FAISALABAD: The National Bank of Pakistan (NBP) is ready to invest in the textile industry being the largest employment-providing and revenue-generating sector, said NBP President Arif Usmani.
Addressing exporters at the Pakistan Textile Exporters Association (PTEA) on Tuesday, the NBP president termed textile exporters as invaluable asset of the country.
He said NBP will keep playing its vital role in strengthening the economy by supporting trade and industry through comprehensive financing, as economic growth is the key to generating employment opportunities, counter inflation and bring economic prosperity.
He was of the view that no meaningful economic development is possible without enterprise and co-operation of exporters.
The president expressed hope that with support of the masses, Pakistan will overcome economic challenges and all resources will be mobilised for transforming the country according to the premier’s vision.
Welcoming the NBP president, PTEA Chairman Khurram Mukhtar said that the war against terrorism and extremism has badly affected the textile industry. However, the situation has now become better, and trade and business activities are boosting, he added.
He acknowledged the initiative of the present government to settle the long outstanding issues of textile export industry.
Highlighting the key initiatives, Mukhtar said the government has released various refunds of Rs35 billion in the current financial year; whereas another Rs12 billion have also been released, and the disbursement will start by the State Bank of Pakistan (SBP) by the end of this month. In order to cut down the production cost of export items, special energy tariffs for zero-rated sectors have also been announced, he remarked.
He urged continuing the same spirit and momentum as any disruption would damage all the efforts. He said, “We need to gain benefit from the emerging global opportunities.”
The government would set a roadmap to generate robust economic activity, increase exports to $30 billion and fulfil the premier’s vision of economic prosperity through exports, the chairman said.
Published in The Express Tribune, May 15th, 2019.