Briefs

SECP approves Modaraba reforms

By our correspondent  

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has approved the concept paper to bring reforms into Modaraba practices, a statement said on Wednesday. 

“The proposed amendments, inter alia, include introduction of the concept of unlisted modarabas to facilitate new entrants and to help the Islamic financial services industry grow,” the statement said. “A new concept of fundraising through issuance of term equity certificates has been introduced to resolve the issue of resource mobilisation.” The SECP has already suggested other amendments to empower the certificate holders of modaraba.

 

‘Spain interested in power sector’

By our correspondent

ISLAMABAD: Ambassador of Spain to Pakistan Carlos Morales has said that Spanish companies were eager to invest in the power sector in Pakistan due to better investment opportunities and good returns. As per a statement issued Wednesday, the ambassador said this in a meeting with Federal Minister for Water and Power, Khawaja Muhammad Asif.

In the meeting, matters related to bilateral cooperation in energy sector came under discussion. The federal minister said that the bilateral trade between the two countries was expanding.

He also asserted there was potential in wind and renewable energy sector for the Spanish investors that would further strengthen the existing relations between the two countries. The ambassador lauded the efforts of the Pakistanis in Spain, who were playing a constructive role in cementing the social, cultural, and economic links between the two countries.

 

‘Pakistan, Canada must promote trade’

By our correspondent

LAHORE: Canadian High Commissioner Perry Calderwood has said that Pakistan and Canada have huge scope to strengthen economic relations between the two countries, as Pakistan has rich and unmatched resources, and a bright future.

He was speaking at the Lahore Chamber of Commerce and Industry on Wednesday. Perry Calderwood said that private sectors of the two countries should promote trade, investment, and economic partnership in the areas of mutual interests.

He said that more areas for trade and investment should be identified as existing trade does not reflect the true potential. He said that the Canadian Embassy in Islamabad was ready to provide maximum cooperation to the Pakistani businessmen, who wanted to do business with Canada.

The Canadian High Commissioner said that Pakistan could benefit from the expertise of Canada in the sectors of oil and gas, hydropower, alternative energy, and transportation.