RAWALPINDI, May 10: President Pervez Musharraf on Wednesday emphasised fast-track facilitation of foreign investment and early removal of impediments in the way of higher levels of international investment to ensure the country’s rapid industrial development.

“We must set the shortest timeframe between an investor’s expression of interest and the government’s response in terms of facilitation for commencement of the project,” he underlined at a meeting.

Prime Minister Shaukat Aziz and senior government functionaries attended the meeting, which reviewed progress on decisions taken at a similar meeting held on Feb 16, as part of the government’s efforts to evolve an enabling environment for investors.

“Pakistan offers a lot to international investors not only in respect of meeting local requirements but also as the country destined to serve as a trade corridor and an industrial base for export to regional countries including Central Asia, South Asia, the Gulf and China,” the president said.

He said foreign direct investment during the current year would touch $3 billion but regular follow-ups on the implementation of policies was imperative to set the pace for industrial development.

“We must make the most of growing international confidence in our economic growth and policies, a sustained inflow of investment will help Pakistan maintain its higher growth as well as stem poverty through massive employment generation,” he stated.

“While we will continue to strive for higher growth in the agrarian sector, we must go for fast-track industrialisation,” he said.

The prime minister said the government had offered a level playing field to local and foreign entrepreneurs and ensured legal protection to their business.—APP