ICMD, Oct 16, 2021: A government agency in Pakistan has issued an international tender to purchase and import 90,000 tonnes of wheat, European traders said on Saturday. The deadline for submission of price offers in the tender from the Trading Corporation of Pakistan (TCP) is October 25. A new tender had been expected after Pakistan made no purchase in a previous tender for 90,000 tonnes of wheat this week.
ICMD, Oct 16, 2021: Turkish construction company Bayindir has once again approached the International Centre for Settlement of Investment Disputes (ICSID) against Pakistan. It is learnt that the Ankara-registered firm filed a claim under the 1995 Turkey-Pakistan bilateral investment treaty at ICSID on October 12. The Turkish firm has hired three law firms — Jones Swanson Huddell & Daschbach and Fishman Haygood in New Orleans, and Kabine Law in Istanbul — to fight case against Pakistan. Details of the case are scarce but the ICSID website says the matter is related to the construction of a highway project. Earlier in 2003, Bayindir had lost its claim against Pakistan at ICSID which was filed under the same bilateral investment treaty (BIT) between Pakistan and Turkey. That case related a contract to build a six-lane motorway between Islamabad and Peshawar. The Turkish firm back then claimed that it had been expelled from the project unfairly. A tribunal chaired by Switzerland's Gabrielle Kaufmann-Kohler with the UK’s Franklin Berman and Germany’s Karl-Heinz Böckstiegel dismissed the firm’s claim and ruled in favour of Pakistan in a 2009. The new case will be unwelcome news for Pakistan, which is still fighting to annul a $5.9 billion penalty imposed by ICSID in 2019 in Reko Diq goldmines case. In 2019, Pakistan settled a billion-dollar ICSID award in favour of another Turkish investor, energy company Karkey Karadeniz, without making any payment. That dispute concerned the cancellation of a short-term electricity contract and seizure of Karkey’s vessels amid allegations of corruption. Attorney General for Pakistan (AGP) office has confirmed to The Express Tribune that Bayindir has filed case against Pakistan for the second time on the alleged violation of Pak-Turk Investment Treaty. However, details in this regard are not available yet. A senior official of the AGP office said that Pakistan will vigorously pursue the case before ICSID. -- ET
ICMD, Sep 23, 2021: Samsung Electronics is in the process of establishing its TV line-up plant in collaboration with R&R Industries in Karachi, says Razzak Dawood, Advisor to the prime minister for commerce in his tweet yesterday. It will become functional in Q4 of 2021 and is expected to produce 50,000 units annually. Samsung Electronics is a South Korean technology giant whose effort in collaboration with a local partner will produce 50,000 television units per annum. Dawood's tweet says: I have been informed that Samsung Electronics is in the process of establishing their TV line-up plant in collaboration with the R&R Industries at Karachi. It will become functional in Q4 of 2021 and is expected to produce 50,000 units annually. He further says this is a vindication of the Ministry of Commerce’s “Make-in-Pakistan” policy for industrialization via rationalization of input costs and other incentives. The plant would become functional in the fourth quarter of 2021 and is expected to produce 50,000 units annually. R&R Industries CEO Moosa announced the company’s plans to set up a manufacturing plant for the Samsung TV lineup in Pakistan. An official announcement by the company said that R&R Industries has signed an agreement with Samsung and intends to set up the plant in Karachi’s Korangi Industrial Area. R&R Industries has already started the construction and fabrication of the factory plant — which is expected to be inaugurated in the fourth quarter of 2021 — and added a major global brand into the portfolio of local manufacturing in Pakistan. The local partner company believed that the project will create more than 700 jobs in Pakistan. It is expected that the business revenue of the project will be approximately touch five billion rupees per annum and an annual target of producing 50,000 TV units.