Sialkot traders urged to aim at doubling exports: SBP office complex foundation laid

State Bank of Pakistan (SBP) Governor Dr Ishrat Hussain has stressed upon the business community to concentrate on doubling the export volume for larger national interest. Speaking as chief guest at the foundation-stone laying ceremony of office building complex of State Bank here on Saturday evening he said that the present era is an epoch of economic stability and industrial modernisation.
He said that keeping in view of changing trends the exporters community must focus on modernisation and on obtaining modern industrial technologies.
The State Bank would extend full support and co-operation to the business community for the redressal of their problems on top priority basis, he added.
The SBP Governor pinpointed that there is rapid decline in exports of sports goods and surgical instruments which is not a healthy sign and is detrimental for exports of the country. Dr Ishrat Hussain called upon the business community engaged in sports goods and surgical instruments industry to adopt ultramodern technology for improving the standard and quality of their products to compete in global market easily.
He said that strenuous efforts should be made for adopting contemporary industrial technologies for improving the quality of the products in accordance with global demands as well as to compete in the world market.
The government would extend financial support to exporters for import of new machinery and transfer of industrial technologies in the country, he said.
The State Bank Governor said that outmoded manufacturing was causing decrease in sports goods and surgical instruments exports and besides "we will lose our footing in international market, and competitors like China would capture the market easily".
He said: "We have introduced Brand Name Acquisition franchising scheme for exporters and for this purpose the government would provide financial support. In the presence of outmoded manufacturing technologies the global market cannot be competed."
The SBP Governor said that in recent past the textile sector had showed a tremendous achievement not only in modernisation but also in producing quality products. The State Bank, he said, had provided financial assistance amounting to $ 4 billion during the past four year to the textile sector for its modernisation and improvement of industrial units.
Dr Ishrat urged the business community that it should avail the schemes introduced by State Bank for upgrading and modernisation of their industrial units.
The Provincial Industries and Investment Minister Muhammad Ajmal Cheema also spoke on the occasion.
In his address of welcome, Chief Manager of State Bank, Sialkot, Munir Ahmad, said that in order to develop agriculture sector the State Bank was extending adequate facilities to the farmer community of Sialkot and Narowal.
Earlier, the Governor along with Provincial Industries Minister performed the stone laying ceremony.
On this occasion the State Bank Governor said that the new building would be constructed over 5 acres of land and it would be completed in 20 months at a cost of Rs 300 million.