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| April 15, 2007 | Sunday | Rabi-ul-Awwal 26, 1428 |
Foreign investment to touch $5bn: PM
KARACHI, April 14: Prime Minister Shaukat Aziz on Saturday said the fiscal space created as a result of economic recovery and high growth had enabled the government to allocate more resources for improving living standards of the people.
He said this while addressing the fifth annual general meeting of the World Memon Organisation (WMO) here. The prime minister also presided over a meeting at the Governor’s House to review the progress of President’s Rozgar Scheme.
Speaking at the WMO’s function, Mr Shaukat Aziz expressed the hope the seven per cent growth rate target would be achieved this year which would lead to more investment. He said the foreign investment in the country would touch close to $5 billion this year -- the highest since independence.
“Now we have to make sure that we give the people better education, healthcare, infrastructure, law and order and security.”
The prime minister claimed that the country had good relations with all major powers and neighbouring countries and said that a peace process with India was going on and his government was trying to settle all issues, including Kashmir, through talks.
Mr Aziz emphasised that war was not a solution to the problem between the two countries. However, he said peace was achieved through strength and not weakness and reiterated peaceful character of Pakistan’s nuclear and missile programme for ensuring peace and security.
He pointed out that Pakistan had good relations with the United States and its trade with America was significant.
“We are trying to work with Afghanistan because a peaceful and economically developed Afghanistan is in favour of Pakistan, the prime minister said, adding that five years ago trade between Pakistan and Afghanistan was $50 million but it had now gone up to $1.2 billion.
He said that Pakistan-Iran relations were growing further and two important projects, including a gas pipeline project, were coming up with that country.
“We are also buying electricity from Iran to meet our energy needs.”
Mr Aziz said that more than 60 per cent people lived in the rural areas and the government was expecting higher growth in the rural economy this year. He said that 25 per cent people lived below the poverty level.
While reviewing the progress of the President’s Rozgar Scheme, which envisages providing loans up to Rs200,000 to unemployed youth for self-employment, the prime minister called upon the youth to take advantage of the scheme and said the government was focusing on both mega projects and small development programmes for a balanced growth.
The scheme was aimed at creating employment and economic opportunities and augmenting income to improve the quality of life of common man, he added.
The prime minister said the government was subsidising the programme through minimum interest rate, credit loss-sharing and credit risk-insurance. The government, he said, was providing 50 per cent of the interest on loans and would ensure that people belonging to every part of the country benefit from the programme.
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