Interviews
APTA & Banks express positive attitude
19 Sep '07
2 min read
All Pakistan Textile Association (APTA) met with bank officials to discuss two-year moratorium on payment of outstanding loans on September 13.
Association official explained to Fibre2fashion, “We met executives from five different banks and almost 85 percent of the officers were present here. We made presentation on cost of production, which has risen drastically in the last few years. The topics covered in by us included investment made during 2003-2004 in textiles and comparison between cost of production in 2004 and 2007. Basic costs on which feasibility study had been prepared were elaborately explained to the bankers.”
He said, “In second part of the meeting, subsidies and incentives offered by the Government were discussed. Details regarding incentives offered in neighboring countries like India, China and Bangladesh were presented. Incentives such as TUFS in India were elaborately discussed. Later, the bankers and industrialists explored various possibilities for development and ways to take their ideas forward.”
Banker insisted that without the support of Government and State Bank of Pakistan nothing was possible. Banks alone cannot resolve this issue.
However, all participating parties were happy with this meeting and considered this to be the beginning. Both sides were optimistic regarding the outcome and vowed to do everything possible for the struggling textile industry.
Association official explained to Fibre2fashion, “We met executives from five different banks and almost 85 percent of the officers were present here. We made presentation on cost of production, which has risen drastically in the last few years. The topics covered in by us included investment made during 2003-2004 in textiles and comparison between cost of production in 2004 and 2007. Basic costs on which feasibility study had been prepared were elaborately explained to the bankers.”
He said, “In second part of the meeting, subsidies and incentives offered by the Government were discussed. Details regarding incentives offered in neighboring countries like India, China and Bangladesh were presented. Incentives such as TUFS in India were elaborately discussed. Later, the bankers and industrialists explored various possibilities for development and ways to take their ideas forward.”
Banker insisted that without the support of Government and State Bank of Pakistan nothing was possible. Banks alone cannot resolve this issue.
However, all participating parties were happy with this meeting and considered this to be the beginning. Both sides were optimistic regarding the outcome and vowed to do everything possible for the struggling textile industry.
Fibre2fashion, News Desk - India
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