FAISALABAD   -   State Minister for Petroleum Dr Musadik Masood Malik said on Sunday that Pakistan will prefer utilisation of local resources instead of depend­ing on importing costly fuel for power generation. 

Addressing 36th Annual General Meeting of Pakistan Textile Exporters’ Associa­tion (PTEA), he said Paki­stan’s indigenous gas depos­its were depleting at a rate of 10 per cent per annum, there­fore, it was need of the hour to search new gas reserves but now, new wells was dug up in this connection for the last many years due to which industrial as well as domestic consumers were facing great deal of difficulties. 

He said that local as well as foreign investors were invest­ing in Pakistan and the grow­ing trend of investment in the country was an expression of confidence in the govern­ment’s economic policies. 

The state minister said that textile industry was the back­bone of economy, hence the government was taking reme­dial measures to overcome the challenges for the uplift this sector. 

Dr Musadik said that no country could achieve eco­nomic targets without due role of exporters added that the government was committed to facilitate industrialists and in­vestors for improving econom­ic activities and increasing em­ployment opportunities.

Future of Pakistan was very bright and all resources would be mobilised for transforming the Pakistan into economically stable and make strong coun­try of the world, he added. 

Prime Minister’s Coordina­tor on Commerce and Indus­tries Rana Ihsaan Afzal Khan said that various rapid indus­trial transformation initiatives were 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 turbulent economic environment and challenges, the association continued its efforts to put 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”, he said, adding, “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 expressed the hope that new PTEA team would also continue efforts to strength­en linkages with local and international businesses to promote and protect the in­terests of textile industry. 

Later, PTEA chairman pre­sented a cheque of Rs5 mil­lion as contribution towards Prime Minister’s flood relief activities.