APTMA emphasizes business unity for economic growth

LAHORE: Patron-in-Chief of the All Pakistan Textile Mills Association (APTMA) and former caretaker federal minister Dr Gohar Ejaz underscored the importance of unity within the business community, asserting that its leadership holds the potential to transform Pakistan into an economic powerhouse.

Dr Ejaz made these remarks during a reception held in honour of the PIAF Founders LBF Alliance candidates on Tuesday. At the event, APTMA North pledged its full support to the PIAF Founders LBF Alliance for the upcoming Lahore Chamber of Commerce & Industry (LCCI) elections for the term 2024-26.

He remarked that if the business community had united a decade ago, Pakistan’s exports might have reached $60 billion by now. He commended the new leadership represented by SM Tanveer, who has unified the business community nationwide and secured a two-thirds majority in the FPCCI elections.

Dr Ejaz announced the nomination of Kamran Arshad for the position of central chairperson of APTMA and Asad Shafi for the office of APTMA North.During the event, Patron-in-Chief of United Business Group (UBG) SM Tanveer called on the government to reduce interest rates by 4.0 per cent in the next Monetary Policy. He highlighted that the current interest rate of 19.5 per cent has become positive by 10 per cent, given that year-on-year (YOY) inflation in August 2024 was 9.6 per cent compared to 27.4 per cent in August 2023.

“Pakistan has a promising future ahead. We must foster economic growth through strategic planning and development. It is crucial to create a comprehensive economic roadmap for each sector for the next 10 years and diligently pursue it to elevate Pakistan to its rightful place,” Tanveer stated.