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- Wednesday, March 13, 2013 - From Print Edition


ISLAMABAD: Prime Minister Raja Pervaiz Ashraf on Tuesday hailed the agreement between Bahria Town and a US investment group as a landmark event which would encourage investors to make investment in the country.


Talking to Bahria Town former Chairman Malik Riaz and US investment group chief Thomas Kramer at the PM House, the prime minister observed that there was a consensus in the country on pursuing a liberal economic policy.


“The Pakistan People’s Party’s (PPP) government has been pursuing an investment-friendly policy so that investors are given comfort of security of capital and a decent return,” he added.


The premier said that this investment is a testimony to the successful policies pursued by the government. He said that a huge foreign investment has been made directly in the private sector which is a trend-setting and path-breaking phenomenon. He expressed the hope that this agreement would herald a new era and accelerate the pace of progress and development in the country.


Malik Riaz thanked the prime minister and said that Bahria Town and the US investment group have signed a Memorandum of Understanding (MoU) for $15-20 billion investment in Pakistan. He said that the Bodha Island City project comprising, Net City, Education City, Health City, Port City and other infrastructure projects would have the world’s most modern shopping mall.


News Desk adds: Sindh Governor Dr Ishratul Ebad said on Tuesday that the Safe City Project of Bahria Town would prove a milestone on the road to economic development and earn the country a name in the comity of nations. “The project will create tens of thousands of employment opportunities and prove to be a commercial hub in the region,” he said in a meeting at the Governor’s House.


“There will be foolproof security for the project,” the governor said, adding that the project would be pursued in collaboration with Bahria Town and would help highlight the cultural heritage of the country.He said the tall buildings to be built on the Bundal Island off the Karachi coast would create the image of a modern Pakistan. “In spite of various challenges, Karachi generates 70 percent of the country’s revenue. The government’s efforts are aimed at coordinating the security system of the metropolis so that its capacity could be utilised for the benefit of the people of the region.”The governor said that the Safe City Project would be expanded from 1,600 acres to 20,000 acres.He stated that the Bundal Island off and its


adjoining islands would also be developed, and for connecting the Bundal Island with DHA, a two-kilometre bridge would be constructed.At the meeting, Bahria Town was represented by Hamid Ilyas and Ahmed Hayat.


They apprised the governor of the details of the project.The meeting was also attended by former minister for ports and shipping Babar Khan Ghauri and US investors Thomas Kemer and Arnold.