Posts tagged ‘INSURANCE’

July 2, 2011

Transit trade: Insurance firms refuse to provide guarantees

After receiving clearance earlier this month, the Afghan-Pakistan transit trade hit another snag as insurance firms withdrew their support. PHOTO: FILE

ISLAMABAD: 

Insurance companies have refused to provide guarantees for Afghan trucks coming to lift cargo and goods imported under the new Afghanistan-Pakistan Transit Trade Agreement, causing a halt in trade, a commerce ministry official said.

“Since the new agreement came into force on June 13, no consignment has been cleared as insurance companies are reluctant to extend guarantees due to high risk involved in the trade,” he said.

Afghan transporters and traders have also termed the cost of insurance guarantees “unbearable” as this will increase their import cost.

To review and resolve the problem, the official said, a meeting of Transit Trade Coordination Authority, which was constituted to monitor and make the agreement effective, is expected to be called. Earlier, the two countries struck the new accord in a bid to check massive smuggling under the garb of transit trade, which caused losses of billions of rupees to Pakistan’s economy.

According to officials of the Federal Board of Revenue (FBR), Afghan transporters and importers have the responsibility to provide insurance guarantees. In the new agreement, it was agreed that bank guarantees would be provided for trucks coming from Afghanistan for lifting transit cargo and for value of duty on goods imported for the purpose. However, on the insistence of Afghanistan the bank guarantees were replaced with insurance guarantees, which would be returned on arrival of trucks and goods at Afghan destinations.

The new transit trade agreement has been put in place for a period of five years with extension of another five years on completion of the first term. However, the difficulties encountered at the very beginning are a cause for concern.

Published in The Express Tribune, July 2nd, 2011.

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June 30, 2011

Fire and Security Pakistan 2010

Fire and Security Pakistan 2010

19 – 22 MAY 2010

KARACHI EXPO CENTRE

FIRE & SECURITY PAKISTAN 2010 – MEETING YOUR SAFETY NEEDS

BRINGING FIRE, SAFETY & SECURITY MARKET TO YOUR DOORSTEP

The International Fire & Security Exhibition & Conference – FIRE & SECURITY PAKISTAN serves as an excellent platform in Pakistan for indigenous as well as foreign companies to showcase their product range.

FIRE & SECURITY PAKISTAN 2009 proved to be an interactive and rewarding experience for the participants. It had the participation of 92 companies from 16 countries including Austria, China, France, Germany, Greece, Italy, Japan, Pakistan, Poland, Russia, Singapore, South Africa, South Korea, U.A.E., U.K. and U.S.A. The exhibition was visited by more than 7000 business professionals and was extensively covered by local and international media including 10 publications from countries like U.K., Russia, China and Pakistan.

The 6th International Fire & Security Exhibition & Conference – FIRE & SECURITY PAKISTAN 2010 will address multi-dimensional safety and security needs of the region. The exhibition will showcase a wide-array of fire fighting, safety and security equipments and systems by leading international and domestic manufacturers, traders and integrators. The show will bring a highly targeted audience from the related industries to witness state-of-the-art technology and reap benefits through excellent networking opportunities.

Scanners to be installed in major cities soon: Malik

ISLAMABAD : Scanners will be installed in major cities to ensure maximum security to the citizens. This was said by Interior Minister Rehman Malik Tuesday in an interview with a private TV channel.

The fixed scanners will be installed at rush locations, after which manual checking of vehicles will not be required, he said.

The mobile and fixed scanners will be imported from China , and the first shipment will reach soon.

In the recent past, about 62 terrorists and their facilitators have been nabbed on check posts; out of which 10 were suicide bombers.

The government will also establish a Students Elite Force, and about 5000 e-mails have been received so far from the students who wanted to work as volunteers under this force. -APP.

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Pogee 2010

19 – 22 MAY 2010

KARACHI EXPO CENTRE

Pakistan with an ideal geographic and strategic location serves as a corridor for the international supply routes of energy. Being a regional power house, the country possess opportunities of setting up the oil and gas pipelines as well as electricity grids within the region and with other neighbouring energy rich countries such as Iran, Tajikistan and Turkmenistan.

Pakistan’s energy requirements are increasing every year and to meet the rising demand of energy, the government of Pakistan is currently focused on diversification of gas supplies, reconstruction of hydropower plants, construction of underground gas storage facilities, development of oil exploration & production, tapping of renewable energy resources, attracting foreign investment and privatisation of state-owned assets.

Pakistan is responding to the energy development challenge by pursuing a wide range of domestic and imported energy projects and in the year 2008 – 2009, the Oil, Gas and Energy industry has attracted Foreign Investment of about US$ 796 million.

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