KARACHI: Chief Executive Trade Development Authority of Pakistan (TDAP) and Chairman Businessmen Group (BMG) Zubair Motiwala has said that increasing exports is the only way of bridging the trade gap, and it would also improve the foreign exchange reserves of the country

Addressing the inaugural ceremony of the 24th Textile Asia Exhibition on Friday at Karachi Expo Centre, he said that such exhibitions portray a positive and creative image of Pakistan, besides helping to boost exports.

He said that interest rate at the level of 20 percent is not at all favourable for the trade and industry.

Motiwala said the Karachi Chamber of Commerce & Industry (KCCI) raised its voice on all the issues of the business community, particularly opening of letters of credit, but the response from the concerned quarters was lethargic.

He said that shipping companies had earned a lot from Pakistan, and in these testing times, shipping companies should provide relief pertaining to demurrage and detention.

Speaking at the inauguration, President Ecommerce Gateway, Uzair Nizam informed that over 400 foreign delegates are participating in the 24th Textile Asia and 19th ITIF Asia Exhibition, while 550 local and foreign brands are showcasing their products at the exhibitions at the halls of Karachi Expo Centre, where some 778 stalls have been setup. He said that these two exhibitions will facilitate the exporters and to promote exports

Delegates from China, Türkiye, Belarus, Iran, Germany, Korea, UAE, Taiwan, Japan and Netherlands are participating, and their respective brands are also showcasing their products. Counsel Generals of Iran, Türkiye, Indonesia, and Belarus also attended the expo. The celebrities appreciated the efforts in organizing the event. Diplomats from friendly countries were also present on the occasion.

Copyright Business Recorder, 2023