MPR faction plans investment forum
MPR faction plans investment forum
JAKARTA: In a bid to boost investment in the country, the
Regional Representative Faction of the People's Consultative
Assembly (MPR) in collaboration with the association of local
governments in Indonesia is scheduled to hold a regional
investment forum in Jakarta from July 2 to July 4.
Faction deputy chairman Bambang Soeroso said the Indonesian
International Regional Investment Forum 2003 was aimed at
accelerating regional investment in conjunction with global
economic competition.
"This forum will act as means to promote the economic
potential of regencies and municipalities to both foreign and
domestic investors," he told reporters at a press briefing on
Thursday.
Bambang said that despite the fact that 2003 had been declared
by the government as the year of investment, there was little to
indicate that investment had been flowing into the country.
The organizing committee had registered 100 regencies and more
than 30 private investors to take part in the forum.
International lending institutions such as the Asian Development
Bank (ADB) and the Islamic Development Bank had also agreed to
participate. -- JP
;Agencies;
ANPAf..r..
MoneyMatter-China-Thailand-tariff-pact
China, Thailand sign tariff pact
JP/16/Money
China, Thailand sign tariff pact
BEIJING: China and Thailand have accelerated the establishment
of a Sino-ASEAN free trade zone by offering mutual tariff-free
treatment on 188 agricultural products, state press said on
Thursday.
They include 108 edible vegetables and 80 edible fruits and
nuts.
The zero tariffs will take affect from October 1, according to
a Sino-Thai agreement signed here Wednesday by Chinese Minister
of Commerce Lu Fuyuan and Thai counterpart Adisai Bhotharamik,
the Xinhua news agency said.
The exemptions were drawn up under the Framework Agreement on
Comprehensive Economic Cooperation between China and the
Association of Southeast Asian Nations.
China exported US$8.47 million worth of vegetables and $13.72
million worth of fruits to Thailand in 2002,
Its imports of vegetables and fruits from Thailand hit $114
million and $70.55 million respectively last year. -- AFP
;Agencies;
ANPAf..r..
MoneyMatter-Mideast-WTO
Mideast countries to join WTO
JP/16/Money
Mideast countries to join WTO
MANILA: Bahrain, Qatar, Kuwait and Saudi Arabia are opening up
to tourism by seeking to join the World Tourism Organization, the
group said on Thursday.
Francesco Friangelli, secretary-general of the tourism
industry body, told a regional meeting that the four Middle
Eastern countries, along with Bhutan and Bermuda, had "indicated
their desire to join or rejoin" the organization.
He said it might seem unusual that oil-rich countries "with no
problems with balance of payments" would be turning to tourism.
But these moves showed that these countries were "thinking in
the long-term," in creating new jobs for their nationals and
trying to diversify their economies which are dependent on oil
exports.
Friangelli, in the Philippines for a tourism conference, said
he was expecting word soon that Oman was also willing, adding
that even Libya and Iran were now preparing tourism master plans.
Because of the expected entry of so many Arab countries, the
World Tourism Organization was "now in the position to introduce
the Arabic language" in its operations. -- AFP
;Agencies;
ANPAf..r..
MoneyMatter-IMF-loan-Pakistan
IMF clears $123m loan for Pakistan
JP/16/Money
IMF clears $123m loan for Pakistan
WASHINGTON: The International Monetary Fund (IMF) unlocked a
US$123-million chunk of a five-year loan program for Pakistan on
Wednesday after reviewing its economy.
The decision brought total loans disbursed so far under a
five-year, $1.47-billion assistance program to $738 million.
IMF directors granted a waiver for Pakistan's failure to
prepare a revised financial restructuring plan for the Water and
Power Development Authority by April 15.
The money was extended under special low-interest terms for
poor countries.
"The Fund commends the authorities for Pakistan's strong
macroeconomic performance, in a context of global economic
weaknesses and a difficult regional security environment," IMF
deputy managing director Eduardo Aninat said in a statement.
"Most structural reforms planned through April were broadly on
track except for limited progress on privatization owing largely
to regional security concerns that resulted in a lack of investor
interest, and for setbacks in energy sector reforms." -- AFP
;Agencies;
ANPAf..r..
MoneyMatter-Iraqi-oil-export
Iraqi oil exports to start Sunday
JP/16/Money
Iraqi oil exports to start Sunday
BAGHDAD: Iraq will resume exporting oil from Sunday, the head
of the State Oil Marketing Organization Mohammed al-Juburi told
AFP on Thursday.
"Loading Iraqi petrol stocks from the Turkish terminal of
Ceyhan on the Mediterranean Sea will begin on Sunday, when
pumping will also begin," the official said.
The shipments will be taken from stocks of some eight million
barrels of Kirkuk crude from the northern fields at the Turkish
terminal of Ceyhan on the Mediterranean, and two million barrels
of Basra Light lifted in the south. -- AFP