KARACHI, April 21: Minister for Industries and Production Liaquat Ali Jatoi on Wednesday said that after achieving macroeconomic stability the country was now poised to become business hub of the region.

Addressing the inaugural session of the 3rd International Garment and Textile Machinery Exhibition (IGATEX 2004) at the Karachi Expo Centre, the minister invited foreign participants to exhibition to invest in Pakistan in a big way as it offered a lot many opportunities and incentives.

Although tariffs have been brought down by up to 60 to 70 per cent, they would be further rationalized, and more incentives would be given to investors. The minister said that the government would remove duties on import of raw materials as well as capital goods like plant and machinery.

"I am custodian of the business community and want to safeguard their interest," the minister maintained and added that reforms and structural changes of last four years had brought a lot of changes and produced good results on the economic front.

After a long time such a large number of foreign participants numbering over 430 from 29 countries were seen in such an event and it could be easily said it was a big regional fair of textile and garment machinery.

The minister said that Pakistan was setting up Textile City over 1000 acres of land near Port Qasim, which was expected to provide employment to around 80,000 people and earn around $25 billion through additional exports.

He said that a mega project of Gwadar Port was also underway, which would be declared free trade zone. Liaquat Ali Jatoi said that industrial growth stood at 14.7 per cent, which indicates that there exists viability and potential of any industrial activity.

With strong fundmentals like foreign reserves over $12 billion, exports to cross $12 billion and GDP growth expected to touch 6 per cent the country is poised to become business hub of the region. Earlier Aasim A Siddiqui chairman and Edward Liu of Singapore the co-sponsors of the IGATEX 2004, briefly highlighted the salient features of the exhibition.