Karachi, Sept 18: President Pervez Musharraf pitched his country as an ideal investment opportunity to Arab businessmen today, saying three years of deep economic reforms had helped to stabilize Pakistan's economy. Musharraf insisted Pakistan is poised for prolonged economic growth thanks to the ongoing reconstruction of neighbouring Afghanistan and billions of dollars in new economic aid now flowing now into Pakistan after it joined the US-led war on terrorism.
"These developments hold promise for Pakistan," he told Arab business leaders gathered at the opening of Pakistan's first Islamic Bank, Meezan Bank Ltd. "As part of this process there are discernible trends indicating the Arab world look inward and to the East."
Analysts say Arab investors increasingly worried about the health of the US economy are beginning to seek out new investments in Asia.
Hoping to highlight his own country, Musharraf said recent economic indicators showed the Pakistani economy was strengthening after being jolted last year following the Sept.11 attacks.
Exports are increasing, tax collection is improving, and the exchange rate has stabilized, he said.
"Although there is no cause for complacency, all signs indicate an economic turnaround is gradually gaining ground," he said.
Pakistan's economic reforms have even won praise from the International Monetary Fund, Musharraf added. Last December, the IMF extended a three-year USD 1.3 billion loan to Pakistan. Bureau Report