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President Alvi invites China-ASEAN countries businessmen to invest in...

November 27, 2020: President Dr Arif Alvi on Friday invited businessmen from China and ASEAN countries to come and invest in the special economic zones being setup in Pakistan.

"We encourage ASEAN countries as well as Chinese businessmen, to invest in the special economic zones in Pakistan", he said while addressing through video message at the opening ceremony of 17th China-ASEAN Expo (CAEXPO) opened at Nanning, capital of south China's Guangxi Zhuang Autonomous Region.

He said Pakistan's macroeconomic policies have changed tremendously and there is a greater ease of doing business in Pakistan despite COVID-19 challenge.

"We have handled COVID pandemic well also. And the far reaching economic and trade reforms and macroeconomic policies have provided good results in online business".

"Pakistan has a sectoral dialogue partnership with ASEAN. Our partnership, progress and our cooperation are increasing", he added.

Dr Alvi said that Pakistan, China and ASEAN countries are very reliable, friends.

"Pakistan wants to do a feasibility where Pakistan, China and ASEAN triangle can come up, as well as feasibility into Pakistan and ASEAN FTA", he mentioned.

Pakistan wants to export more textile goods, food products, surgical instruments, meat, vegetables to China and to ASEAN countries. "We are upgrading the agriculture sector and Pakistan is making great progress in energy and infrastructure and has moved on from agriculture to industry and the socioeconomic reforms".

While mentioning about his previous visit to China in March this year Dr Alvi said that he met President Xi, Premier Li Keqian and other Chinese leadership to express solidarity with China in its fight against COVID-19 pandemic.

"I was very confident that China as a disciplined nation will be able to overcome this disease", he added.

He said that this CAEXPO was a symbolic situation where it was showing that beyond COVID, China has provided leadership in trade to the world.

He further said that China has recently signed the world's largest trade agreement which is a Regional Comprehensive Economic Partnership, with the number of countries and it has shown leadership to the world that it is a reliable trading partner and an economic hub.

About Pak-China all weather strategic cooperative partnership, he said it was very deep friendship deeper than the oceans and as high as the sky. And both the countries are trusted friends with each other.

In addition, China Pakistan Economic Corridor (CPEC) has done wonders in bringing Pakistan as an economic and strategic hub where goods from China, to the world and from Pakistan towards China could be sent and this will also link up with the Central Asian countries.

Pakistan and China have signed the second phase of the Free Trade Agreement (FTA) which has come into effect since January 2020.

Earlier Chinese President Xi Jingping and head of the ASEAN countries addressed the opening session of the three-day CAEXPO

This year's theme of the CAEXPO is "Building the Belt and Road, strengthening digital economy cooperation".

The CAEXPO aims to deepen cooperation in trade, technology, digital economy, science and, health and other fields. With a planned exhibition area of 104,000 square meters, this year's event will set up 5,400 booths.

More than 1,500 enterprises from home and abroad will participate virtually in the four-day event.

The international exhibition area has 229 booths for participants from 22 countries, including Pakistan, Japan, the Republic of Korea, Australia, India, Iran, France, Italy, and Russia.

The CAEXPO will also host 11 high-level forums and more than 160 economic and trade promotion activities. Initiated in 2004, the annual expo is an important platform for promoting trade and bilateral relations between China and the Association of Southeast Asian Nations (ASEAN).

APP

OMO Result: SBP Injects Rs.758.50 Billion for 7 Days

November 27, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.758.50 Billion into the market for 7 Days.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
7DReverse Repo (Injection)759.500758.5007.08 - 7.017.032120
 
OMO Settlement: same day November 27, 2020
*Amount in Billions

 

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Dutch Company shows interest to invest $1.3bln in Karachi...

November 27, 2020: A Dutch company has expressed willingness for the establishment of plants for desalination of water and power generation from the garbage in Karachi with the investment of 1.3 billion dollars.

The proposal of AWTEC Netherland was presented at a meeting presided over by Prime Minister Imran Khan in Islamabad.

The Dutch company also expressed deep interest in investment in the Ravi City Project and the establishment of a renewable energy plant in Lahore.

The meeting reviewed progress on projects of Pakistan Islands Development Authority and Ravi River Urban Development Authority.

Speaking on this occasion, the Prime Minister said Pakistan is facing continuous problems due to the unavailability of appropriate arrangements for garbage processing.

He said Pakistan’s water resources particularly its coastal-line was badly affected due to these problems.                                    

The Prime Minister said such projects would help provide residential facilities of international standard in cities.

Radio Pakistan

Asian shares grind lower amid vaccine doubts, economic concern

November 27, 2020: Asian shares fell slightly on Friday, pulling back from a record high hit earlier this week, amid renewed doubts about a highly-anticipated coronavirus vaccine and concern about the economic impact from the pandemic.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.07%. Australian shares were down 0.15%. Japan's Nikkei fell 0.09%.

U.S. S&P 500 e-mini stock futures fell 0.24% in early Asian trade. U.S. financial markets were closed on Thursday for the Thanksgiving holiday and will trade on a partial schedule later on Friday.

Oil prices looked set to extend their declines from a seven-month high due to signs of oversupply.

British drugmaker AstraZeneca's coronavirus drug was touted as a "vaccine for the world" due to its inexpensive cost, but the efficacy of the vaccine is now facing more intense scrutiny, which experts say could delay its approval.

Several scientists have raised doubts about the robustness of results showing the shot was 90% effective in a sub-group of trial participants who, by error initially, received a half dose followed by a full dose.

"With global case numbers having now topped 60 million... there is certainly some rough terrain ahead for the global recovery, and that can create economic scarring," analysts at ANZ Bank wrote in a memo.

MSCI's broadest gauge of world stocks was up 0.02% on Friday in Asia, sitting just below a record high reached in the previous session.

Doubts about the distribution of a coronavirus vaccine have placed renewed focus on the current state of the pandemic, which looks grim for many places.

U.S. hospitalizations for COVID-19 are at a record and experts warn that Thanksgiving could lead to further infections and deaths.

More than 20 million people across England will be forced to live under the toughest restrictions even after a national lockdown ends on Dec. 2. Partial lockdowns in some European countries have also raised concern about economic growth.

The European Central Bank's chief economist highlighted these concerns in dovish comments on Thursday, which pushed European bond yields lower.

The euro, which last bought $1.1910, showed little reaction because currency traders have largely priced in expectations for additional ECB easing next month.

The dollar index was near its lowest in more than two months, but moves were subdued due to the U.S. trading holiday.

U.S. crude dipped 1.71% to $44.93 a barrel.

Fuel demand is falling due to renewed coronavirus lockdowns, but some oil producers are not complying with agreed production cuts, which raises concerns about oversupply.

Spot gold, which is often sought during times of uncertainty, was little changed at $1,809.51 per ounce following a 0.3% gain on Thursday.

Bitcoin, the world's biggest cryptocurrency, steadied at $17,180 on Thursday, but it tumbled by 8.4% in the previous session after failing to take out its record high of $19,666.

Bitcoin has rallied around 140% this year, fuelled by demand for riskier assets.

Reuters

SBP to Conduct 7 Day OMO

November 27, 2020 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 7 day OMO to inject funds into the market.

Quotes timing is: 10:30 PST while result will be announced at: 11:00 PST

Settlement is same day - November 27, 2020

 

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