Your Excellency

President Hu Jintao,

Distinguished Guests

Ladies and Gentlemen,

It gives me immense pleasure to be with the business leaders of Pakistan and China today. This event is truly historic as we welcome His Excellency President Hu Jintao in our midst.

China is a true and trusted friend of Pakistan. Ours is an all weather friendship, which has withstood the test of time. This friendship exists not just between governments but between our peoples who whole heatedly support this relationship.

Pakistan and China share common interests and aspirations. Our strategic partnership is a factor for global peace, stability and progress. We are united in our desire to promote peaceful resolution of all international disputes and promotion of mutually beneficial cooperation among all countries.

Ladies and Gentlemen,

Pakistan-China relations cover the entire spectrum of national activity. China has been a generous and reliable partner in our national development efforts. For more than 50 years, we have received vital Chinese assistance that has assured our security and enhanced our development. Monumental projects such as the Karakorum Highway, the Chashma Power Plants, the Heavy Mechanical and Electrical Complexes, the Gwadar deep sea port, are all examples of the outstanding cooperation between our two countries. Just today, we have singed 18 new agreements which will pave the way for even greater bilateral cooperation and further strengthening of our relations. Moreover, several new agreements are also being singed between the private sectors of the two countries which will serve to further cement mutually beneficial relations between Pakistan and China.

Ladies and Gentlemen,

We in Pakistan greatly admire the phenomenal growth and progress that has been achieved by our Chinese friends. China has achieved in a few decades what many countries achieved in several centuries. China is today the fourth largest economy of the world. It has achieved over 10% growth for more than 20 years, it has built up massive reserves of foreign exchange received consistently huge inflow of foreign direct investment and has achieved enormous growth in its exports.

China's example of staggering development through strategic reforms provides a beacon for all developing countries. It demonstrates hat dedication, ingenuity, consistency and hard work can change the destiny of a country. As we take pride in China's achievements, we have also drawn the appropriate lessons from its success.

Ladies and Gentlemen,

Our government has implemented broad-based and multidimensional structural reforms that have repositioned Pakistan as a vibrant and vital country on the world stage. In the economic sphere, these reforms have been guided by the principles of deregulation, liberalization and privatization. As a result, the economy is on a high growth trajectory with growth rates amongst the highest in Asia. Our per capita income has increased substantially, the size of our economy has doubled with a significant reduction in poverty. Our exports are growing and diversifying while there has been an unprecedented inflow offering direct investment. Our international credit ratings have improved and we are now active players on the global bond market. Today, Pakistan is recognized by the World Bank and the IFC as one of the top ten reformers in the world while another report of the World Bank gives Pakistan a high rating in terms of ease of doing business.

Ladies and Gentlemen,

It is my conviction that the economic growth achieved by Pakistan in recent years creates great opportunities for Chinese entrepreneurs. With the emergence of China as an exporter of capital, there is every possibility for developing a win-win for both sides.

The governments of the two countries are determined to create the enabling environment for the private sectors of Pakistan and China to collaborate for mutual benefit. Apart from the just concluded Free Trade Agreement and the Joint 5 year Economic Programme, we are upgrading our communication and transportation linkages. For instance, the newly constructed deep-water seaport at Gwadar will be hooked up with China through an upgraded Karakorum Highway. We look forward to setting up mega refineries on our coast to meet our common energy needs. An optic fibre cable will ensure our connectivity into the next millennium.

Ladies and Gentlemen,

We in Pakistan are also keen to share with our Chinese friends the advantages accruing from our strategic position at the crossroad of Central Asia, South Asia, West Asia and China. By leveraging this location we are creating multiple corridors of cooperation in the energy, transportation, communications, tourism and other fields. Such linkages will have obvious benefits for all our neighbours especially China.

Ladies and Gentlemen,

As a country of 160 million, Pakistan has a large and growing middle class. We are rich in human and material resources. We have also implemented measures to encourage foreign investment with a liberal foreign exchange regime, no restrictions on remittance of profits and returns as well as a regulatory framework and full legal protection to foreign investment. All sections of the economy are now open to foreign investment; foreign investors can hold 100% equity, and the business opening process has been extremely easy.

Ladies and Gentlemen,

Pakistan offers vast investment opportunities in the sectors of energy, oil and gas, mining, engineering, automobiles, infrastructure development, construction, IT and Telecom, health, education, Agri business as well as small and medium enterprises. We would welcome Chinese businessmen to invest in any sector and we assure you that your investments will bring rich dividends.

In conclusion, Ladies and Gentlemen, I would like to thank His Excellency President Hu Jintao and all our Chinese friends for joining us today on this truly memorable event. I am confident that the private sectors of Pakistan and China will join the government of the two countries to create even greater linkages and inter-dependences for our mutual benefit and thereby contribute towards the further strengthening of Pakistan-China friendship. Already there exist numerous examples of such private sector collaboration between us and each one of them can testify to making the handsome profits. Even greater opportunities await you in Pakistan,

Thank You.