Latest news with #Carec
Express Tribune
02-08-2025
- Business
- Express Tribune
Senate panel gives NHA deadline on N-55 project
Listen to article The Senate Standing Committee on Economic Affairs Division met at the Parliament House on Friday under the chairmanship of Senator Saifullah Abro to address critical concerns over dualisation of N-55 project. It gave the National Highway Authority (NHA) a stringent deadline of two weeks to furnish additional information crucial for finalising proceedings pertaining to the multibillion-rupee project. Senator Abro expressed serious reservations about the potential of awarding the contract for dualisation of Rajanpur-Dera Ismail Khan road under the Central Asia Regional Economic Cooperation (Carec) programme to a company that had previously faced issues related to its performance. He highlighted concerns over the termination of Multan-Lodhran Motorway section contract and the subsequent arbitration rulings, questioning the impartiality of arbitrator Zafar Siddiqui. In response to those allegations, NHA Member Aided Projects Ashfaq Khan defended the credibility of Siddiqui, citing his extensive arbitration experience and clarifying that any payments made were not related to the current project, which was under scrutiny. Committee chairman insisted on conducting a detailed financial audit to verify the legitimacy of bidding process and financial claims made by the local partners. Azeem Ullah, a financial expert associated with the NHA, explained the standard practice regarding joint ventures and reiterated the legality of claims made by partners for the released amount. Despite such clarifications, Abro sought a thorough trail of financial turnovers. Meanwhile, the NHA chairman intervened to underscore the adherence to legal procedures in appointing arbitrators and conducting evaluations, emphasising the transparency of the process. A spokesperson for the lowest-bid joint venture, led by a Chinese firm, called the process 'unjustified'. He complained about consistently targeting their company without merit and creating unwarranted controversy.
Express Tribune
29-05-2025
- Business
- Express Tribune
CAREC states invited to join Pakistan's SEZs
Listen to article Minister for Planning, Development and Special Initiatives Ahsan Iqbal on Thursday invited member states of the Central Asia Regional Economic Cooperation (Carec) to integrate their value chains with Pakistan's Special Economic Zones (SEZs) and explore opportunities for cross-border industrial clusters by leveraging Pakistan's preferential trade agreements with China, Asean and the Middle East. He extended the invitation while speaking at the inaugural ceremony of the fifth annual Carec Institute Research Conference, held in collaboration with the University of Sargodha. Themed "Carec Connectivity: Promoting Trade and Trade Facilitation," the conference brought together a diverse group of national and international stakeholders. "Today, intra-regional trade among Carec countries (excluding China) accounts for only 7% of total trade. In contrast, Asean bloc member countries have over 22% of total trade among themselves," he said. The Carec region, with a population of nearly two billion and vast reserves of energy, minerals and talent, was not short on potential, Iqbal said and stressed the need for a unified development strategy backed by collective action. Sharing the new development vision called Uraan Pakistan, the minister said it was based on five strategic pillars including exports, equity and empowerment, e-Pakistan, environment, energy and infrastructure. This strategy is not isolated from regional ambitions; rather it is aligned fully with the Carec Vision 2030. He pointed out that Pakistan was expanding high-value exports like IT, halal food and engineering goods. Pakistan's IT exports, for instance, have crossed $3.5 billion and are growing at an annual pace of 20%, empowering youth through digital skills.
