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Elahi PM INVITES TURKISH BUSINESSMEN TO SET UP Pervaiz re-arrested soon after from two STRATEGIC COLLABORATION WITH PAKISTAN discharged corruption cases
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Sunday, 4 June, 2023 I 14 Zilqad, 1444
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OUTLINES HIS GOVT’S VISION TO FACILITATE FOREIGN DIRECT INVESTMENT, ENCOURAGE JOINT VENTURES
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ANKARA
CHIEF EXECUTIVES OF SELECTED TURKISH BUSINESS GROUPS CALLED ON SHEHBAZ SHARIF
STAFF REPORT
RIME Minister (PM) Shehbaz Sharif Saturday invited Turkish businessmen to invest in Pakistan and establish strategic collaboration in sectors of energy, agriculture, information technology (IT), and construction. The Chief Executives of select Turkish business groups called on the PM here, during his visit to Turkiye, at the invitation of President Recep Tayyip Erdogan. During the meetings, the PM outlined the government’s vision to facilitate foreign direct investment and encouraged joint ventures. Their exchanges spanned around expanding trade and investment ties to maximize mutual gains from available opportunities in Pakistan and to enhance cooperation in key sectors of the economy through the direct presence of Turkish enterprises and via joint ventures with Pakistani counterparts. It may be recalled that after the signing of the historic Trade in Goods Agreement by the two countries in August last year, which became operational on May 1, new opportunities for trade of traditional and non-traditional products have emerged between the two countries. Therefore, for the effective utilization of these opportunities, the PM urged Turkish companies to invest in Pakistan, assuring them of complete facilitation and a conducive business environment. The PM held separate meetings with leading Turkish companies that have already invested in Pakistan, including Anadolu Group, Arcelik, Zorlu, Albayrak, Limak, Dolsar, Turkish Contractors Association and Pak Yetirim. During the meeting, the PM encouraged them to benefit from an investmentfriendly environment and to expand their operations. The Turkish companies briefed the PM on their existing and future plans for investment while thanking him for facilitating their operations in Pakistan.
A considerable number of Turkish enterprises are already operating in Pakistan in various sectors and have contributed to the economic development of the country. Nevertheless, there are excellent opportunities for cooperation and
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collaboration in the areas of energy; especially hydro and solar, housing and construction, infrastructure, tourism, and transportation. During a meeting with Sinan Ak of Zorlu Group, the two sides discussed proj-
ects regarding wind power and solar energy. The PM welcomed the interest of the Zorlu Group in different fields including electronics and energy. Ahmet Albayrak, Chairman Board of Directors of Al-Bayrak Group during the meeting informed the PM about their interest in investment in affordable housing projects, solid waste management, generation of electricity from waste, and tractor industry. The PM hailed the projects of AlBayrak Group in Pakistan. The delegation of the Turkish Contractors Association led by its President Erdal Eren during the meeting discussed with the PM, the immense prospects of investment in the construction sector of Pakistan. Minister for Information and Broadcasting Marriyum Aurangzeb, Special Assistant to PM Tariq Fatimi and Pakistan’s ambassador to Turkey Dr Yousaf Junaid were also present in the meetings.
Shehbaz joins world leaders at inauguration of President Erdogan
ANKARA: Prime Minister Shehbaz Sharif Saturday here joined world leaders at the inauguration ceremony of President of Turkiye Recep Tayyip Erdogan. On behalf of the government and people of Pakistan, Prime Minister Shehbaz Sharif congratulated President Erdogan on his election as President for a third term. Both the leaders shook hands and exchanged greetings. Minister for Information and Broadcasting Marriyum Aurangzeb also felicitated President Erdogan. During the ceremony, traditional music and national anthem of Turkiye were played. President Erdogan was accompanied by his wife Emine Erdogan. In his remarks on the occasion, President Erdogan thanked the people of Turkiye for electing him for another term. He urged people of Turkiye to forge unity and work towards a better future with collective effort. “Democracy in Turkiye is strong. We will strengthen it further,” he said, adding Turkiye wanted good relations with all countries and would play its role for peace and security in the world. President Erdogan thanked leaders of the countries including PM Shehbaz Sharif for attending his inauguration ceremony.
Govt provide business, investment- friendly environment through upcoming budget: Dar ISLAMABAD
High-level officials from 78 countries attended the Turkish President Erdogan’s swearing-in ceremony. The ceremony at the Presidential Complex was attended by 21 heads of state, 13 prime ministers, as well as parliamentary and ministerial-level representatives, and representatives of international organizations, including the Organization of Turkic States (OTS), NATO and the Organization of Islamic Cooperation (OIC). Earlier, President Erdogan took oath in the Grand National Assembly of Türkiye and began his new term. He received his mandate from the Temporary Speaker of the Grand National Assembly of Turkiye, Devlet Bahceli. After taking oath, Erdogan visited Anitkabir. President Erdogan hosted guests at a dinner at the Cankaya Palaca, the former home of Turkish presidents, after the ceremony. He is expected to announce his cabinet after dinner. Erdogan won a presidential runoff election last Sunday with 52.18% of the vote. Opposition candidate Kemal Kilicdaroglu received 47.82%, according to final results released by the country’s Supreme Election Council. STAFF REPORT
SC fixes for hearing pleas challenging law curtailing apex court’s power on 8th
STAFF REPORT
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar Saturday assured the participants that despite economic challenges, the government is determined to provide a business and investment friendly environment in the country through the upcoming budget of Fiscal Years 2023-24. “In order to attract more companies and investments in Pakistan and put the country’s economy on a positive trajectory soon”, he added. Federal Minister for Finance said this while in a meeting with a delegation of Pakistan Stock Exchange led by Farrukh Hussain Khan, MD/CEO PSX , said a press release issued here. Minister of State for Finance and Revenue Dr. Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousif Tola, Governor SBP, Chairman FBR, and senior officers from Finance Division, FBR, and PSX attended the meeting. The delegation appreciated the initiative of the Finance Minister for taking on board all the stakeholders while preparing the budget for upcoming Fiscal Year 2023-24. The delegation also brought to the notice of Finance Minister various challenges being faced by the capital markets and investors and presented recommendations to the Finance Minister to be taken into account in the upcoming Federal Budget. Finance Minister Senator Ishaq Dar acknowledged and appreciated the role of PSX in providing a reliable, orderly, liquid and efficient digitized market place for investors in Pakistan.
ISLAMABAD STAFF REPORT
Supreme Court Saturday fixed the hearing of petitions for June 8, seeking the court to set aside incumbent government legislation ‘Supreme Court (Practice and Procedure) Act 2023’. An eight-member larger bench of the Supreme Court headed by Chief Justice Umar Ata Bandial will hear the petitions on June 08. Earlier, the top adjourned the case on June 01 where Pakistan Tehreek-e-Insaf (PTI) had submitted a reply to the Supreme Court in
the case challenging the practice and procedure law. The PTI had urged the Supreme Court to declare the Supreme Court (Practice and Procedure) Law 2023 null and void. The law should be declared unconstitutional, the petitioner pleaded, adding clauses 2, 3, 4, 5, 7 and 8 of the Act should be declared illegal. The Supreme Court (Practice and Procedure) law was against the independence of the judiciary. It is pertinent to mention that three days ago, Supreme Court Bar Association President Abid Zuberi had stated that parliament limited
the judicial authority by enacting the Supreme Court (Practice and Procedure) Bill 2023, adding the law was against the constitutional principles. Mr Zuberi said this in his written response he submitted to the Supreme Court. Under Article 191, the Supreme Court had the exclusive power to amend the rules, the response said. Meanwhile, the government taking a significant step towards implementing the Supreme Court Review of Judgments and Orders Act 2023, issued a gazette notification, marking the official commencement of the Act.
GUJRANWALA
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) President Chaudhry Pervaiz Elahi was re-arrested minutes after he was discharged by a local court from two corruption cases. Punjab Anti-Corruption Establishment spokesperson Abdul Wahid confirmed the development, saying the PTI leader was re-arrested in a case pertaining to illegal appointments in the Punjab Assembly. The ACE spokesperson claimed that Elahi made 12 illegal appointments of grade 17 officers in the Punjab Assembly. “Failed candidates were given jobs by manipulating records in the Punjab Assembly,” Abdul Wahid said. “Fake testing services were used to benefit corrupt officials during the recruitment process.” He further said fake appointments were proven in the anti-corruption inquiry in the Punjab Assembly. “There is clear evidence of corruption in the hiring process.” Earlier, Civil Judge Musawwar Ashiq discharged Ch Pervaiz Elahi from two corruption cases registered by the Punjab ACE. The court announced its verdict on the AntiCorruption Establishment’s (ACE) plea seeking physical remand of PTI President Pervaiz Elahi. The PTI President was produced in the court amid tight security by Anti-Corruption Establishment (ACE) officials. He was produced in the court where ACE officials requested the court to grant them PTI leader’s physical remand. The hearing was presided over by Civil Judge Musawwar Ashiq. It is pertinent to mention here that Pakistan Tehreeke-Insaf (PTI) President Pervaiz Elahi was re-arrested by the Anti-Corruption Establishment (ACE) Punjab in a corruption case on Friday evening, shortly after the Lahore court discharged him in a graft case. PERVAIZ ELAHI ASSERTS NOT LEAVING PTI: Speaking to the media in the court PTI President Parvez Elahi, who is currently under arrest, said that he won’t abandon the party “at any cost”. Talking to the media outside a court in Gujranwala, Elahi claimed that he was kept inside a C-class jail last night and wasn’t given medicines. He asked the PTI leaders and workers to stay firm, saying the situation will change very soon. CASES BEING REGISTERED AGAINST ELAHI UNDER ‘AGENDA OF REVENGE’: Soon after the re-arrest of PTI President Chaudhry Parvez Elahi in Gujranwala in yet another case, his son Moonis Elahi said cases are being registered against the former Punjab chief minister under an “agenda of revenge”. “Previously, they were harping about corruption. After he was discharged in a graft case registered in Lahore and another two in Gujranwala, they have now arrested him in a case pertaining to appointments in the Punjab Assembly,” he tweeted. ‘PA SECRETARY ARRESTED IN ILLEGAL APPOINTMENTS CASE’: Punjab Assembly Secretary Rai Mumtaz Hussain has been arrested by the Anti-Corruption Establishment (ACE) in a case pertaining to illegal appointments in the provincial assembly, says ACE spokesperson Abdul Wahid. He said Hussain was arrested after the allegations against him were proved. “He made illegal appointments in the Punjab Assembly in collusion with Parvez Elahi,” the spokesperson added, ELAHI’S SPOKESPERSON IQBAL CHAUDHRY RELEASED: Hours after he was arrested from outside a Gujranwala court, Pervaiz Elahi’s spokesperson Iqbal Chaudhry was released by the police later in the day. LAWYER LAMENTS IMPRISONMENT OF HIS CLIENT IN A LOCK-UP: Advocate Mukhtar Ranjha, the counsel for former Punjab CM Parvez Elahi, expressed his disappointment that his client was confined to a lockup and argued that he deserved better treatment. During a media interaction in Gujranwala, the legal counsel claimed that Pervaiz Elahi was facing pressure from the caretaker Punjab government, which was also arresting his supporters to discourage their support. The counsel emphasised that there was no evidence against his client. ‘WITCH HUNTS’ AGAINST POLITICAL LEADERS WILL TAKE THEIR TOLL’: PTI leader Faisal Amin Gandapur has said that the “witch hunts against political leaders and workers” would take their “toll” given that the Khyber Pakhtunkhwa police are already overburdened by the militancy and terrorism in the region. Sharing fellow party member Taimur Khan Jhagra’s tweet in which he alleged his house was raided by police, Gandapur said, “Introduction of Punjab Police tactics against KP’s traditions and culture is sad.” ‘691 INDIVIDUALS ARRESTED IN CONNECTION WITH MAY 9 VIOLENCE RELEASED’: PTI leader Ali Awan has said that 691 out of the total 716 individuals arrested in connection to 34 alleged false cases related to the May 9 violence in Islamabad have been released.
ECC likely to approve framework agreement with Azerbaijan’s SOCAR for LNG procurement g
PAKISTAN SET TO TAKE STRATEGIC STEP TO SECURE CHEAPER LNG, ENHANCE ENERGY COOPERATION ISLAMABAD
AHMAD AHMADANI
In a bid to reduce the financial burden of purchasing liquefied natural gas (LNG) from the global market, the federal government has decided to buy one LNG cargo per month from Azerbaijan’s state-owned company, SOCAR, through a government-togovernment agreement. According to sources of Petroleum Division, the Economic Coordination Committee (ECC) of the Cabinet on Monday is expected to grant approval to sign the agreement between Pakistan LNG Limited (PLL), a subsidiary of the Petroleum Division, and State Oil Company of Azerbaijan
Republic (SOCAR), SOCAR Trading and its subsidiaries, further advancing the collaboration between the two nations. Upon obtaining the necessary approvals, PLL and SOCAR will enter into an agreement that will enable the purchase of LNG from SOCAR at a price lower than the prevailing spot rates in the international market. The Ministry of Law has already given permission for PLL to engage with SOCAR’s subsidiaries and negotiate the contractual details. Under the proposed framework agreement, SOCAR will provide PLL with information regarding the availability and pricing of LNG cargo on a monthly basis. PLL will carefully assess the global market conditions and the power sec-
tor’s requirements before committing to the purchase. Notably, the LNG cargo will be sold to Pakistan at a rate below the spot rate. PLL will facilitate payment by opening a letter of credit (LC) in a local bank, with SOCAR covering the confirmation charges of the international bank. Pakistan is currently procuring eight cargoes per month from Qatar and one cargo per month from ENI Company under long-term agreements. However, due to high prices in the global market and Pakistan’s credit rating downgrade, PLL faced challenges in securing LNG cargoes through spot and midterm contracts between February and September last year. This recent decision aligns with a coop-
eration agreement signed between Pakistan and Azerbaijan, focusing on energy collaboration. The move holds immense significance for Pakistan, as it aims to ensure a reliable and cost-effective LNG supply while reducing its dependence on the volatile global market. The approval of the framework agreement between PLL and SOCAR marks a pivotal step in Pakistan’s pursuit of energy security and economic stability. By forging stronger ties with Azerbaijan and leveraging government-to-government arrangements, Pakistan is taking proactive measures to meet its LNG demands efficiently and at a reduced cost, ultimately benefiting both the nation’s economy and its citizens.
It is pertinent to mention that former Federal Minister of Petroleum Shahid Khaqan Abbasi had earlier signed an agreement with Azerbaijan for cooperation in the field of energy. Besides, ECC of the Cabinet on Monday is scheduled to take up 22 agenda items including issuance of GoP guarantee amounting to PKR 9,500 million for construction of Hyderabad-Sukkur Motorway Project on Build-Operate-Transfer basis, financial assistance to the Shuhada and injured persons of Swat incident, approval for sale of damaged wheat of PASSCO, import of foreign supplier’s account through custom bonded storage facilities, allocation of Rs 12 billion for procurement of relief items for re-stocking of NDMA warehouses etc.