President General Pervez Musharraf on Wednesday inaugurated the largest trade exhibition, Expo 2005, informing international entrepreneurs that Pakistan is a rising economy and poised to serve as a regional hub of trade and economic activities. Addressing the participants from 77 countries, the President recounted a host of economic achievements Pakistan has achieved in recent years and said its geo-strategic location, consistency of policies and development of a wide communication infrastructure underway, will turn it into a centre of trade.
"Pakistan will serve as centre of trade between Central Asia, the Gulf, the Western parts of China and South Asia," he added.
Musharraf also underscored that Pakistan is a vastly moderate country, where greater investment would be vitally helpful in reducing poverty and curbing extremism.
"The entrepreneurs, traders, exporters and businessmen contribute indirectly to fighting extremism as investment widens the industrial base, creates jobs, reduces poverty, and thus curbs the menace of extremism."
Pakistan, he said, is on the forefront in the fight against terrorism and the government was striving for a societal transformation so that the vast majority might get voice and contain extremist minority.
"I have a strong hope that this landmark event will help correct misperceptions about the country, and project the reality of Pakistan, which is much better," Musharraf said.
The President said Pakistan's recent economic turnaround and a string of internationally acknowledged achievements clearly establish that Pakistan has awakened and is a rising and dynamic country.
He expressed the hope that Pakistan would touch a growth rate of 7.5 percent during the current fiscal year.
Musharraf said Pakistan held out great promise for investors as it offers a conducive environment, where investment enjoys legal protection and foreign entrepreneurs enjoy level-playing field and labour is talented but inexpensive.
President Musharraf said that Pakistan offers a double-digit profitability on investment which can go up to 50 percent. This is the best possible return on investment anywhere in the world, he added. He said the investors look at two elements while investing in any country and they are security of their investment and return on his investment.
The president said that never in the past any foreign investment was harmed in Pakistan, even during the nationalisation in 1970's none of the foreign firm was nationalised. He assured that their investment will be secure.
Regarding security, the president made it clear that there was no terrorism in any part of the country, including Karachi, Lahore, Faisalabad, Gujranwala. These are the places where business activities are flourishing. He said Pakistan has been able to break the back of extremism and terrorism from this country. Let me assure you with full confidence that your investment will be secure in Pakistan, he added.
Referring to profitability, he said, Pakistan offers more profitability if compared with the developed as well as developing countries. He said that most of the 600 to 700 companies were making profits in double digit, some of them even at a rate of 50 percent.
Where in the world you can get return on your investment in double digit? He questioned.
Talking of the stability and predictability of the economy, Musharraf said Pakistan's economy was fully stable today.
He said that the country was progressing at a growth rate of 6.7 percent and expected to touch 7.5 percent in the coming years.
Country's debt has been reduced for the first time in its history and sufficient funds were available for development.
He said exports, which were estimated at $ 7.8 billion in 1999, will touch $ 14 billion this year.
Similarly, the stock market was booming in the country and the Karachi Stock Exchange has become the best performing capital market in the world.
Regarding inflation, he said, it has been contained while the exchange rate was extremely stable.
He said that Pakistan's rating has been upgraded by both Moody's and S&P. All this shows that all economic indicators were positive and country's economy was progressing.
He said that all sectors of the economy were open for foreign investors as well as they are available to local investors. He said Pakistan offers 100 percent equity to foreign investment with the facility of repatriation of capital and profit on investment. The president said that banks were now more liquid and going after customers compared to past when customers were running after the banks. He said that Pakistan, due to its strategic location was offering its territories a hub of trading, and industrial activities in the region. Pakistan is geo-strategically placed as the center of the Gulf, Central Asian Republics, western region of China and South Asia. "Any interaction with these regions was not possible without going through Pakistan," he observed.
Musharraf said that Pakistan was developing a most modern port at Gwadar to berth large vessels and oil tankers. This port will be connected with Afghanistan, Iran and the Central Asian Republics with the help of three link roads, he added.
He said 400km section of Karakoram Highway was being expanded to establish an improved link with China.
He said Pakistan alone was offering a market of 150 million people which is a big market for any business and commercial activity. Referring to the manpower availability in Pakistan, President Musharraf said that average per hour rate of labour in Pakistan was 0.37 dollar, while it was 0.58 dollar in India, 0.67 dollar in China and $30 in Germany. He said that qualified manpower was also available in Pakistan.
The president said that tremendous scope was available in dairy and livestock.
He said Pakistan was a textile country with 60 percent share in the total exports. We are enhancing our capacity in textile sector as $ 4 billion have been invested in textile machinery.
Telecommunication sector was witnessing a boom in the country, he said.
He noted that Pakistan was blessed with rivers to produce tremendous amount of hydroelectricity, which is cheapest source of energy.
Similarly, we have one of the biggest reserves of coal and can generate energy from this source. But now we are putting a 600 megawatts plant.
He said Pakistan was preparing an energy strategy, which will offer tremendous opportunities in this sector.
The president said that vast opportunities existed in hotel development and construction sectors.
Appreciating the efforts of Commerce Minister Humayun Akhtar Khan and EPB chairman in organising the show in a befitting manner, he said, this landmark event will help in changing the image of Pakistan abroad.
He said that this is a new Pakistan where peace-loving people live. This is rising, progressing and dynamic Pakistan, he maintained.
This exhibition will serve as a forum to correct the perception and to project the reality about Pakistan into the world. "Since 77 countries are represented here, you should take back the impression that you gain from our country by seeing it yourselves on the ground."
Earlier, the commerce minister said that the Expo would be an annual event, which will showcase all major products of Pakistan under one roof.
The EPB chairman said that 1,152 foreign visitors from 77 countries were attending Expo-Pakistan 2005.
Governors of Sindh and Punjab, Sindh chief minister, federal and provincial ministers were also present on the occasion.
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