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FAISALABAD: The Minister of State for Petroleum Dr Musadik Malik has said that the Government is introducing a programme aimed at utilising Pakistan’s own resources for power generation to end the menace of load-shedding and reduce dependency on imported fuel.

Textile industry is the backbone of economy and remedial measures to overcome the challenges are being taken to uplift this sector. He was addressing 36th Annual General Meeting of Pakistan Textile Exporters Association. The Prime Minister’s Coordinator on Commerce and Industry Rana Ihsan Afzal and former State Minister for Interior Talal Chaudhry were also present in the event.

Speaking the exporters, Dr Musadik Malik has said that the Government is making a roadmap to utilise our own assets for power generation; under the initiative, local resources will be used to generate energy. Pakistan’s indigenous gas deposits were depleting at a rate of 10 percent per annum therefore, new wells should have been dug years ago, he said. Due to the investor-friendly environment, local and foreign investors are investing in Pakistan. The growing investment in the country is an expression of confidence in Government’s economic policies. No country could achieve economic targets without the due role of exporters, he said. Future of Pakistan is very bright and all resources will be mobilized for converting Pakistan according to the Premier’s vision of economically stable and strong Pakistan. Government is committed to facilitate industrialists and investors for improving economic activities and increasing employment opportunities.

Later, the Chairman Pakistan Textile Exporters Association presented a cheque of Rs 5 million as contribution towards Prime Minister’s flood relief activities. Shields were also presented to the State Minister Dr. Musadik Malik, Coordinator to the Prime Minister on Commerce & Industry Rana Ihsan Afzal, former State Minister for Interior Talal Chaudhry and outgoing chairman, Vice Chairman. A large number of textile exporters were present at the occasion.-

Speaking at the occasion, Prime Minister’s Coordinator on Commerce and Industries Rana Ihsaan Afzal Khan said that various rapid industrial transformation initiatives are being taken for sustained growth and development of the economy by improving industrial competitiveness. He called the master plan a landmark initiative that might help reorient requirements of the current era of competitiveness both in the domestic and global markets and support export sectors in enhancing competitiveness and achieving higher productivity.

Earlier, PTEA Chairman Sohail Pasha presenting his annual report said that despite the turbulent economic environment and challenges, 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 favorable environment that is conducive to growth, boost productivity and enhance the competitiveness with regional rivals in international markets. 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. 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 the hope that new team will continue the efforts to strengthen the linkages with the local and international businesses to promote and protect the interests of textile industry.

Newly elected Vice Chairman PTEA Muhammad Idrees, addressing the participants said that rising cost of doing business has not only stalled fresh investment in the textile industry but have also hampered the export growth.

Copyright Business Recorder, 2022

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