The Hindu : International : Foreign investment helping to tackle terror: Musharraf

Online edition of India's National Newspaper
Wednesday, Mar 16, 2005

International

International

Foreign investment helping to tackle terror: Musharraf

By B. Muralidhar Reddy

ISLAMABAD, MARCH 15. The Pakistan President, Pervez Musharraf, has said foreign investment contributed to his country's fight against extremism and terrorism as it helps reduce poverty — an underlying cause of the menace.

"Anyone investing in Pakistan is contributing towards fighting extremism and terrorism as investment creates economic opportunities and helps reduce poverty, which coupled with illiteracy gives rise to the menace," Gen. Musharraf said here while addressing a gathering of IT investors at the launch of the Norwegian Telenor cellular service in the country.

"We will crush terrorism with force and we are doing that, but in the long-term we have to curb extremism through poverty alleviation and rise in literacy levels," the President said, pointing to Pakistan's frontline role in the war against terror. He inaugurated the cellular service by making a call to the Norwegian Prime Minister, Kjell Magne Bondevik.

Hub for trade

The President told the gathering of entrepreneurs and chief executives of mobile companies that the economic scenario in Pakistan offered them opportunities for profitable business. He asked foreign investors not to view Pakistan as a "standalone" case but see the country as a base and hub for trade due to its pivotal geo-strategic location.

"Pakistan today should be seen as a hub of regional trade as landlocked Central Asian states and Western parts of China are looking to Pakistan for trade access to world markets. The Pakistani coastline and its seaports offer them the briefest route to other regions, including the EU market."

He pointed to normalisation of relations with neighbouring India and the conclusion of the South Asian Free Trade Agreement, Pakistan's relations with its western neighbours, including Iran and the Gulf region.

The country held the key to regional trade. "Any interaction in the region — Central Asia, China, the Gulf, within itself for energy, oil and gas or with the outside world — Pakistan cannot be ignored; Pakistan is the hub, that is the strength of our geography," the President said.

Gen. Musharraf claimed that of about 700 foreign companies operating in Pakistan, the majority were making "healthy profits" with return margins being among the most lucrative in the world.

Pakistan would achieve a growth rate of 7 per cent and pointed out positive economic indicators including the "roaring business" at the Karachi Stock Exchange, a healthy forex reserve level, rise in exports.

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