April 1, 2006	Saturday	Rabi-ul-Awwal 2, 1427

KARACHI, March 31: Minister of Commerce Humayun Akhtar Khan said on Friday that Pakistan needed market access to the United States and European Union (EU) to create maximum number of job opportunities for its unemployed youth.

Speaking at the investment conference held on the sidelines of the Expo 2006, the minister said that since Pakistan was in the forefront in the war against terrorism, therefore, it required all sorts of assistance in generating job opportunities for its youth.

He said that Pakistan wanted foreign investment for expanding its job market and creating maximum employment opportunities. He explained, “If the US or EU gives duty free market access to the tune of $1 billion, it would provide jobs to around 200,000 workers.”

Mr Khan further said that this would have a wide- ranging socio-economic impact on the country’s workforce as it would help feed around 1.2 million families with an average number of six.

“We can not alone confront terrorism and if assured of such trade and investment avenues Pakistan can effectively play its role in providing peace and stability to the world at large,” the minister asserted.

The investment conference was largely attended by foreign delegates coming from over 57 countries who managed to get first hand information on the country, which has achieved one of the highest economic growth rate after China and was offering excellent and friendly investment opportunities.

The minister assured the investors of consistency in government’s economic and investment policies and said that there had never been any problem in repatriation of profits, even when the country had the bitter experience of nationalization of industries in early 70s.

“When, even today, as many as 600 multinational companies are making profits in Pakistan and regularly repatriating their profits, there should be no doubt in the minds of new investors about their margins of profit and safety of capital,” Mr Khan asserted.

He said that Pakistan needed investments in such sectors as engineering and high tech industry and suggested that the EU and the US should enter into joint ventures in textile by relocating their industry to Pakistan, which has a fairly large quantity of raw cotton and also have surplus production for export of textiles and clothing.

The minister suggested to the US retail chain stores to have regular visits to Pakistan and said that a lot many investment opportunities were available in other sectors such as food processing, telecommunications, housing sectors and dairy products.

Earlier in the day the commerce minister held meetings with different delegates and exchanged views with them to have a direct feedback about the outcome of the Expo. It was generally felt that such event should be regularly held, which will not only show government’s commitment but also help bring change in the mindset of investors about Pakistan.

He also stressed the need for investment in small and medium enterprises which are the backbone of any economy. Mr Khan said that the economy was transforming as exports had diversified as the share of textiles, even after maintaining a 10 per cent growth, had come down to 59 per cent from 68pc in the past.

He further said that exports in other sectors had rapidly increased by achieving 18 per cent growth which was a good sign. The minister was sure that the country would lessen its dependence on textiles alone.

However, he admitted that there was a shortage of skilled labour and the government had undertaken special programmes to impart on-the-job training. It had selected some industries for a comprehensive youth training programme.