Page 10 - August-September-2018

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World Bank supports textile
and economic reform plans
The World Bank has expressed its interest to support the new Pakistani government economic and industrial
reforms including textile to stabilize the economy and accelerate the growth, boost prosperity and bring an
end to poverty. Mr Hartwig Schafer, Vice President for the South Asia Region, has announced this
commitment on World Banks behalf.
Mr Hartwig Schafer commented, “I am impressed to learn of the Government of Pakistan’s plans for
investing in human capital and creating jobs, attracting investments through ease of doing business and
better regional connectivity, improving infrastructure and services in Karachi, and strengthening the
management of water and the environment. We look forward to engaging the federal and provincial
governments and providing support to implement urgent reforms needed to stabilize the economy and
achieve accelerated growth in the medium term.”
Pakistan has been a member of the World Bank since 1950. Since then, the World Bank has provided $33.4
billion in assistance. The World Bank’s program in Pakistan is governed by the Country Partnership Strategy
for FY2015-2020 with four priority areas of engagement: energy, private sector development, inclusion, and
service delivery. The current World Bank portfolio includes 43 projects with a net commitment of $7.79 billion.
August/September 2018
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Government to promote regional trade,
export-led growth: Abdul Razzaq Dawood
According to Mr Abdul Razzaq Dawood, Advisor to Prime Minister
on Commerce, Textiles, Industries production and Investment the
incumbent government is determined to promote regional trade
and export led growth of economy. He further added that Pakistan
trade deficit would benefit from regional trade by an increase in
exports. The government will give priority to promotion of
export-led growth by enhancing exports and reduce dependence
on imports, adding that it had identified many sectors that would
boost exports from the country.
To increase the global market competitiveness, engineering
exports, chemicals, information technology and innovation
technology is being focused on. Highlighting the importance of
value addition, he added that agriculture exports alone cannot
enhance the country exports. He said special attention would also
be given towards promotion of textile exports, particularly knitwear,
apparel, garments, leather products and rice besides promoting
the furniture industry of the country which has great export
potential.
Mr Abdul Razzaq Dawood commented, “I would call
representatives of textile sectors and exporters as well as other
stakeholders for consultations to devise future guidelines for
growth in these sectors. The Small and Medium Entrepreneur
(SMEs) sector would also be encouraged for playing its role in
economic growth and prosperity.”
The advisor further drew attention to the significance of regional
economic and trade integration promotion to increase trade with
regional countries which include Iran, Afghanistan, India and
Central Asian States. This promotion strategy will be based on
increasing the country’s exports to compete with regional as well
as global players in the international market.
He also advised that the trade agreements need to be revised with
various countries including Thailand and Turkey for the assurance
of enabling environment to promote Pakistan’s international trade.
Mr Abdul Razzaq Dawood said, “We are already in trade with
North and South American countries including South East Asian
Economic and there is more trade potential which needs to
be explored.”
August/September 2018