Commerce Minister Humayun Akhtar has said that there is no decline in the country's exports, rather there has been 4 percent growth in exports so far, which would rise further in the remaining five months of the current financial year.
He stated this while talking to newsmen after chairing the 19th meeting of the Board of Directors of Pakistan School of Fashion Design (PSFD) at the Trade Development Authority of Pakistan (TDAP) office here on Monday.
He said that imports have shown growth rate of 9 percent. Regarding Indian allegations of non-compliance of Safta, he said that Pakistan was fully complying with it, and would settle all other issues, including non-tariff issues, with India bilaterally.
About the PSFD, he said the institution would be reorganised in two phases. In the first phase, a new campus would be constructed, at a cost of Rs 669 million. In the second phase, Rs 800 million would be spent on training, development of curriculum, etc. The project would be completed by 2008, he added. He said the insurance sector was being revamped, and soon a presentation in this regard would be given to the Prime Minister.
About slowdown in textiles, the Minister said that this sector contributes 60 percent of total exports, and the government was looking into the factors that led to recession in this sector.
Earlier, the Principal of PSFD briefed the Board members on financial updates as on February 28, 2007, award of Federal Charter, construction of new campus at Johar Town, Lahore, and establishment of campuses at Islamabad and Karachi.
The Minister, who is also Chairman of the Board, appreciated the performance of the PSFD and advised it to expedite the formalities regarding award of Charter to PSFD.