President Asif Ali Zardari on Monday said that the strategic location of the country and the mega projects initiated by the government have placed great opportunities in the hands of business community which should be fully utilised for further growth and development in the country.

Speaking to members of the business community here at Aiwane Sadr, the president said that we should all work together to make the country prosperous and a profitable place to do business. The president spoke at length about the problems faced by Pakistan and the steps taken by the outgoing government.

The president said that Pakistan’s energy problems were rooted in the reversal of the energy policy by the previous government. The president, during his speech, also glanced over the state of affairs when the outgoing government was entrusted with power and observed that they inherited a fragile economy with a serious balance of payment crisis. Zardari continued that over the last five years difficult decisions were taken to maintain economic stability.

Speaking of the initiatives taken by his government to stabilise the economy, The president mentioned the inauguration of the Iran-Pakistan gas pipeline project. He said that the pipeline project was in Pakistan’s national interest and was not directed against anyone, nor does it violate any UN sanctions. He expressed the hope that the critics will understand our position.

He noted that the government made significant efforts for market access. As a result of these efforts, the EU has given Pakistan Preferential Market Access, while Pakistan also embarked upon a policy of trade liberalisation with India and other countries in the region. The president said that exports, remittances and tax collection have all almost doubled over the 2008 levels adding that inflation dropped from 25 percent in 2008 to single digits. The President also noted completion of more than 200 developmental projects.

President Zardari said that a serious problem for Pakistan’s development was the absence of continuity of economic policies. On this occasion, the he expressed his pleasure at a recently enacted law that will ensure the continuity of the economic policies. The president said that the law will ensure continuity of incentives given to entrepreneurs.