KARACHI, May 24: President Gen Pervez Musharraf has urged industrialists to concentrate more on the engineering sector to capture markets in this sector and enable the country to attain technological progress.
The president was addressing a delegation of the Pakistan Federation of Chambers of Commerce and industry (FPCCI) that called on him at the Governor’s house here on Saturday.
The delegation was led by FPCCI chief Riaz Ahmed Tata. Sindh Governor Dr Ishrat-ul-Ebad Khan, Chief Minister Sardar Ali Mohammad Khan Mahar and Corps Commander Lt-Gen Tariq Waseem Ghazi were also present during the meeting.
The delegation expressed confidence in the economic policies being pursued by the government.
President Musharraf, assuring his support to industrialists and businessmen, said he would act as a bridge between them and the government.
He said the country’s economy was now at the take-off stage and that industrialists and businessmen should take advantage of this, invest in the country in order to spur economic growth and create more jobs, and thus help towards alleviation of poverty.
Referring to the positive economic indicators, the president said fiscal deficit has been brought under five per cent of GDP and the inflation rate was under four per cent.
Gen Musharraf said the county’s exports were poised to cross the $10 billion mark soon. He said the situation pertaining to foreign direct investment (FDI) was also encouraging.
The president was of the view that there was a need to cut the cost of doing business in the country as this would help stimulate investment here.
He also spoke of the government’s policies for the creation of an investor-friendly climate in the country. He said some 600 mw of electricity would be produced from Thar coal project in two years time.
The president said the 1,450-MW Ghazi Barotha project was in a testing stage, and its opening was due in July this year. He invited private sector investment in power generation projects.
He said an investment of $1 billion had been made in the textile sector on modernization and value-addition.—APP