17 October 2004	Sunday	02 Ramazan 1425

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ISLAMABAD Oct 16: Prime Minister Shaukat Aziz said on Saturday that Pakistan needed unity and stability to achieve its full economic potential. "These requirements are being met and will be met," the prime minister told entrepreneurs at the launch of a corporate brokerage house , the First National Equities Limited, in Islamabad.

Today's Pakistan was not that of yesterday, he said recalling the economic turnaround made possible by the policies implemented over the past five years. "Pakistan of today and tomorrow is looking towards a very vibrant economy to create opportunities for our people."

The prime minister said young entrepreneurs and professionals were the hope for a bright future and the country's economic development.

He said the launching of the new brokerage house, with a Paid-up capital of Rs500 million reflected investors' confidence in the company and country's economic future.

He advised potential investors to take risks but be careful of unscrupulous elements.

Prime Minister Shaukat Aziz said the economic reforms pursued over the past five years had improved economic indicators all around.

The GDP growth at 6.4 per cent in 2004 against 4.2 per cent in 1999-2000, foreign debt reduced from $38 billion to $35 billion, foreign reserves rose to over $12 billion from $1 billion and exports increased to $12.4 billion from $7.8 billion during the period showed the country's economy was moving towards sustainability, he said.

The prime minister said his government was also focussing on poverty alleviation through social sector development.

"We have made progress in trade and tariff reforms as a result of which the tax revenue had jumped to Rs601 billion from Rs406 billion," he said.

He said the three stock exchanges- Karachi, Lahore and Islamabad- were performing so well that Pakistan's corporate sector has been termed most successful among all the developing countries.

He said the newly launched brokerage house would not only help attract investment but also provide direct employment.

The government, he said, was facilitator in the investment activity and it was for the entrepreneurs and investors to take benefit. He stressed the need of quality research for the betterment of investment atmosphere and better performance of the corporate sector investment. Earlier, the chairman National Equity presented address of welcome.

APP adds: Talking to a group of businessmen representing the Employers Federation of Pakistan, headed by Ashraf W. Tabani, Prime Minister Shaukat Aziz said there is a need to bridge the skill gap which has been created over the years and the employers-employee partnership can play an effective role in capacity building of workers.

The Prime Minister said the extensive training programmes were required to transform the available labour force into world- class skilled manpower to develop a result-oriented industrial infrastructure in the country.

He said the government had already announced tax free facility for the training institutions. It will help in optimizing the output and improving the quality of work force, he added.

The Prime Minister said the Employers Federation could play effective role in promoting public-private partnership.

Responding to a question regarding the ratification of international laws on labour, Prime Minister said Pakistan has developed its own thinking keeping in view the local environment and social needs. He said Pakistan has always complied with the Industrial Relations Labour laws and would continue adhering to such regulations, which could provide boost to its industry.

Earlier, the President of Employers Federation of Pakistan Ashraf W. Tabani greeted the Prime Minister and said as Finance Minister, the people of Pakistan have been receiving the fruits of economic and financial policies and hoped that now as Prime Minister, Pakistan would make more progress.