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Ishaq Dar urges investors to encash dollars to avoid losses

15 December, 2013

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LAHROE: Federal Finance Minister Ishaq Dar on Saturday advised the industrialists to cash their dollars without delay as it would not go up further.

"I advise you to cash your dollar as I guarantee that it will not go up," he said while addressing the annual dinner of All Pakistan Textile Mills Association (APTMA) at Governor's House.

He also announced two-day gas supply for Captive Power Plants (CPPs) of textile mills during winter. He urged textile mills to utilise this opportunity in "the best possible manner, particularly through value addition", adding that the government would ensure all facilities in this regard.

Energy supply and availability of funds against reasonable interest rate would be at disposal of the industry, he added.

The federal minister said the government had worked hard to achieve the milestone of GSP plus and credit goes to the ministries concerned, as it would be a great relief to the ailing economy of Pakistan.

He also lauded the diplomatic efforts of the prime minister for getting duty free access to the EU and expressed hope that GSP plus status would revolutionise Pakistan economy.

He said the prime minister had also told US top leadership that Pakistan wanted trade and not aid. He said the US president and vice president had offered Prime Minister Nawaz Sharif financial assistance three times but the prime minister sought market access.

According to the minister, the market access facility could turnaround Pakistan economy and the textile industry could take upturn by ensuring growth in large proportions. He said the prime minister had also announced a liberal investment policy to woo foreign investment.

"It's time to invest in Pakistan," he said, adding, "A bright future is lying ahead for Pakistan."

He assured participants of the gathering of consistency in policies and said foreign investors had started showing interest in Pakistan. He said the youth business loan programme of the prime minister is an effort to patronise half of the population, consisting of young generation.

He admired APTMA for playing the role of catalyst in promoting textile industry and expressed the hope that textile exports would be doubled to $26 billion in four years. Pakistan's trade would reach to a new level and a sick economy will be back on track, he added.

He said the government was making sincere efforts in turning around the economy and trade deficit has entered to positive zone in first quarter of current government. He said the budget deficit was 8.8 percent last year, which will be brought down to 8.2 percent at the end of current fiscal through cut in expenditures, followed by ultimately reducing it to 4 percent in third year from now.

Earlier, the Punjab governor congratulated the nation on getting GSP plus status and advised the industrialists to work hard to avail the opportunity.

Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi and Federal Minister for Commerce Khurram Dastgir were also present on the occasion.

End.

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