Pakistan provides ideal investment environment: Musharraf

ISLAMABAD: President General Pervez Musharraf on Thursday said Pakistan provided an ideal environment for investment and reiterated that it would be sustained to alleviate poverty through greater economic activity. He was addressing a gathering after the earth-breaking of Pakistan’s first seven-star US 350 million dollar hotel project - “The Centaurus”. The 3-year project is being executed by the Pak Gulf Construction Pvt Ltd (PGCL) Company, using the services of Messrs Atkins known in the construction world for its Burj-al-Arab project in Dubai.The President inviting the investors from across the world to Pakistan said “it is the right time to invest in Pakistan ... and the economic environment will be sustained, creating jobs, alleviating poverty.”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.“We have opened all sectors of economy for investment and the scourge of red-tapism and bureaucratic delays are being done away with.”The President warned he would not tolerate any bottlenecks in the way of investment.“If there is any bottleneck, I will come to the aid of the investor,” he said.The President said greater investment in the country was also helping the country fight extremism and terrorism as these stem from poverty, lack of education and economic opportunities.“We are grateful to the Al-Tamimi group which is helping us fight extremism in this way,” he added.President Musharraf said the policies of de-regulation, liberalization and privatization have helped bring in more foreign direct investment.He said Pakistan’s geo-strategic location makes it a hub for all economic activity in the region. The world knows this reality and around 700 foreign companies were in Pakistan which, he added had 20 to 60 per cent profitability, owing to the large demand-supply gap and a large population backed by an educated and highly skilled workforce.The President 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.”The President also pointed at the series of projects that were being completed including theMemorial at Shakarparian in Islamabad to be inaugurated by end of this year and will also house a museum putting o n display artifacts of Quaid-e-Azam Mohammad Ali Jinnah and Allama Mohammad Iqbal. “It will be a place worth visiting,” he added.The hotel project is being undertaken by the Al-Tamimi Group of Saudi Arabia and Sardar Group of Companies. The PGCL offered the highest ever bid of Rs.6.6 billion to build the multipurpose mega complex “The Centaurus” will have, besides a 37-storey deluxe hotel, two 21- storey residential towers, a 25-storey corporate office complex, and a 5-storey shopping mall with parking for more than 2,000 vehicles. 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. He said a number of budget hotels to cater to all segments of society will be built besides adding a series of recreational centres for the people.CEO of PGCL Sardar Tanveer Ilyas said the structure complies with all the building codes of the CDA and can easily sustain an earthquake of 9.5 Richter scale.He appreciated President Musharraf’s policies and vision that encouraged him to bring in the heavy investment and said the project will be an icon of Pakistan across the world.He said M/S Atkins was one of the top three engineering design companies with an international recognition in the construction of high rise buildings including the Jameera Beach Resort and Twist Towers to its credit. He said the project will provide thousands of direct and indirect jobs to both skilled and unskilled manpower.The project will be completed using most modern construction technology through strict quality control meeting international standards and CDA’s Building Codes.President AJK Sardar Zulqarnain, Population and Welfare Minister Chaudhary Shahbaz Hussain and Chairman CDA Kamran Lashari attended the ceremony. Sardar Ilyas Khan presented a model of the project to the President.