QUETTA, May 8: Federal Minister for Investment and Privatization Dr Abdul Hafeez Sheikh has expressed the resolve of the government to protect investment in Balochistan.

Addressing a major international investment conference here on Saturday the minister remarked: "I am aware of the sensitivities of an investor, he wants the security of his capital and the prospects of profit."

The minister made this pledge in the backdrop of an explosion a day earlier within the premises of the Provincial High Court close to the venue of investment conference.

There was tight security around the venue of the conference, the first of its kind in Balochistan, which was attended by 250 major investors including 50 from other countries.

Balochistan Chief Minister Jam Mir Mohammad Yusuf delivered the inaugural speech as Prime Minister Mir Zafarullah Khan Jamali could not reach Quetta due to bad weather.

Dr Hafeez said that Gwadar Port would be ready by the end of this year at a cost of $1.1 billion with a huge container terminal, dry bulk cargo terminal as well as grain and oil terminals.

The port is being built with the help of China.

"For the project to realize its full potential, the required infrastructure is being put in place to ensure that shipments transit through port without any difficulty," the minister told the participants of the conference.

"Plans are underway to establish a new city, an industrial zone, and oil storage and refining facilities adjacent to the port which will also provide warehousing, transshipment and other related facilities necessary for smooth trade," Dr Hafeez added.

"The most precious assets of the province are its vast solid minerals and oil and gas deposits. More than 50 metallic and non-metallic minerals such as copper, gold, iron, lead etc., have already been discovered," he said.

He said the Saindak Copper and Tethyan Copper Projects were just two examples of the international interest in Balochistan's mineral deposits. The Sui fields were still the largest gas discovery made in Pakistan. "The fact that six new exploration concession agreements, covering an area of some 14,000 square kilometres, have been signed with local and foreign companies is the evidence that the province has bright prospects in oil and gas exploration," he said.

"Balochistan has a long coastline which is ideal for fishing and tourism activities," he added.

"I am sure this conference will contribute greatly to our efforts to attract the interest of foreign as well as local businessmen to benefit from the vast opportunities of investment in the province. It has the potential to be future hub of economic activities in this region.Opportunities exist in a wide range of sectors, including oil and gas, minerals, tourism, agriculture, water supply, communication and telecommunication."

The government was making substantial investment in the province, in infrastructure as well as the social sector. However, "we look forward the private sector to be the engine of growth and the Board of Investment will do every thing possible to facilitate this process," the minister informed the participants.