CHENGDU, Feb 23: President Gen Pervez Musharraf highlighted on Thursday Pakistan’s potential as an emerging economic hub and an attractive destination for foreign investment.

He urged Chinese entrepreneurs to benefit from the country’s investor-friendly climate. “Don’t see Pakistan as a stand-alone country, look at Pakistan which is blessed with central and strategic location,” he told chief executive officers (CEOs) of leading Chinese companies based in China’s industrial province of Sichuan.

The CEOs called on the president during his visit to Sichuan province.

The chiefs of Dongfang Electric Facilities Corporation, Sichuan Electric Power Import & Export Corporation, Grace Group Company, LOMON Corporation, Sichuan Textile Import & Export Company, Mingda Group, New Rise Corporation, Silk Import & Export Company and others attended the meeting.

President Musharraf said Pakistan offered the shortest route to Central Asia, Western China and South Asia and served as trade and energy corridor to the region.

He gave them a detailed account of strong momentum in economic growth that had taken the country from low-income to middle-income level group with per capita income increasing by double digit to over $760. It has resulted in increased purchasing power and subsequent gap in supply and demand, he added.

President Musharraf invited the Chinese businessmen to take benefit from it and enter into an economic partnership with Pakistan that offered win-win situation to all.

He said the country posted an impressive 8.4 per cent growth and was well poised to achieve or even surpass 7 per cent growth in the current fiscal year, despite roaring international oil prices and earthquake catastrophe.

President Musharraf assured full legal security to foreign investment and told the Chinese entrepreneurs that over 600 foreign companies working in Pakistan, about 60 of them Chinese, never encountered any problem.

Referring to high returns as a major incentive for investors, he said that almost all foreign firms were reaping up to 50 per cent profits, some of them earning as high as 80 to 90 per cent. “This is all because of the economic upsurge that has generated a lot of economic activities in Pakistan,” he added.

Listing the opportunities for investment, President Musharraf said that almost all sectors of economic activity were open to foreign investors, as they were open to local investors.

Export Processing Zones and industrial estates had been established and were open to foreign investors, he added.

The investors were allowed 100 per cent equity and there was no bar on remitting dividends, profits and capital, he added.

The president said he was personally involved to see that bureaucratic hurdles in the way of investment were removed and investors were facilitated to the maximum.

He identified automobile, auto parts, telecom, infrastructure, construction, oil and gas exploration and energy — from hydro, coal, alternative resources to nuclear energy — as some of the attractive areas for investment.

“With consistency and continuity of economic policies, stable exchange rate we are ideal destination for investment,” President Musharraf added.

He said that while his visit was to further cement political and diplomatic relations between Pakistan and China and especially focused on boosting the two-way economic and trade ties. “We want to bring our economic ties in consonance with our excellent political and diplomatic ties,” he added.

JF-17 AIRCRAFT: President Musharraf also visited the Design and Research Institute and Avionics labs of the Chengdu aircraft Industrial Corporation to inspect the prototypes of JF-17 Thunder fighter aircraft, which is being jointly produced by China and Pakistan.