‘Punjab being transformed into hub of economic activities’

FAISALABAD: Provincial Minister for Commerce and Industries Mian Aslam Iqbal has said that the government is transforming Punjab into a hub of trade and economic activities.

Addressing the 34th annual general meeting of the Pakistan Textile Exporters Association here, he said that the government had started work on 13 special economic zones and industrial estates in a short span of two years.

He said that the government was fully committed to expedite the growth of commerce by using all available means. Owing to the global economic meltdown as result of the Covid-19, a large number of expat workers were expected to return to Pakistan, therefore, the government had prepared a plan to accommodate the workforce in the economic zones in addition to creating jobs for locals.

He said: “We are establishing a mega SEZ in Muzaffargarh on 20,000 acres which can be expanded up to 50,000 acres in the future.”

Under the vision of Prime Minister Imran Khan, the Punjab government was committed to facilitate the industrialists and investors for improving economic activities and increasing employment opportunities.

Faisalabad was the central hub of textile sector, with a large share in exports of different textile products, therefore, the country’s biggest expo centre would be established in Faisalabad, he said, adding that the government had strong believe that economic revolution in the country could only be possible through trade promotion and all possible support to the export sector was being extended to achieve optimum growth.

He said that the textile industry was the backbone of the economy and remedial measures to overcome the challenges were being taken to uplift the sector.

In order to keep industrial wheels moving during pandemic times, the government had taken several measures including easy financing for payment of wages and liquidation of outstanding, adding that no country could achieve economic targets without the due role of exporters. He said that future of Pakistan was very bright.

Earlier, PTEA chairman Sohail Pasha presenting his annual report said that despite the turbulent economic environment and challenges appeared on account of Covid-19, the 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 was conducive to growth, boost production and enhance the competitiveness with regional rivals in international markets, he added.

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.

He said that 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 hope that the new team would continue the efforts to strengthen the linkages with the local and international businesses to promote and protect the interests of the textile industry.