January 15, 2008	Tuesday	Muharram 05, 1429

KARACHI, Jan 14: President Pervez Musharraf laid the foundation of three major development projects – the signal-free Corridor-II, Pakistan Steel Flyover and Bin Qasim Industrial Park – in the metropolis on Monday.

Speaking as chief guest at the ‘foundation stone unveiling ceremony’ of the corridor project at Governor’s House, he described the ceremony somewhat between ‘earth-breaking’ and ‘inauguration’ and said that another milestone had been achieved. He hoped with the completion of this project transport problems would be reduced considerably.

In his discourse, the president dwelt at length on the problems of Karachi including new water supply project, solid waste management, mass transit, Lyari Expressway, affluent treatment and other issues including wheat flour and recent incidents of violence.

Recalling that federal government funded the K-III 100mgd water supply scheme worth Rs7-8 billion, he said that now K-IV must come up and assured that the federal government would certainly extend support.

He also lauded the efforts of Sindh Governor Dr Ishratul Ibad Khan and City Nazim Syed Mustafa Kamal for the fast-paced development. He had never seen work going on such a fast pace in the country, he remarked.

Referring to the beautification projects of Karachi in the shape of Quaid-i-Azam Mazar park, Bagh Ibn-i-Qasim and Askari Park, he noted with delight that never in the past such a large number of projects were accomplished here as were completed during the last five years.

Observing that Karachi has a variety of problems, more because all types of ethnic population lived here, Musharraf said that the country needed economic strength to solve these problems.

He said that the fiscal deficit was controlled and revenue generation was increased to transform and sustain the economy, which in reciprocal attracted foreign investment.

The president cited the example of the Cotton Export Corporation and Rice Export Corporation, which were running into losses, and said that the expenses were cut down and remittances and investments were enhanced during the transformation of economy.

Today again, he said, the country was faced with a challenge caused by soaring oil prices which were almost touching 100 dollars per barrel resulting in overburdening of national economy with the provision of annual subsidy of Rs140 billion.

Addressing the employees of Pakistan Steel Mills during a ceremony arranged at Pakistan Steel to unveil the plaques of the already operative flyover on the National Highway at Quaidabad and the planned Bin Qasim Industrial Park, he said the government believed in public-private partnership concept. The Industrial Promotion Boards with the government and private members had been set up to monitor industrial activity, he said, and hoped that the planned industrial park in Karachi would be another achievement under public-private partnership.

President Musharraf said the government had offered many incentives to local and foreign investors during the last five years and provided them with standard infrastructure and investment-friendly environment. Hundred per cent equity had been allowed to the investors and foreign investors were free for their remittances, he said adding that the government adopted zero customs policy for imports of machinery and certain raw materials to encourage industrialisation in the country. He said the procedure for acquisition of land for an industry has been simplified against the past practice in which an industrialist had to run from pillar to post for the land.

The president appreciated the Pakistan Steel management for providing 930 acres of land and extending all possible support to the National Industrial Parks Development and Management Company to make this project successful.

Among others, the ceremony was also attended by Federal Minister for Industries, Production and Special Initiatives Salman Taseer, Federal Information Minister Nisar A. Memon and Federal Defence Minister Saleem Abbas Jillani.—Agencies