More Good news for Pakistan economy soon: Report

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More Good news for Pakistan economy soon: Report

LAHORE - Prime Minister’s Advisor for Commerce and Investment, Abdul Razak Dawood said on Tuesday that Pakistan’s trade deficit was reducing with the passage of time.

He was talking to media persons at 35th World Fashion Convention jointly organized by Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) and International Apparel Federation here at Expo Centre. PRGMEA Chief Coordinator Ejaz Khokhar, IAF President, Federal Commerce Secretary Ahmed Nawaz Sukhera, local and foreign observers besides a large number of people belonging to this industry attended the convention.

Abdul Razak said Pakistan’s rating on World Bank’s index had been improved, and according to IMF (International Monetary Fund), the country was moving in right direction on economic front. Pakistan’s business community was playing its part for bringing improvements in the economy.

To a question, he said Free Trade Agreement (FTA) with China would be implemented by December and this would further promote the apparel sector, adding that Pakistan’s garment industry had great potential to grow and Pakistan made garments were very famous worldwide and country’s apparel industry showed 17 per cent growth.

He added that the present government was providing all possible facilities to this important sector of the economy so that the country’s exports revenues could be increased.

He mentioned that investors from the western world were also participating in the convention and they were eager to increase Pakistani garment brands’ import to their respective countries.

To another question, he said Pakistan was in the IMF Programme, adding IMF team had also expressed its satisfaction that Pakistan’s economy was now on right track, while its trade deficit was also narrowing down.

He claimed that trade deficit would substantially reduced by June next year.

Abdul Razak also urged the investors to bring investments to Pakistan and take huge benefits of the investment opportunities available here, asserting that this convention proved that Pakistan’s image was improved at international level.

PRGMEA Chief Coordinator Ejaz Khokhar said 90 per cent of the foreigners were those who came to Pakistan first time and they were happy to see Lahore.

He mentioned that 35 Pakistani brands were representing the country at international level and our garment industry was growing at a faster pace.