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Debate on implications of high interest rate regime on Dec 18
13
Dec '10
All Pakistan Textile Mills Association (APTMA) is organizing a national debate on implications of high interest rate regime on industrialization.

The APTMA spokesman said Governor State Bank of Pakistan (SBP) Shahid H. Kardar has graciously agreed to chair the debate with keynote address by Chairman APTMA Gohar Ejaz, followed by expert opinions by leading economists including Sartaj Aziz, former Federal Minister for Finance, Razzak Dawood, former Federal Minister for Commerce and Dr Salman Shah, former Advisor on Finance. The debate would also be shared by the business community representatives including Sultan Ahmad Chawla, President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and Waqar Malik, CEO ICI Pakistan Ltd.

The APTMA spokesman said the industrialization process in the country has come to halt due to non-availability of liquidity, high interest rate and widening banking spread in lending and borrowing rates.

He further added that the textile industry is passing through terrible times due to unprecedented cotton prices in the international market, hitting through the roof since last year, and the prevailing energy constraints in the country are adding salt to industry's injury.

The APTMA spokesman said there is no doubt that inflation and discount rate go side by side but still the financial policymakers should bear the point that the textile industry cannot export inflation, especially when it is facing extraordinary competitive regime in the region.

Therefore, said the APTMA spokesman, the financial planners of the government should come forward with a special interest rate regime for textile industry, following the footsteps of competitors in the region, and ensure employment and exports growth in the country.

The APTMA spokesman said the APTMA will organize national debate on these parameters on December 18, 2010 at the Royal Palm Country Golf Club Lahore.

All Pakistan Textile Mills Association (APTMA)

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