ISLAMABAD, July 28: President Pervez Musharraf on Friday called for fast-track efforts to translate the geo-strategic importance of Pakistan into economic opportunities for the country.

He was presiding over a high-level meeting which was also attended by Prime Minister Shaukat Aziz.

The meeting reviewed initiatives that were being taken to convert Pakistan into a developed, industrialised and knowledge-based economy by utilising its geo-strategic location as an energy, transport and industrial corridor for the countries of the region, including the Middle East, the Central Asian Republics, China, South Asia and South-East Asia.

President Musharraf said that the Gwadar Port can play a major role to achieve this objective and emphasized the need for fast-track development of rail, road, fibre optics, oil and gas pipeline linkages with the rest of the country and the region.

He said all ministries and departments concerned need closer interaction and coordination for achieving the desired objectives.

The president and the prime minister said continuity of policies of the last seven years had brought major dividends for the country in terms of macro-economic development, industrialisation and infrastructure development.

The president expressed firm commitment that these policies would be ensured and sustained in the medium and long term so that the fast-paced economic growth could be maintained.

He said the long-term vision of the Gwadar Port as an energy hub and gateway for the countries of the region was in line with the vision for economic prosperity of the country.

The president and the prime minister claimed that marked improvement had been noted in the environment for investment and increase in the quantum of foreign direct investment.

They said there was improved security environment and policies are investor-friendly.

The meeting decided that there would be a policy and supervisory board to provide strategic vision, lay down policy guidelines, ensure timely decisions and regularly review and monitor the progress on various infrastructure and other projects related to the Gwadar Port.

There will also be a steering committee under this Board which will be headed by the deputy chairman of the Planning Commission and will be entrusted with the implementation of the entire process and finalisation of terms to achieve the objective.

The meeting also decided to create special economic zones in Gwadar and other suitable areas to promote investment, industrialisation and job creation.

The meeting was also attended by the ministers for Industries and Water and Power, governor and chief minister Balochistan, ministers of state for Investment and Petroleum and Natural Resources, deputy chairman Planning Commission, secretary-general Finance, chairman Central Board of Revenue, foreign secretary, chairman National Highway Authority and advisor on Energy.