‘Punjab being transformed into hub of trade, economic activities’

FAISALABAD: Punjab Minister for Commerce & Industries Mian Aslam Iqbal has said that government is transforming Punjab into a hub of trade and economic activities. Within a short span of two years, government had started work on 13 Special Economic Zones and industrial estates.

Addressing the 34th Annual General Meeting of Pakistan Textile Exporters Association, he said that government is fully committed to expedite growth of commerce to maximum possible level by using all available means. Owing to the global economic meltdown as result of the Covid-19, a large number of expat workers are expected to return to Pakistan, therefore, the government has prepared a plan to accommodate the workforce in the economic zone in addition to creating jobs for locals. We are establishing a mega SEZ at Muzaffargarh on area covering 20,000 acres which can be expanded up to 50,000 acres in the future. Under the vision of Prime Minister Imran Khan, Punjab Government is committed to facilitate industrialists and investors for improving economic activities and increasing employment opportunities, he said and added that Faisalabad is the central hub of textile sector, with a large share in exports of different textile products; therefore, country’s biggest expo centre will be established at Faisalabad. Government have strong believes that economic revolution in the country can only be possible through trade promotion and all possible support to export sector is being extended to achieve optimum growth. Textile industry is the backbone of economy and remedial measures to overcome the challenges are being taken to uplift this sector. In order to keep industrial wheels moving during pandemic times, Government had taken several measures including easy financing for payment of wages and liquidation of outstanding refunds. No country could achieve economic targets without the due role of exporters, he said. Future of Pakistan is very bright and all resources will be mobilized for converting Pakistan according to the Premier’s vision of economically stable and strong Pakistan.

Earlier, PTEA Chairman Sohail Pasha presenting his annual report said that despite the turbulent economic environment and challenges appeared on account of Covid-19, Association continued its efforts to put the business on the path of economic diversification and growth by enhancing its value proposition. This year, we envisioned the idea of striving towards pro-business reforms to ensure a favourable environment that is conducive to growth, boost productivity and enhance the competitiveness with regional rivals in international markets. To achieve the same, we worked closely with the Government quarters and all relevant flora to build mutual grounds for the betterment of textile industry in general and textile exporters in particular. Some of such initiatives were the formulation of ease of doing business proposals, reduction in cost of production, structural reforms in the tax system and availability of energy inputs at regionally competitive prices. He expressed the hope that new team will continue the efforts to strengthen the linkages with the local and international businesses to promote and protect the interests of textile industry.

Newly elected Chairman PTEA Muhammad Ahmad, addressing the participants said that rising cost of doing business has not only stalled fresh investment in the textile industry but have also hampered the export growth. Government should devise a comprehensive strategy to counter the issue in order to accelerate the industrial pace and also to save livelihood of millions of workers. Pakistani exports are under pressure due to prevailing economic financial, industrial crisis in the country as well as persistently high cost of production which is badly affecting the industrial and trade activities and productivity output. He appreciated the successful efforts of outgoing team in resolving the issues confronting exports.

Later, shields were presented to Provincial Minister for Commerce & Trade Mian Aslam Iqbal and outgoing chairman, vice chairman. A large number of textile exporters were present at the occasion.—PR

Copyright Business Recorder, 2020