July 06, 2006	Thursday	Jumadi-ul-Sani 9, 1427

GENEVA, July 5: Prime Minister Shaukat Aziz said on Wednesday that political stability, consistency and continuity of economic polices and high corporate profitability are turning Pakistan into a destination of choice for investors from regions as diverse as the Middle East, Asean, Europe and North America.

"Pakistan is providing a level-playing field and we make no distinction between local and foreign investors. There are no sectors which are taboo to investment," he told leading fund mangers from around the world at a function organized by Union Bank of Switzerland.

Over the last seven years, the government had undertaken comprehensive and multi-faceted structural reforms which had helped revive and reposition the country, he added.

"Due to consistent investment policies and the provision of level-playing field for investors, there is a substantial increase in investments leading to the generation of economic activities, job opportunities and better growth in the country," he added.

Mr Aziz said due to economic stability, today Pakistan had gained international recognition as one of the top performers of the world and was swiftly moving to occupy a significant place in the global economy as an emerging market.

Explaining Pakistan's economic policies and reforms, he said, these were driven by the principles of deregulation, liberalisation and privatisation. The prime minister said continuity and consistency in economic policies had created an environment conducive to business and numerous sectors were now open for investment.

Highlighting some of the achievements in economic sector, Mr Aziz points out that budget deficit has been reduced significantly; revenue collection and exports were in double digit; growth is consecutively improving for the last three years; debt burden has declined substantially, and foreign direct investment is all-time high.

He said country's real GDP grew by 6.6 per cent, the per capita income rose to $847 and the economy was growing at an average rate of almost seven per cent during the last four years and over 7.5 per cent in the last three years, thus enabling it to join the club of the fastest growing economies of the region.

Mr Aziz said Pakistan’s economic policies were now more vibrant, transparent, and predictable, adding that with the wide ranging structural reforms, improved financial credibility, highly competitive banking sector, rule-based fiscal policy, investors’ friendly framework and stable economic environment, Pakistan has now moved towards second generation reforms. The government, he said, was working on a policy to strengthen the private sector.

Referring to Poverty Reduction Strategy Programme, he said it was to ensure that the benefits of macroeconomic success should reach the common man to raise their standard of living. The prime minister said the government had implemented broad-based, multi-sectoral reforms that had brought about a qualitative and quantitative transformation in Pakistan.

The government had already embarked on developing several corridors of cooperation, including oil and gas pipelines, electricity grids, transportation networks and trade relations, Mr Aziz said.—APP