Minister asks textile houses to consolidate fragmented businesses

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin on Friday asked the textile houses to consolidate their fragmented business and promote value-added exports on competitive basis internationally.

Tarin met foreign investors and textile industrialists in separate meeting and expressed commitment to targeted incentives to drive export-led inclusive growth.

“Government is firmly committed to providing incentives to business community which are targeted and sustainable in the long-run,” he said during a meeting with the representatives of Overseas Investment Chamber of Commerce and Industry and Pakistan Business Council.

“The end goal is to achieve an all-inclusive sustainable economic growth which leads to industrialisation, employment generation, export-led growth and import substitution.”

A pan-industry advisory group PBC recently advised the government to bring energy tariffs down for industries, provide low-cost financing, tax rationalisation and infrastructure uplift to curb deindustrialisation.

Later, a delegation of Pakistan Textile Exporters Association called on the finance minister who reiterated the commitment of the government to facilitate textile sector for enhancing value-added exports. He stressed the need for consolidating fragmented businesses and promoting value-added exports on competitive basis internationally.

“Government believes in building a strong partnership with businessmen, traders and exporters for evolving a roadmap through consultative process for a sustained and robust export-led growth, he said.

The finance minister affirmed full support and cooperation on the occasion.

The minister during a virtual meeting with a delegation of the Federation of Pakistan Chambers of Commerce and Industry said the government is adhering to strict financial discipline for achieving macro-economic stability and enhancing revenue generation.

“Pakistan’s economy is showing signs of recovery amid coronavirus pandemic, with construction and manufacturing sectors in lead. However, the third wave of COVID-19 is particularly challenging,” he added.

Tarin also stressed the role of chambers of commerce and industry as a bridge between the government and the traders for active coordination.