ISLAMABAD -- The road map for returning Pakistan to democracy, delivered this month by President Pervez Musharraf has ended a long wait for a number of countries, including the United States, which had repeatedly urged the former general to state exactly when democracy would be restored.

For many observers, the future of stable democratic rule in Pakistan is synonymous with security issues in South Asia, especially since India and Pakistan conducted tit for tat nuclear tests in 1998. Pakistan's future as an independent state, striving to remain at peace with its neighbors, depends not only on its future choices regarding nuclear weapons but also on its ability to stabilize its political situation.

Frequent interventions by Pakistan's military has rendered remote the prospects for establishing continuity of government. In addition, the cycle of political uncertainty every few years has destabilized the country's economy. For long-term investors, both foreign and domestic, there's little assurance of policy continuity when political regimes change so frequently. Therefore, many investors are quick to denounce prospects for large scale long-term investments, choosing instead to settle for short-term ventures that at times may appear to be little better than fly-by-night endeavors.