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SAARC Chamber of Commerce and Industry Vice President Mian Anjum Nisar inaugurated the two-day 8th Color & Chem Expo here at the Expo Center on Saturday.
LAHORE, (UrduPoint / Pakistan Point News – 19th Aug, 2023 ) :SAARC Chamber of Commerce and Vice President Mian Anjum Nisar inaugurated the two-day 8th Color & Chem Expo here at the Expo Center on Saturday.
Local and foreign guests and PIAF Chairman Faheem ur Rehman Sehgal were also present.
After the inauguration, the organizer of the exhibition, Rashidul Haque, took the chief guest and other dignitaries to the stalls and briefed them about the displayed products.
The Pakistan chapter of the American Association of Textile Chemists and Colorists was also launched during the exhibition, with Abdul Rahim Chughtai appointed as its chairman.
Talking to the media, Mian Anjum Nisar said that the caretaker government needed to reduce the cost of doing business for the distressed industry in the country.
“The previous mistakes have already dragged the country towards a serious economic crisis, so the interim government should avoid repeating such mistakes,” he added. Anjum Nisar said that the economic crisis in Pakistan was due to past mistakes and “we should learn from these mistakes and move forward.” He said that Pakistan should follow other countries in economic development.
To a question, Anjum Nisar said that he hopes the interim government does not repeat the mistakes.
He said opportunities must be created to develop local industries and national economy. He said the new government needed to reduce the cost of doing business. Pakistan needs new industrial units. Trade between SAARC countries is not satisfactory, he said, adding like other regional trade blocs in the world, we need to promote regional trade.
To a question, Anjum Nisar emphasized the need to improve regional trade among SAARC member countries.
Anjum Nisar, who is also a former FPCCI president, said that import of raw materials and interest rates must be reduced, adding that in the absence of subsidies, revitalizing the local industry was a major challenge. In response to a question, he mentioned that the interest rate in Pakistan is 22 percent, while the interest rate in China is barely 3.5 percent, Bangladesh 6 percent and India 6.5 percent. “I don’t think the interest rates of the State Bank of Pakistan will decrease, rather there are reports of an increase. Due to the increase in interest rates, the Pakistani industry cannot compete with the rest of the world,” he said observed.
Anjum Nisar said that in the last two years, Pakistan’s exports have declined from $31.5 billion to $27.5 billion.
Director Event & Conference International Rashidul Haq told media that more than 200 companies from China, Thailand, Malaysia, Vietnam, Germany, Turkey, UAE and UK are participating in the two-day fair.
He said Pakistani companies had set up their stalls for joint ventures.
The participation of foreign companies in the national exhibition is a ray of hope in the current economic crisis, he added.
American Association of Textile, Chemical and Colorist (Pakistan Chapter) President Abdul Rahim Chaghtai said that the Pakistan chapter of AATCC had been opened to promote the local textile industry. The main objective of the fair is to create an atmosphere of transfer of modern technology and joint ventures between local and foreign companies, he added.
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