March, 17 2005	Thursday	06 Safar 1426

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PESHAWAR, March 16: Prime Minister Shaukat Aziz has emphasized the need for effectively marketing Pakistan’s image abroad to attract foreign investment and boost exports to reduce poverty and consolidate economic growth. He said the public and private sectors of the country needed to play a proactive role by shedding their typical frame of mind and help the country face challenges posed by globalization in an effective manner. “Out of the box thinking is required to reap the benefits of economic growth the country has attained through consistent implementation of the economic policies set forth by President Pervez Musharraf five years back,” the prime minister said here on Wednesday.

He was speaking at the concluding session of a three-day international investment conference which was jointly organized by The Mediator Conferences and the NWFP government.

Mr Aziz said the country’s image would have to be improved to attract foreign investment in the fields of oil and gas, hydel power, tourism, gem stones, marble and granite and other productive sectors which offered great opportunities for investment.

“Old frame of mind will not work as the new global economic system requires dynamism and new techniques to compete with the comity of nations,” he added. A large number of Peshawar-based industrialists, senior officers of the federal and NWFP governments, bankers, representatives of local and foreign donor agencies and private sector organizations attended the conference – the first of its kind in the province.

The prime minister said the era of state-owned enterprizes and offering incentives, tax exemptions and duty rebates to protect local manufacturing sector had ended with the inception of the WTO agreement which did not allow such practices on the part of governments.

“We — the public and private sectors — will have to open our minds and adapt to modern trade and business practices being pursued at the international level,” Mr Aziz said, adding that “staying still is not the answer to grow businesses”.

He stressed a proactive role for the federal and provincial public sectors which, he said, should only frame prudent financial and economic policies and regulate them in a bid to establish a conducive business environment in the country.

The lead role would have to be played by the private sector which should look for creating business opportunities, he added. The country would attain seven per cent growth rate in the current financial year, he said and adding that the industrial sector had so far achieved an all-time high 15 per cent growth rate during the current financial year.

“All this has happened due to the implementation of the prudent economic policies and vision President Musharraf set for the country five years back,” said the prime minister. He, however, said that a long road was still ahead to consolidate the economic growth and take advantage of the situation for which the country was heading in the right direction.

Mr Aziz said that investors’ interest was also evident from the fact that investors from Hong Kong, Malaysia, United Arab Emirates, Oman and Kuwait had shown interest in making investment in Pakistan.

“The telecommunication sector reflects the foreign investors’ confidence in Pakistan as six mobile phone companies are in the field and their competition has benefited the consumers in the shape of lower phone rates,” he added.

The prime minister appreciated the NWFP government’s move of organizing the investment conference to highlight the potential the province had got in hydel power generation, cement manufacturing, tourism, oil and gas, gems and mineral sectors.

However, he said, the provincial government should open its mind and adapt to modern changes to get ready to meet the future challenges. He advised NWFP Chief Minister Akram Durrani to facilitate and encourage the private sector through prudent policies.

In this respect, he appreciated the package announced by the chief minister for the manufacturing sector during the conference. The prime minister said the provincial government should focus on the advantages the geographic location of Peshawar entailed to boost economy.

“Instead of pointing out locational disadvantages for being away from the sea port, the NWFP government should prepare strategies to benefit from the growing business opportunities emanating from the restoration of peace in Afghanistan and Central Asian Republics.”

The businessmen of Peshawar, Mr Aziz said, had a competitive edge over their counterparts in Karachi and Lahore who were not able to compete with the NWFP businesses for their being close to Afghan markets.

“Pakistan’s exports to Afghanistan stood at $1 billion last year and the boom benefited the NWFP the most,” he added. In an attempt to enhance trade with Afghanistan the government would construct Peshawar-Torkham highway and Torkham-Jalalabad road to facilitate transport of goods from Peshawar to Afghan markets.

Similarly, a modern truck terminal would be established in Torkham to ensure quick clearance of exports goods at the border. The government had already approved a plan to construct a road on the Pakistan-Afghanistan border which would pass through Miramshah to open new trade routes.