Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA) has sought the federal government's help for financial assistance from commercial banks. In a statement issued here on Tuesday, Chairman PLGMEA Syed Shujaat said that Prime Minister Imran Khan often describes exports as cornerstone to a better economy. He said that there have been promises made by the government to provide incentives to the exporters in order to rectify the balance of payments.
He said that in order to improve exports it is necessary that the government finds solutions to the problems of struggling industries. According to the PLGMEA chairman, one such industry which has constantly been subject to ignorance is the leather products industry. "We have repeatedly tried to voice our concern regarding issues but problems are not being dealt with in a timely manner," he remarked.
The association is of the view that main issue being faced by the leather industry is lack of significant assistance from the State Bank and commercial banks. "Banks do not support the leather industry and always have a negative attitude to exporters, especially the SME leather goods exporters, he said, adding that SMEs are vital to a developing country's economy. However, these SMEs suffer with problems such as lack of financing and discount L/Cs.
The PLGMEA chairman has requested Finance Minister Asad Umar to take steps in order to improve the banking system which will result in improvements of exports. He further stated State Bank should direct commercial banks to co-operate with the leather industry with an intention of promoting a positive environment for the business community.-PR
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