheld at the Expo Centre lahore in collaborationwith STONECA-the stone expo. According to theorganisers the construction industry is thebackbone of the economic growth of any regionthroughout the world as it engages the socioeconomic development factors improvinginfrastructure and creating employmentopportunities. They said that the constructionindustry in Pakistan is an ever growing sectorwhich propels the economy towards designing abetter infrastructure and even better investmentpossibilities. STONECA-the stone expo, opens anew chapter for the industrial developments ofstone industry in Pakistan. The event is jointlyorganised by All Pakistan Marble IndustriesAssociation and supported by Pakistan StoneDevelopment Company (PASDEC). App

KARACHI

App

Famous Chinese company, China International Waterand Electric Corporation, Pakistan (CIWEC), whichis working on eight important mega projects in Pak-istan, has shown keen interest to invest in a water sup-ply project “K-IV” of Karachi Water and SewerageBoard (KWSB).

General Manager of the company, li Zhili andAssistant GM Ms. Dongwenging met with the Man-aging Director Water Board Misbahuddin Fareed in

Islamabad, said a statement issued by KWSB here onSunday. The MD Water Board informed that the workon K-IV has already been started with the approvalof ECNEC and the government.

The first phase of the project will be completedwithin four years, which Misbahuddin said, will bethe largest project of its nature in the South Asia re-gion. He said that on completion the project will helpto cater the needs of the Karachi for 30 years as it willsupply 650 million gallons per day (mgd) of water toKarachi which will be an increase of 1200 cusecs.

The metropolis’ immediate need is 400 million

gallons per day (mgd) of water, the MD Water Boardadded. He said that the project will prove to be an im-portant milestone in the development of Karachi andPakistan. li Zhili told the MD Water Board that hewill convey the details of the projects to the parentcompany of CIWEC. His company has a deep inter-est in K-IV and wants to execute it through best avail-able practices and standards, he added. The MDWater Board also briefed the CIWEC about the de-tails of the S-III project of water sewerage. later, theMD KWSB presented the Chinese company officialsthe traditional gift of Sindhi Cap and Ajrak.

Chinese company shows interestto invest in K-IV PRoJeCt

Shipping activityat Port QasimKARACHI: No ships arrived at the Port onSaturday, port sources said on Sunday.Berth occupancy was maintained at 21% atthe Port on Saturday where a total of threeships namely M.V KPS-I Alican Bey -Powership, MV Sargasso Sea, MV Bella-lare currently occupying berths toload/offload containers, rice. Cargo handling operations were carried outsmoothly at the Port where a cargo volume43,124 tonnes comprising 17,542 tonnesimport, 25,582 tonnes export, 381 (Tues)was handled during the last 24 hours.MV Sargasso Sea sailed on Saturdayafternoon, MV Bella-l sailed on Sundaymorning. MV Alliance Norfolk at Qict,M.V Maersk Detroit at Qict and MT HengXin at lCT arrived on Sunday as perschedule, the port sources further said. App

CHINIOT: Grain market merchant

buying wheat from farmers. inp

FAISALABAD

App

PAKISTAN will have to feedmore than 200 million people in2015 and wheat demand by thetime is expected to be 29.06million ton. This was stated by

Prof. Dr Iqrar Ahmad Khan, ViceChancellor University of AgricultureFaisalabad (UAF), while addressing areception for newly elected members ofNational and Provincial Assemblies fromdistrict Faisalabad on Saturday night. DrIqrar said the government should maketangible steps to ensure timely provisionof irrigation water, seeds, fertilizers andother inputs, so that farmers could be ableto produce wheat in according to needs.He emphasized to put food security ontop of the government agenda if it wasdetermined to steering the country out ofthe energy crisis. He was of the view thatwithout increasing investment in thefields of agriculture, science &technology and livestock, fruits ofprosperity could not be harvested atnational level. MNA Rana MuhammadAfzal Khan said that his party woulddouble the education budget and he alongwith his colleagues would help theuniversity to meet its future endeavors.Former provincial minister for agricultureMalik Ahmad Ali Aulakh and MPA MianRafiq also spoke on the occasion.

SYDNEY

nni

The first commercial oil production in the history ofAfghanistan is expected to be launched innorthernAfghanistan within the next two months.Afghan mines minister, Wahidullah Shahrani iscurrently in Australia to for talks with Governmentofficials and to attend mining developmentconferences in Sydney said, the first major oilproduction in northern Amu river basin will bestarted by China National Petroleum (CNPC).Shahrani quoted by ABC News said, the oilproduction will eventually supply oil domestically ina bid to prevent oil import from outside thecountry. In the meantime Australia has pledged toprovide training opportunities for the Afghan mines

officials in a bid to develop the mining sector of thecountry. Shahrani quoted by ABC said, “We havegot a number of students (who) are studying atAustralian universities. They will transfer back toAfghanistan, they will help the ministry of minesand petroleum in Afghanistan to manage theresources in the right way.” The untapped mineralresouces of Afghanistan estimated to worth up to$3 trillion is considered to play a vital role in theeconomy of the country as NATO troops arepreparing to leave Afghanistan and theinternational aid is gradually reducing. Afghanmines minister Wahidullah Shahrani alsoannounced that the government of Afghanistan isdue to award five to six major tenders including oiland gas, copper, gold and iron ore within the nextone month.

Afghanistan to start first commercialoil production in July

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