ISLAMABAD: President General Pervez Musharraf on Thursday said that Pakistan has an ideal environment for investment and it was right time for foreign investors to invest in the country.
"We have opened up all sectors for foreign investor providing ideal environment for investment," President Musharraf said while addressing foundation stone laying ceremony of $350 million project, "The Centaurus" which besides a seven-star hotel would also include three towers of residential and office apartments and a shopping mall.
The Pak Gulf Construction (Pvt) Ltd (PGCL) Company, a joint venture of Sardar Builders of Pakistan and Al Tamimi Group of Saudi Arabia, is executing the project. Musharraf said Pakistan was pursuing a liberal foreign exchange regime with no limitation on remittances and provides a level playing field for foreign and local investors. "The environment in Pakistan is changing with liberal policies of the government," he said.
The president while inviting more foreign companies to invest in the country said already 700 foreign companies were functioning in the country. "Pakistan offers highest rate of profit as these companies are getting 20 to 60 per cent profit," Musharraf said.
He said the high rate of profit being received by foreign companies was due to the large demand-supply gap and a large population backed by an educated and highly skilled workforce.
The president said that greater investment in Pakistan was also helping the country fight extremism and terrorism as these stem from poverty, lack of education and economic opportunities. "We are also thankful to investor of this project in fighting the extremism and terrorism by investing in Pakistan," he said.
President Musharraf inviting investors from across the world to Pakistan said it was the right time to invest in Pakistan, adding the economic environment and policies would be sustained. He said Pakistan's geo-strategic location makes it a hub for all economic activity in the region. "We want to sustain upsurge of Pakistan economy," he said.
The president said the scourge of red-tapism and bureaucratic delays were being done away with. "We are going to clear all the bottlenecks," he said. President Musharraf said the policies of de-regulation; liberalization and privatisation have helped bring in more foreign direct investment.
He said whatever was happening in Pakistan was being done in the interest of the nation. "Whether it is relations with some country, diplomatic ties or our attitude towards investment, it is being done in Pakistan's national interest."
Welcoming investment by Al Tamimi Group of Saudi Arabia in the project, Musharraf said the brotherly relations between the two countries would further strengthen with this huge investment.
Musharraf said the government wanted to bring life in Islamabad and for this purpose a number of projects were in progress. He said the heritage museum located near Lok Virsa is one of the international standard such places in the world while the project of national monument at Shakarparian would be inaugurated on December 25. "It will also house a museum putting on display artefacts of Quaid-i-Azam Mohammad Ali Jinnah and Allama Mohammad Iqbal," he said.
Interior Minister Aftab Ahmed Sherpao said the government has undertaken several projects in the federal capital and in three years time, 1000 five-star hotel rooms will be available in the city.
He said a number of three-star hotels to cater to all segments of society would be built besides a number of recreational centres for the people. The Chief Executive Officer of the PGCL Sardar Tanveer Ilyas said the structure complies with all building codes of the CDA and could easily sustain an earthquake of 9.5 Richter scale.
"We have opened up all sectors for foreign investor providing ideal environment for investment," President Musharraf said while addressing foundation stone laying ceremony of $350 million project, "The Centaurus" which besides a seven-star hotel would also include three towers of residential and office apartments and a shopping mall.
The Pak Gulf Construction (Pvt) Ltd (PGCL) Company, a joint venture of Sardar Builders of Pakistan and Al Tamimi Group of Saudi Arabia, is executing the project. Musharraf said Pakistan was pursuing a liberal foreign exchange regime with no limitation on remittances and provides a level playing field for foreign and local investors. "The environment in Pakistan is changing with liberal policies of the government," he said.
The president while inviting more foreign companies to invest in the country said already 700 foreign companies were functioning in the country. "Pakistan offers highest rate of profit as these companies are getting 20 to 60 per cent profit," Musharraf said.
He said the high rate of profit being received by foreign companies was due to the large demand-supply gap and a large population backed by an educated and highly skilled workforce.
The president said that greater investment in Pakistan was also helping the country fight extremism and terrorism as these stem from poverty, lack of education and economic opportunities. "We are also thankful to investor of this project in fighting the extremism and terrorism by investing in Pakistan," he said.
President Musharraf inviting investors from across the world to Pakistan said it was the right time to invest in Pakistan, adding the economic environment and policies would be sustained. He said Pakistan's geo-strategic location makes it a hub for all economic activity in the region. "We want to sustain upsurge of Pakistan economy," he said.
The president said the scourge of red-tapism and bureaucratic delays were being done away with. "We are going to clear all the bottlenecks," he said. President Musharraf said the policies of de-regulation; liberalization and privatisation have helped bring in more foreign direct investment.
He said whatever was happening in Pakistan was being done in the interest of the nation. "Whether it is relations with some country, diplomatic ties or our attitude towards investment, it is being done in Pakistan's national interest."
Welcoming investment by Al Tamimi Group of Saudi Arabia in the project, Musharraf said the brotherly relations between the two countries would further strengthen with this huge investment.
Musharraf said the government wanted to bring life in Islamabad and for this purpose a number of projects were in progress. He said the heritage museum located near Lok Virsa is one of the international standard such places in the world while the project of national monument at Shakarparian would be inaugurated on December 25. "It will also house a museum putting on display artefacts of Quaid-i-Azam Mohammad Ali Jinnah and Allama Mohammad Iqbal," he said.
Interior Minister Aftab Ahmed Sherpao said the government has undertaken several projects in the federal capital and in three years time, 1000 five-star hotel rooms will be available in the city.
He said a number of three-star hotels to cater to all segments of society would be built besides a number of recreational centres for the people. The Chief Executive Officer of the PGCL Sardar Tanveer Ilyas said the structure complies with all building codes of the CDA and could easily sustain an earthquake of 9.5 Richter scale.
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