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.