ISLAMABAD: Pakistan`s economy was developing rapidly and was targeted to grow at a rate of 5.5 per cent during the current Escal year, Prime Minister Nawaz Sharif said on Thursday.

Speaking at a meeting with the heads of international companies at Prime Minister Secretariat, he said the country was facing acute financial and power crises when the current government came into power, but `the country is now on the development track`.

The meeting was attended by the heads of 38 international companies from 14 different countries, including Australia, Italy, Singapore, the United Kingdom, China, South Korea and Sweden.

On China-Pakistan Economic Corridor, the prime minister reiterated that it would prove to be a game changer for economic stability. Moreover, the government was establishing special economic zones, especially for foreign investment.

The prime minister urged the foreign businessmen to avail the country`s investment potential and `enjoy the first mover`s advantage`.

`Get the advantage of investing in these zones. Your visit to Pakistan will provide more opportunities of investment and trade,` he told the participants.

`We are carrying out reforms for the country`s progress and GDP growth rate target has been set as 5.5pc for the current fiscal year, he said.

Later on, Finance Minister Ishaq Dar chaired a meeting with senior executives representing a multinational consortium that was developing the first private-sector liquefied natural gas (LNG) supply project in Pakistan.

The consortium comprises leading multinational energy companies, including Qatar Petroleum, ExxonMobil, Total, Mitsubishi Corporation, and Hoegh LNG.

Federal Minister for Water and Power Khawaja Muhammad Asif, Federal Minister for Petroleum and Natural Resources Shahid Khagan Abbasi and Board of Investment (BoI) chairman Miftah Ismail were also present in the meeting along with Chairman and CEO of Global Energy Infrastructure Ltd, with which the consortium is partnering on the project.

Mr Abbasi said the project was completely a private-to-private venture, with no government financing or off-take guarantee, which made the project the Erst ofits kindinPakistan.

He said the LNG supply agreements relating to the project have also been executed without the involvement of the government of Pakistan. The petroleum ministry will extend all requisite policy and regulatory supportforthe project.

The finance minister stressed that the participation of leading multinational energy companies in this project reflected their confidence in Pakistan`s `economic turnaround and the investor-friendly policies of the present government` The LNG terminal will have a capacity of one billion cubic feet per day of gas and will regasify up to 750 million cubic feet per day as base-load. The project is expected to be completed in 2018.

The project, after completion, will account for around 10pc of the primary energy supplies of the country, and will be equivalent of 20pc of the current domestic natural gas production.