our correspondent
PESHAWAR
Chairman Khyber Pakhtunkhwa Textile Mills Association (KPTMA) Salim Saifullah Khan Wednesday demanded of the government to give announce competitive discount rate up to 4 percent business community to compete in product costing.
In a statement issued here, he compared regional competitors as well as developed world and stated that China, Bangladesh and India have reduced their policy rates up to 2.25 percent, 5.25 percent and 4 percent respectively.
Also the developed world including USA, Japan and EU have brought down discount rates to 0%, he said adding that in these circumstances, it becomes very difficult for the business community to compete in product costing.
Besides this the incentive packages to promote manufacturing industry, announced by these countries are so lucrative that in medium to long term.
He warned that it would become more difficult for the local business community to maintain existing market share in these economies.
Since Government of Pakistan itself is the largest borrower, this reduction will be a win-win situation both for the Government as well as business community, he remarked.
He also emphasized the urgency to introduce a broad based lucrative industrial policy to create employment in the country.
