HELSINKI, July 7: President Gen Pervez Musharraf on Wednesday sought more Finnish investment in Pakistan, urging the business community to take advantage of the several incentives being offered by the government to facilitate investment.

Speaking at a meeting with the Finnish business leaders, he said Pakistan with a huge population of 150 million and cheap labour offered ideal investment opportunities. Referring to the economic achievements of Pakistan, the president said the GDP had grown to 6.4 per cent and foreign exchange reserves were now equal to 12 months' payment of imports.

He said the fiscal deficit had been reduced and the debt servicing had dropped from 64pc to 30pc. He said that Pakistan's rating had risen substantially, adding that exports had grown by 17pc while the revenue generation had gone up by 70pc.

All these indicators, he pointed out, showed that national economy had improved and the country had been put on the road to progress and development. The president also spoke about the measures taken by the government to attract foreign investment by reducing the cost of business.

These measures included developing the communication infrastructure and setting of new industrial estates with all facilities. He said the Finnish entrepreneurs could invest in the IT, telecommunication, and engineering sectors, food processing and agro- based industry.

The meeting was organized by the Confederation of Finnish Industry and Employers (CFIE) and attended by executives of leading companies. He said that one of the major attractions for the investors could be the energy sector and added that Pakistan had abundance of water, coal and gas.

Gen Musharraf also talked about the Safta agreement to promote peace and harmony among the Saarc member states. CFIE chairman Juha Rantanen, in his welcome address, spoke about a modest trade between the two countries and emphasized the need to increase the volume.

He said last year Finnish exports to Pakistan were worth some 34 million euros, consisting mainly of paper and board, telecommunication and power generating equipment. Pakistan exports to Finland amounted to 22 million euros consisting mainly of textiles and clothing.

"We certainly have a lot of unused opportunities in trade and many possibilities to develop different modes of business operations between our two countries," he said.

Also present on the occasion were Industries Minister Liaquat Ali Jatoi, Senator Dr Shahzad Wasim, and MNAs Malik Amin Aslam and Hina Rabbani Khar. Earlier, the president visited the head office of Nokia, one of the leading cellular phone companies in the world.

He was briefed on the operations of the company by its senior vice-president who said Nokia enjoyed 32pc share of the global market. The president informed the Nokia officials of the government plan to deregulate the PTCL and its subsidiary U-fone. -APP