LAHORE, Feb 18: The Punjab governor said on Tuesday it was time to materialize the new chances of investment created as a result of long-term reforms by the Musharraf government.

He was speaking at a consultative meeting with over 30 investors in the housing, oil and gas, textile, garments, leather products and ceramic industry sectors here at the Governor’s House.

The meeting was attended by former industries minister Razzak Daood, Seth Muhammad Abid, Mian Muhammad Hanif and others. They gave suggestions for the promotion of investment in the country.

Central Board of Revenue’s customs and tax reforms officer, central excise regional commissioner and the Punjab industries secretary explained the government policy on different points raised by the participants.

Governor Khalid Maqbool said the country had a great potential to advance the industrial sector. But, it was required that the Pakistani industrialists should produce such items which could motivate foreign investors to start taking advantage of the expertise of local people.

He said despite reduction in the excise duty on the items of general use during the past three years the government realized much revenue than it used to collect in the past.

He said the Musharraf government had the privilege of eliminating the SRO culture.

Mr Daood said the production of television, refrigerators and airconditioners had increased manifold. It was urgently required to install units for the production of synthetic fibre in the country. The country could also earn foreign exchange by exporting readymade garments instead of the cotton yarn, dairy products and fruit processing.

The participants agreed that much room existed for the expansion of the housing sector and oil and gas exploration.

Seth Abid said he could bring Rs2.25 billion investment from the Middle East for the construction of five and 10-marla houses in different cities in the Punjab provided the housing sector allowed the commercial banks to extend easy loan to developers and construction companies through amendment in the laws.