ISLAMABAD, Nov 18 : Prime Minister Shaukat Aziz said on Friday that due to structural reforms the economy has significantly stabilized and claimed that Pakistan was now the second highest growing economy in Asia.

He was talking to a delegation of International Textile Manufacturing Association, headed by Herwing Strolz, at prime minister house here on Friday.

The delegation comprised members from Switzerland, Brazil, India, Italy, Taiwan, USA, Germany and Pakistan. Referring to improvement in the economic sector, Mr Aziz said it had happened due to continuity and consistency of the reforms introduced by the government.

He said that Pakistan was now focusing on going up the value added chain, more market access at international level and improving competitiveness of Pakistani goods.

The prime minister said that the cornerstones of Pakistan’s reforms were deregulation, privatization and liberalization of economy.

He said the role of government was to provide an healthy environment enabling the private sector to grow.

He said Pakistan has adopted the philosophy of free market access because the artificial control and tariff barriers created inefficiency and hurt development.

He said as a result of the opportunities created for individuals and organizations due to liberal economic policies of the government, market economy was growing and there was a significant increase in the number of jobs in the country. The volume of local and foreign investment has significantly increased, he added.

He said textile industry was the core industry of Pakistan and it was heartening to see innovations and use of new technology adopted by the industry.

The premier said government has placed the development of this sector among its highest priorities and a separate Ministry of Textiles has been created.

He said the ginning industry has not been adequately developed, there was a need to produce contamination-free cotton and produce skilled manpower having the kind of expertise required for development of cotton industry.

The leader of the delegation said the members of his delegation were impressed with the economic performance of Pakistan and added that the continuity and sustainability of these policies would help Pakistan place itself as a serious player at the international market.

He said he was visiting Pakistan after 15 years and feels a significant improvement in every sector of economy.

He said in the textile sector Pakistan was moving in the right direction and has very bright prospects.