ISLAMABAD, Oct 18: Malaysian Prime Minister, Mahathir Mohammad, has said that the reforms introduced by the present government have brought stability and economic revival in the country, and restored investor’s confidence.

In a meeting with Science and Technology Minister Prof Dr Attaur Rehman and Finance Minister Shaukat Aziz here, the Malaysian PM said that the developing countries need strong and stable governments. Frequent changes and political bickering can hamper the development.

Mahathir said that there were ample opportunities for cooperation between Pakistan and Malaysia in the IT and Telecom sector.

Earlier, Dr Attaur Rehman and Shaukat Aziz made presentations about the IT and Telecom scenario and economic reforms respectively.

Prof Atta stressed the need to enhance cooperation among Muslim countries in various fields of science and technology.

He said that President Pervez Musharraf’s proposal to set up a Pan Islamic Fund for research and development in science and technology, if realized, can greatly contribute towards socio- economic development in the Muslim world.

He said that the government has decided to act as an enabler and facilitator for the private sector.

The country’s software exports have risen to $100 million dollars; and its five-year target is one billion dollars.

According to World Bank estimates, investments amounting to $8 to $10 billion, were expected after the de-regulation of the IT and Telecom sector.

Prof Atta said that the internet access has been expanded from 29 to 850 cities, bandwidth rates have been slashed from $90,000 per month to $3,800 per month, and fibre access has been expanded from 53 to 250 cities. Non-robust internet bandwidth capacity availability has increased from 30 Mb/s to 400 Mb/s.

He said that the government has launched a project to have its own communication satellite which will be in position before April 2003.

He said that seven new IT universities were being established including a virtual university. He also said that as a result of the regulatory and enabling measures there was a substantial increase in local and foreign investments in the IT and Telecom sector.