ISLAMABAD, Aug 27: President Gen Pervez Musharraf on Monday said shipbuilding industry could become the country’s great asset due to its potential and would contribute to the uplift of national economy.

The president was chairing a meeting of Karachi Shipyard and Engineering Works (KSEW) to review the shipbuilding industry, which was also attended by Prime Minister Shaukat Aziz. Vice Admiral Iftikhar Rao, managing director KSEW, in his presentation informed the president that shipbuilding was an attractive industry for developing nations, because shipyards were labour intensive units and facilitate a wide range of ancillary industries.

The participants of the meeting were told that since 2003, the number of orders had been doubled from 115.5 deadweight tons (dwt) to 300 dwt and the total anticipated receipts were Rs965 million.

The next fifty years will see a growing demand for new ships, which would increase from 30 million dwt a year now to around 90 million dwt.

It was further pointed out that the commercially strategic location of Pakistan was a take-off point for such projects.

President Musharraf remarked that Pakistan should concentrate not only on ship repair but also shipbuilding and needed shipyards with bigger docks to accommodate larger vessels.

The president approved the concept and formation of a steering committee for implementation of the project.

The meeting was also attended by Governor Balochistan Owais Ahmed Ghani, Minister for Defence Production Habibullah Warraich, Deputy Chairman Planning Commission Muhammad Akram Sheikh and Adviser to Prime Minister on Finance Dr Salman Shah.—APP