26/7/06 (AP) KARACHI -  President General Pervez Musharraf on Tuesday inaugurated the $14 million MAPAK Edible Oil Refinery set up under a joint venture between Westbury Group of Company, Pakistan and FELDA of Malaysia palm oil refinery in Karachi.

He held out a firm assurance that Pakistan would continue to maintain consistency in its economic policies to ensure an attractive environment for foreign investment. "The success of our economy is because of our over-arching policy of deregulation, liberalisation, and privatisation, he said at the facility.

He described the country's privatisation programme as the backbone of this policy. He said it has helped revive and reinvigorate the economy and turned the balance of payment from deficit to surplus.

The President assured that Pakistan would maintain consistency in its economic policies to woo foreign investment into the country. No investors will come unless they are not sure about the future of their investment, future of their money they are bringing in Pakistan. Referring to the talk of punitive action as reported in media, President Musharraf said that no one could dare taking such action against Pakistan.

No body dares take punitive action against Pakistan or cast an evil eye on it, the President firmly stated. He said the country's defence was strong, adding the power comes from strength and no body should be under any illusion.

He drew the participants attention to events in Lebanon while trying to underline the importance of national security. The President said security is a necessity and Pakistan would ensure it any cost. The President noted Pakistan provides vital connectivity to all trade and energy linkages in the region.

"Pakistan is in the centre of the region and no commercial activity and energy linkages can be possible without its participation," he said.

"Pakistan has a unique geo-strategic location. We are in the centre of the region, which is surrounded by energy sources. It is looking for energy exports to the world and within itself. None of this is possible without Pakistan's participation," he noted.

The President noted Pakistan is in the hub of Middle East, Gulf, Central Asia, Afghanistan, China and India. Any economic and commercial activity, any energy linkages without Pakistan's involvement is not possible," he added.

He said Pakistan will utilise its strength and added communication infrastructure has to be developed to facilitate this interaction in the region and with outside world.

This included construction of ports, roads, railway and air terminals, he added. The President asked the Port Qasim Authority to come up and facilitate investment at the port. So much land is available here. This should be utilised for industrialisation, joint ventures and investment by removing bottlenecks.

Commending performance of the Port Qasim and its chairman, he said they should do more to further improve their performance. Port Qasim can be the largest industrial estate in Karachi and Sindh if utilisation of land is fast for the purpose of industrialisation, he added.

He said security of investment and profitability are guaranteed in Pakistan due to rising demand and increase in purchasing power of Pakistanis. "The future of investment is guaranteed as liberalisation, deregulation and privatisation is continued and will be followed and we are determined that it will continue and investment will keep coming into Pakistan," he added.

Referring to tourism promotion, the President asked Karachiites to visit historical places and tourist attraction in the country and promote tourism within the country. Appreciating Malaysian investment in Pakistan, he said bilateral relations are deeper and taken new dimension with the increased people to people contact.

"Pakistan cherishes and values its relations with Malaysia. These will remain strong for all times. They will remain ever-green," he added. Earlier, ports and shipping minister Babar Khan Ghauri said a UAE-based group will invest $3 billion in the construction of residential and commercial facilities on several island at Karachi coast.

He said the Port Qasim has attracted a foreign direct investment of $750 million in last few years. The PQA reserves have surged from Rs 6 billion to Rs 11 billion while the number of operational units at the port rose to 91 while 71 units were underway. He said five new ships have been registered with Pakistani flags by the private sector and more were in the pipeline.

He criticised the opposition for merely labelling accusation and coming up with positive thinking for development.

The President recalled his recent telephonic talk with Prime Minister Badawi of Malaysia over the critical situation in Middle East and said the two countries remain in close contact over important issues.

The President called for value-addition in the industrial sector and said the establishment of a modern plant with latest technology will be a major asset for Pakistan. He said there has been an increase in imports mainly because of oil, followed by machinery, raw materials and chemicals and said these would eventually lead to increased exports and reduce the trade gap. Sindh governor Dr Ishratul Ibad and chief minister Dr Arbab Ghulam Rahim on the occasion.