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Neo · 12-05-2005, 16:32 PM

KUWAIT (December 05 2005): President General Pervez Musharraf on Sunday said Pakistan would continue its journey on the path of high economic growth, despite soaring oil prices and devastating earthquake of October 8.

"Pakistan's economy is doing very well and the rising prices of oil in the international market and the October 8 earthquake will not have any negative impact or retard its upward swing," he told the Kuwait-based Pakistanis on the second day of his visit to the Gulf country.

Musharraf gave an overview of the country's economy, which registered 8.4 percent growth during the last fiscal year with the government targeting 6 to 8 percent growth in the next five years. He said Pakistan's economy was stable and all economic indicators were positive.

Referring to the growing confidence of the foreign entrepreneurs in the country's economy, the President said Pakistan received 1.5 billion dollars investment this year, while the government was eyeing to increase it to three billion dollars in the next few years.

Pakistan's exports were on the rise and from 7.86 billion dollars a few years ago, the country was touching nearly 17 billion dollars in exports this year, he added.

On increasing imports, the President said it was due to the import of machinery, chemicals and metals which showed that industrial activity was picking up pace.

He urged the Pakistani expatriates to send their remittances through banks instead of informal channels.

Musharraf told overseas Pakistanis that as a result of prudent economic policies the gap between earning and spending has been reduced, and the per capita income has increased to 791 dollars.

He was confident that the country would continue its economic upsurge that would help improve the standard of life of the common man.

On infrastructure projects, the President said Pakistan was in dire need of large water reservoirs to keep pace with its industrial and agriculture growth. He said the government was building water reservoirs and canals to meet growing demand for energy and water.

"I will not let Pakistan commit suicide because of paucity of water," he said.

In this regard, he referred to the upraising of Mangla Dam as silting has reduced its storage capacity over the years. The completion of the project would lead to more water and energy.

A project worth Rs 66 billion was under way on the brick-lining of canals that will help minimise water losses.

Underlining the importance of having large water reservoirs for continuing and sustained industrial and agriculture growth, Musharraf said he would soon address the nation to take people into confidence on this vital issue.

The President said that availability of water would help stem poverty in the rural areas and bolster agriculture growth. The government was also aiming to provide electricity to all villages across the country by 2007, he added.

Musharraf reiterated Pakistan's strong commitment to fighting terrorism and said the government would crush terrorist forces.

He asked all Pakistanis to make concerted efforts to root out terrorism.

12-05-2005, 16:32 PM	#14 (permalink)
Neo Silent lurker *Senior Contributor* Join Date: 04-06-05 Location: Amsterdam Posts: 7,920 Country:	"Economy doing well" says Musharraf KUWAIT (December 05 2005): President General Pervez Musharraf on Sunday said Pakistan would continue its journey on the path of high economic growth, despite soaring oil prices and devastating earthquake of October 8. "Pakistan's economy is doing very well and the rising prices of oil in the international market and the October 8 earthquake will not have any negative impact or retard its upward swing," he told the Kuwait-based Pakistanis on the second day of his visit to the Gulf country. Musharraf gave an overview of the country's economy, which registered 8.4 percent growth during the last fiscal year with the government targeting 6 to 8 percent growth in the next five years. He said Pakistan's economy was stable and all economic indicators were positive. Referring to the growing confidence of the foreign entrepreneurs in the country's economy, the President said Pakistan received 1.5 billion dollars investment this year, while the government was eyeing to increase it to three billion dollars in the next few years. Pakistan's exports were on the rise and from 7.86 billion dollars a few years ago, the country was touching nearly 17 billion dollars in exports this year, he added. On increasing imports, the President said it was due to the import of machinery, chemicals and metals which showed that industrial activity was picking up pace. He urged the Pakistani expatriates to send their remittances through banks instead of informal channels. Musharraf told overseas Pakistanis that as a result of prudent economic policies the gap between earning and spending has been reduced, and the per capita income has increased to 791 dollars. He was confident that the country would continue its economic upsurge that would help improve the standard of life of the common man. On infrastructure projects, the President said Pakistan was in dire need of large water reservoirs to keep pace with its industrial and agriculture growth. He said the government was building water reservoirs and canals to meet growing demand for energy and water. "I will not let Pakistan commit suicide because of paucity of water," he said. In this regard, he referred to the upraising of Mangla Dam as silting has reduced its storage capacity over the years. The completion of the project would lead to more water and energy. A project worth Rs 66 billion was under way on the brick-lining of canals that will help minimise water losses. Underlining the importance of having large water reservoirs for continuing and sustained industrial and agriculture growth, Musharraf said he would soon address the nation to take people into confidence on this vital issue. The President said that availability of water would help stem poverty in the rural areas and bolster agriculture growth. The government was also aiming to provide electricity to all villages across the country by 2007, he added. Musharraf reiterated Pakistan's strong commitment to fighting terrorism and said the government would crush terrorist forces. He asked all Pakistanis to make concerted efforts to root out terrorism. __________________ Administrator @ Defence.pk