LAHORE, Feb 16: President General Pervez Musharraf on Friday formally inaugurated the Sundar Industrial Estate, developed over 1,600 acres along Multan Road, 25 kilometers from the provincial capital.

Speaking on the occasion, he termed the SIE a public-private partnership model and wanted other provinces to emulate it.

Stressing the need for diversification of Pakistan’s industrial base, the president said that focus on textiles, which was only six per cent of the total world trade, would not help in boosting country’s exports.

“We have to give attention to the sectors like engineering that accounts for 61 per cent of the world trade,” he said.

According to him, Pakistan could benefit from the system of segmentation of supply chain by producing parts of automobiles and machinery being produced in other parts of the world.

He said that Pakistan would maintain the economic growth rate of seven-eight per cent and expected remittances to the tune of $5 billion and a like amount in shape of foreign direct investment during the current fiscal.

He hoped that the revenue collection in the country would reach the level of Rs 900 billion during the current fiscal year against the target of Rs 815 billion. “We will achieve the target of Rs one trillion next year.”

President told industrialists that attention was being paid to the development of other energy sources, including gas, adding that work in connection with project for import of natural gas from Iran was in progress and an agreement had already been reached on the gas price issue.

The president underlined the need for using piped gas for industries and promoting the use of LPG for domestic use.

Governor Khalid Maqbool and Chief Minister Pervaiz Elahi also spoke.

Maqbool said that policies of the government had brought about an industrial revolution. The chief minister said his go ernment was implementing a comprehensive plan for rapid industrialisation in the province.—APP