Climate change poses critical issue
Foreign investors in Pakistan have acknowledged that climate change is a major threat to the country’s economy.
“Climate change is a major problem and Pakistan has to take steps to mitigate it similar to the developed countries,” remarked Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood in a video message at a meeting of the Overseas Investors Chamber of Commerce and Industry (OICCI) on Tuesday.
On the occasion, the chamber revealed its plan to organise “Pakistan Climate Conference 2022” in March.
“It is a challenge for Pakistan to work towards rectifying climate challenges while staying competitive in the global market,” the adviser said.
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Inflation-hit government employees get 15pc bump in salary
Acting hours before the employees were poised to stage a protest demonstration, the federal government on Wednesday acceded to increasing their salary packages of grade-1 to grade-19 employees by 15 percent, but excluded about five-dozen departments that are already availing higher than standard pay packages.
The move will marginally reduce disparity between the civil and military salaries as the government had given a similar 15 percent pay raise to all the ranks of the armed forces in July last year over and above their special package.
Prime Minister Imran Khan on Tuesday had also announced to increase salaries of the paramilitary forces by 15 percent.
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Government steps up drive against gas theft
The federal government on Wednesday intensified a nationwide crackdown against the industrial and commercial entities, found to be involved in gas theft and using illegal boosters, to help the gas marketing firms to reduce the duration of unannounced load-shedding.
In this regard, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) imposed penalties and recovered dues of millions of rupees while the law enforcement agencies arrested some people.
“Four gas theft cases, including three industrial units and one commercial unit, have been disconnected in the Lahore distribution region of SNGPL,” Federal Minister for Energy Hammad Azhar said on his official Twitter handle on Wednesday.
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Karachi industries awaiting power relief package
Despite the fact that the Economic Coordination Committee (ECC) has approved an extension in the incremental consumption package for the steel industry six months ago, Karachi industries are still waiting for an official notification.
Businessmen of the city have regretted paying an extra bill owing to the delay in implementation of the decision.
“Operating an industry is extremely difficult as we have to struggle hard to get our legitimate right,” remarked Pakistan Association of Large Steel Producers (PALSP) Secretary General Syed Wajid Bukhari in a statement on Wednesday.
According to Bukhari, the ECC approved the extension in the incremental consumption package for the industrial consumers of K-Electric in August 2021.
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Saindak project lease enlarged for 15 more years
The government on Wednesday approved revised terms of the Saindak Gold and Copper Mine project — a joint venture between Pakistan and China — and extended the lease period for another 15 years to extract metals from the mine.
The share of the government of Pakistan has been increased by 3 percent to 53 percent while the Chinese company has also agreed to enhance rent, royalty and social uplift payments to the federal and Balochistan governments, according to the revised terms that the Economic Coordination Committee (ECC) of the cabinet approved on Wednesday.
Finance Minister Shaukat Tarin presided over the ECC meeting that also approved doling out another Rs8.2 billion under discretionary spending to parliamentarians to execute schemes in their constituencies ahead of the next general elections.
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Government focuses on industrialisation
The government is focusing on bringing ease of doing business and attracting investment to promote industrialisation in the Special Economic Zones (SEZs), remarked Prime Minister Imran Khan.
In a meeting with office-bearers of the Faisalabad Chamber of Commerce and Industry (FCCI) on Wednesday, the premier underlined that the government was striving to provide low-cost electricity and gas to the industries for reducing the cost of doing business.
Khan instructed the authorities concerned to take all-out measures for the promotion of industrialisation to create job opportunities for the youth.
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PR mulls switching to domestically made components
Federal Minister for Railways Azam Khan Swati has expressed his commitment to switch over to locally manufactured components of locomotives instead of spending huge foreign exchange on the import of these parts from different countries.
Talking to a delegation of Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) on Wednesday, the minister observed that the locomotive parts produced in Pakistan were not inferior to the international standards.
“This will ease the foreign exchange pressure, as trade deficit of the country continues to widen,” he said.
Swati revealed that Pakistan Railways (PR) was planning to bring more than 400 grounded coaches and wagons on track over the next few months.
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Imran Khan to inaugurate cotton conference in March
The government is focusing on giving a boost to the production of cotton, the largest cash crop of the country, through a number of programmes, stated Federal Minister for National Food Security and Research Syed Fakhar Imam.
Chairing the annual meeting of Agriculture Policy Institute Committee on Seed Cotton (2022-23) on Wednesday, he revealed that Prime Minister Imran Khan would inaugurate the first cotton conference in March 2022.
The conference, being organised by the Ministry of National Food Security and Research, would bring key stakeholders on one platform to discuss the issues of farming community and prepare a future plan of action, said a press release.