ISLAMABAD, Jan 31: Prime Minister Shaukat Aziz on Monday said that investment climate in Pakistan today was more conducive than ever before and that local as well as foreign investors must avail abundant opportunities available for investment in the country.

Talking to a delegation of Asia Brown Boyeri (ABB) headed by its president Rajean Appleby, which called on him at the Prime Minister's House, the premier said that economic reforms, consistency and continuity of policies had transformed Pakistan into a resurgent economy.

Prime Minister Shaukat Aziz also met with a group of executive directors of the World Bank and underscored the need for the World Bank and Pakistan to enter into a long-term development partnership.

He claimed that with fast growing economy middle class had rapidly expanded and had grown its purchasing power. "The demand for goods and services has increased manifolds, as economic activities have picked up in the wake of current upsurge."

The prime minister said that currently the emphasis was being laid on the diversification of economy, particularly through transition from textile to engineering.

Pakistan, he said, possessed the potential to become a regional hub for manufacturing with a wide scope for investment in telecom, real state, services, oil and gas infrastructure, power generation and distribution along with manufacturing. He said the demand for power and energy was increasing, as economic activities were expanding all over the country.

The ABB, he said, could explore the opportunities of undertaking joint ventures with local partners with foreign investors having an access to local credit and equity as the financial sector was very robust.

"The availability of cheap and hardworking labour and strategic location has made Pakistan an ideal choice for investors," the premier maintained. The ABB president lauded the achievements made by the country in the economic field and said that it had the potential to achieve even higher growth rate.

ABB is a leader in power and automation technology in Pakistan and has made substantial investments through state-of-the-art 'turbo charger workshop' in Lahore. In his meeting with the World Bank directors, Shaukat Aziz described the bank's role as critical in the development of the country and said a long-term relationship could really transform the country.

"If the bank provides soft loans (IDA) the country could accelerate the process of economic development." Dilating upon his developmental philosophy, the premier says it draws heavily from deregulation and privatization with an emphasis on transparency.

Meanwhile, the prime minister in a meeting with the All Pakistan Textile Mills Association (Aptma) delegation was informed that the industrial production in the country had increased by 15.5 per cent during the first five months of the current fiscal year.

The growth in November 2004 was 28 per cent, as the textile sector was evolving from commodity to specially produced products through value-added production. "Over $6 billion are expected to be invested in the textile sector during the next four years.

More than $4 billion had been invested during the last four years." The premier was informed that over 2.2 million more spindles will be added to the textile sector. While appreciating the performance of textile sector, the prime minister said the government was facilitating the growth of industrial sector in order to create more jobs and boost exports.