Tyres manufacturing in Pakistan to help control smuggling: President

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President Dr Arif Alvi Monday said that there existed immense potential for the Chinese companies to invest in agriculture, automobile, and other sectors of Pakistan for the benefit of the two countries and their peoples.

The president, addressing the inauguration ceremony of Service Long March (SLM) tyre factory at Nooriabad area of Karachi here, expressed the pleasure that the foreign investment was increasing in the country.The president said the government had taken a number of steps to attract foreign investment and promote exports through value-addition in the country.

He said the Governor of State Bank of Pakistan had done a tremendous job by facilitating the business community in the country.”No country can prosper, if stakeholders are not included in the policy-making process,” he commented. He said the establishment of SLM factory was the result of joint efforts of Chinese and Pakistani investors.The president said during the period of 2013-18, the smuggling of tyres witnessed a rise which would be curbed following the local manufacturing in the country.He said employment opportunities for women and disabled persons should be created.Speaking on the occasion, Governor State Bank, Dr. Raza Baqir said the bank had introduced Temporary Refinance Economic Facility (TREF) to boost business activities in the country and loans, particularly for small business, were being given through the scheme on priority.

He said that loans were being given through commercial banks for small business on priority to boost business activities in the country.The governor said that annual export of three hundred million dollars was expected through the tyres’ manufacturing factory.

On the occasion, CEO SLM, Usman Saeed said that SLM was the export-oriented company in the country, adding that we made profits but major share of it was being spent for welfare of the people in the country.

“We have established hospitals serving the poor people in the country and in addition, all kinds of support have been extended to other foundations in the country,” the CEO informed.

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