Sir Musharraf Era
Musharraf Era: Ushers in Multi-Nationals Corporations & booms Private sector Business
Mirza Rohail Baig
An effective and successful manager manages his company with whatever resources he/she has, and manages to gear it towards an unprecedented growth and prosperity, utilizing all internal and external factors. Musharraf has proven himself to be the manager for Pakistan!
Multi-National Corporations (MNC’s) provide excellent job opportunities, bringing in the required capital, latest technology, developed human resources, management, quality and safety standards.
1. Dubai Ports World announced on 1 June 2006 that it will spend $10 billion to develop real estate, infrastructure and transport in Pakistan.
2. Emaar Properties announced on 31st May 2006 three real estates developments in the cities of Islamabad and Karachi. The projects, with a total investment of $2.4 billion, will include developing commercial and residential property.
3. Emaar Properties also signed an unprecedented $43 billion deal to develop two Island resorts – Bundal Island and Buddo Island – over the decade.
4. International Petroleum Investment Co., owned by the government of Abu Dhabi in the United Arab Emirates, has received approval from Pakistan’s government to build a $5 billion Oil refinery at Hub in Baluchistan. The refinery, which will be Pakistan’s biggest, will have the capacity to process 300,000 barrels of oil a day.
5. 2006: The government is all set to establish an ‘Oil city’ with an investment of $40 billion at Gwadar Port to make it the biggest crude and refined oil storage base in the region. The government has allotted 12,500 acres of land in Gwadar. The Chinese Petroleum Chamber would come up with $12.5 billion investment plan for the project.
6. Canadian Oil & Gas Company signed a $200 million project with Pakistan that would generate 50,000 direct jobs in Sindh. It will explore, develop, produce and commercialize Coal Bed Methane (CBM) in Pakistan up-to 70,000 barrels a day for about 20 years.
7. July 2006: The Government awarded three blocks in the country’s offshore Indus Delta to British Petroleum Pakistan. BP Pakistan (formerly known as Union Texas Pakistan) will explore gas blocks U, V and W, covering an area of 21,000 square km, for oil and gas reserves.
8. Dubai’s foreign investment in Pakistan’s capital markets recorded significant growth in 2006 and more than doubled to Dh1.278 billion ($351.5 million) by June 30th of this year. It stood at Dh554.9 million last year.
9. The KESC has awarded the contract for Phase-I of the 220 MW Power plant to METKA, EPC contractor, a Greek Company of international repute, whereas Phase-II for 565 MW is under process, it has been reliably learnt. The EPC cost of the project is around $186 million including approximately 11 million dollars for chiller equipment.
10. Sept 26: Am Power Company, a Kuwait-based company, intends to build 225MW combined cycle Power project located at the Sundar Industrial Estate at an estimated cost of $200 million.
11. The credit of building the Chashma-2 goes to the Musharraf Government. PM Shaukat Aziz launched work on the billion dollars 325-megawatt plant in Chashma, which is the second to be built at the site with Chinese help. The cost of Chashma-2 is around Rs 51 billion, which also includes Rs20.1 billion foreign exchange component.
12. In the much-awaited, but positive development, WAPDA has finalized a Chinese consortium, China Gezhouba (group) Co Ltd China and CMEC, China (CGGC-CMEC), for the construction of strategically the most important project: 969 MW Neelum-Jhelum Hydropower. Cost of Construction is above $1.8 billion13. French Renault is establishing a 40-million-euro assembling plant of Renault Logan cars in the country, with the production capacity of 15,000 automobiles per year. This project would attract 40 million euros’ investment and create 600 job opportunities.
14. The automobile industry in Pakistan has made remarkable progress during the last few years. Despite low indigenous base, it has attracted almost Rs100 billion investments. Rs 52 billion has come in direct manufacturing and Rs 35 billon in ancillary industry.
15. Pakistan Suzuki, a leading automobile company, has achieved exports worth $957 million during the last financial year 2005-06, which has been considered by the government as an encouraging sign.
16. The Motorcycle industry in the country is progressing as well since the manufacturing of motorcycles has touched the Rs.0.7 million mark in financial year 2005-06. Crankcase is manufactured mainly by only two companies but their production capacity is approx 6,000 sets per month.
17. Honda Atlas Cars held a Manufacturing Capacity Expansion ceremony of its auto plant. HACPL will increase annual production capacity will be doubled from the current 25,000 units to 50,000 units by the end of 2006. Total investment around Rs1.67 billion.
18. A Manchester (UK) firm called Drillcorer has just moved production of its drills to Pakistan. The result is that it can now sell them for £15,000 rather than the £65,000 it would have had to charge if they were produced in Britain 19. 2005: Brunei government is financing the US$2.6 million training “Institute for Pakistan Foreign Service”. Under construction.
20. WASHINGTON: Pakistan ranked first among all developing world recipients in the value of Arms transfer agreements in 2006, concluding $5.1 billion in such agreements.
21. 2-12-07: Cement sales by Pakistani manufacturers to local and foreign buyers is expected to have reached 11.848 million tonnes during the first five months (July-November). Exports are expected to grow by 155% year-on-year to 2.531 million tonnes for the five-month period.
22. Pakistan’s Financial Sector is witnessing robust growth in Islamic banking. Two fully-fledged Islamic banks — one local and one foreign-based — have opened 23 branches recently. Bank Islami will be the 3rd Bank. The 4th Dubai Islamic Bank would open around 70 branches. Saudi Arabia would open the 5th Islamic Bank soon.
23. Takaful Pakistan Limited would soon commence operational activities in the country with an initial paid-up capital of Rs200 million and an authorized capital of Rs 300 million. Takaful is a system of Islamic insurance.
24. 14-6-07: Standard Chartered Bank of Pakistan (SCBP) has made a mega investment of Rs 30 billion to grow in a significant way in Pakistan.
25. Pakistan’s leading Edible Oil buyers are establishing 4 new refineries, officials in the industry said. Most of the refineries will be operational by the end of 2007 and they will double Pakistan’s CPO refining capacity of 2,025 tonnes per day. 26. 26-1-07: Canadian Wireless systems developer TenXc Wireless Inc. is partnering with Pakistani company Coherent Designs Pvt. to establish a joint development centre for wireless products in Pakistan’s capital. Global WiMAX market was worth $1.1 billion in 2006 and is expected to grow to $3.3 billion by 2009.
27. The Minister inaugurated ceremony of a software technology park. The high-tech IT park has been set up at Rawalpindi by a leading US IT company MTBC to start its business operations in Pakistan.
28. Capital Investment Overseas, an Abu Dhabi based company, will build a five-star hotel in Lahore, with an estimated investment of Rs20 billion (Dh1.25 billion). The construction of the 602 room hotel will be completed by the year 2011.
29. Saudi-Kuwaiti joint venture, Mid Roc Tussonia Ltd, will invest $3 billion to $4 billion in the next seven years in power generation, refining and real estate sectors in Pakistan. This was stated by the president of the Mid Roc Group, Sheikh Humoud Al-Sabah, at the launching of the joint venture here. Sabah said that his company would set up two wind power generation plants at Mirpur Sakro at a cost of $200 million. 2,500 acres of land has been acquired for this purpose. They will also establish a lube-based oil refinery at Port Qasim, over 500 acres of land, at a cost of $1.5 billion.
30. Tata Motors, India’s largest automobile firm, announced its entry in Pakistan through its subsidiary, Tata Daewoo Commercial Vehicle Co, with the commissioning of a new truck and bus assembly unit in Karachi. The plant has a capacity to produce 3,000 vehicles.