Port and Shipping Minister Babar Khan Ghauri, State Minister for Petroleum and Natural Resources Naseer Mengal and diplomats were also present on the occasion. "On the one hand we are glad that economy is growing while on the other side we have to work very hard to meet the challenges like rising power demand," he said.
He said the government was focusing on gas and electricity. The country needed gas for the industry as well as for generating electricity. The President said the government needs to generate electricity from all sources, cheapest being the hydro-power. "We are looking at this source and nuclear energy as well in a big way," he added.
President Musharraf said that the government was also working to produce electricity through coal, gas and alternate energy sources. Oil is the only source, which is being left aside due to bad experience in the past as a result of rising oil prices.
He pointed out that the government was importing electricity from Iran to meet demand in the coastal areas. Besides, he said, search for oil and gas was in full swing and OGDL has made 11 successes in drilling for gas, hitting a major gas field in NWFP.
This gas is being extended to the southern districts of Frontier including Peshawar and Islamabad. The President said that the government has devised short-term, mid- term and long-term strategies to enhance energy production in the country. The short-term energy plan is designed to increase energy production up to December 2008. However, he said this plan was not meeting the targets in some areas and needs a push to achieve targets and this is being done.
He said the mid-term strategy from 2009 to 2011 was going all right as it was on track. The long-term strategy up to 2016 was also going alright, he added. He said investment inflow has taken a quantum jump rising from $300 million in 1999-2000 to over $6 billion this year.
When the investors come in, they seek guarantees on energy and to do so the country has to have more gas and electricity, he pointed out. The President said that this challenge has to be converted into an opportunity and the government was determined to do so. He said that the demand for liquified petroleum gas (LPG) was 3000 metric tons while its production was only 1600 metric tons, posing a huge gap.
The President urged LPG producers to put up more terminals to meet the growing demand for this source of energy in the country. "We want to reach out to consumers in mountainous areas to check the on-going deforestation and we need more LPG for this purpose," he noted.
He said that auto sector was also need LPG as more and more vehicles were switching to this cheaper fuel. The government was trying to create investment friendly environment in the country and changing laws and regulations to remove bottlenecks and hurdles, he said.
Referring to the performance of multinational companies operating in Pakistan, he said that the product of Unilever has surged by 50 percent while the sale of Pepsi Cola also went up by 50 percent. The government was also trying to improve law and order in the country with sincerity.
"We are trying to address the issue of terrorism and extremism under a well laid out strategy to ensure the transformation of Pakistani society in due course." Earlier, Chairman Progas Pakistan Ltd Dr Ali Allawi, a cousin of former Iraqi prime minister, in his welcome address, lauded the business friendly policies of the government and the economic revival.
He noted that more foreign investment will flow in, if the government ensures the continuity of its friendly economic policies.
LAW & ORDER SITUATION REVIEWED The obtaining law and order situation in Sindh with particular reference to Karachi was reviewed at a high-level meeting under the chairmanship of President Pervez Musharraf at the Chief Minister House here Friday.
The meeting was attended by Sindh Governor Dr Ishrat-ul-Ebad Khan, Chief Minister Dr Arbab Ghulam Rahim, Federal Minister Information Mohammed Ali Durrani, Advisor Home Waseem Akhtar, Chief Secretary Shakil Durrani, IG Sindh Niaz Ahmed Siddiq, Home Secretary Brigadier Ghulam Mohammed Mohtaram (Retd), CCPO Karachi besides senior civil and army officers.
On the occasion the President was apprised about the prevailing situation in the aftermath of May 12 incident and given a special briefing on law and order. Earlier, at Chief Minister House, the President and Chief Minister Dr Arbab Ghulam Rahim had a one-to-one meeting. The Chief Minister acquainted the President with existing political situation in the province.
He informed that Sindh government is working for the prosperity of people of Sindh. He also apprised the President of law and order situation in the province.
COMPENSATION FOR MAY 12 VICTIMS DOUBLED President Pervez Musharraf announced to increase the amount of compensation by 100 percent to be paid to the families of those killed in May 12 violent incidents in Karachi. Addressing a cross-section of people at the Chief Minister House here, the President said that the provincial government has announced compensation of Rs 300,000 for families of those killed and said it is being doubled with another Rs 300,000 to be paid by the federal government. The President said the compensation to be paid to the injured will also be doubled.