Govt to ensure export-led growth pattern: Dar

ISLAMABAD: Federal Minister for Finance Mohammad Ishaq Dar said on Wednesday that the government aims to make Pakistan a vibrant economy of the world and in this regard all necessary steps would be taken to ensure export led growth pattern.

While chairing a meeting held here to discuss issues related to textile industry, the Finance Minister directed Secretary Textile Industry to hold a meeting with Governor State Bank, Chairman Federal Board of Revenue (FBR) and officials of the Finance Ministry for recommending steps and measures to be included in the budget for the next financial year 2014-15.

He added that necessary measures will be taken in the financial bill to overcome the challenges being found by the textile industry.

Rukhsana Shah, Secretary Ministry of Textile Industry in a detailed presentation highlighted importance of the textile sector for economy of Pakistan.

The Finance Minister was informed that textile sector has a share of 54pc in the total exports and 8pc share in the overall GDP.

He was informed that due to poor seed technology and low investment in value addition, there is stagnant cotton production in the country.

The Secretary informed that Pakistan is exporting semi processed raw materials to the competitors who add value and re-export consumers’ products.

It was further informed that Pakistan needs to have access to the latest seed technology and certified seeds in order to increase per hectare cotton production.

The Finance Minister was further informed that due to stuck up liquidity on refunds, non-availability of energy and high interest rates the country is loosing ground to other competitors.

He was informed that stitching is a sector in which with small investment huge job employment targets can be achieved.

Federal Minister for Textile Industry, Abbas Khan Afridi, Secretary Finance and senior officials of the Ministries of Finance and Textile Industry also attended the meeting.