Shaukat Tarin says govt coming up with a comprehensive policy for expansion of auto industry


Finance Minister Shaukat Fayyaz Ahmed Tarin has said the government is coming up with a comprehensive policy for expansion of auto industry.

Suh Sang-Pyo, Ambassador of the Republic of Korea paid a courtesy call on Shaukat Tarin here at the Finance Division on Tuesday.

While extending a warm welcome to the Ambassador, the Finance Minister stated that Pakistan enjoys friendly relations with Korea and is looking forward to further strengthening bilateral relations between the two countries. The Finance Minister thanked Korea for 3-year Framework Arrangement under which $500 million are being provided for projects in IT, education and health.

Both sides exchanged views on economic potential and stressed the need to further promote mutual trade and investment linkages. The Finance Minister expressed the desire of increasing exports to Korea. The Finance Minister briefed the Korean Ambassador about the recent economic developments and initiatives. The current Government aims at achieving all- inclusive and sustainable economic growth with key focus on “bottom-up” approach. The government has chalked out short, medium and long term plans to spur growth in key priority areas, he said.

Furthermore, the Government is coming up with a comprehensive policy for expansion of auto industry in Pakistan by increasing the production of cars, motorcycles, tractors etc. The government is determined to encourage and incentivize foreign investors who are keen to undertake investment ventures in respective fields. The government also stands committed to revive the business and industry that has been hit hard due to Coronavirus pandemic. The ultimate focus of the government is employment generation, efficient resource mobilization and industrial growth, he added.

The Finance Minister welcomed plans by Samsung to start cell phone assembly in Pakistan and promised full facilitation in this regard. The Korean Ambassador thanked the Finance Minister for his time and underscored the importance of people-to-people contact between the two countries. He also highlighted potential for furthering cooperation in hydropower generation and stated that Korean companies are satisfied with the business environment in the country. The Finance Minister affirmed full support and cooperation on the occasion.

Meanwhile President ZTBL Shahbaz Jameel briefed the Finance Minister about the quarterly profit registered by the Bank ending on 30th June 2021, after a gap of almost four years.

The President acknowledged the guidance of the Advisory Committee, headed by the Finance Minister, which spearheaded the reform process at ZTBL. He also underscored the importance of measures adopted by the Bank in making its operations sustainable.

In his remarks, the Finance Minister urged to adopt prudent lending, stringent accounting controls, innovative banking solutions and austerity measures for a turnaround in the long term. The ongoing COVID-19 pandemic has made it imperative to implement digital transformation in operations for increasing transaction volumes. ZTBL is a leading agro-financing bank in Pakistan which has been extending loans to poor farmers aimed at boosting agricultural productivity at the grass root level, he said.

The Finance Minister directed the management to make concerted efforts to augment the specialized operations of the Bank and make it sustainable and dynamic for promoting agro-farming in the country. The Finance Minister affirmed full support and facilitation for smooth working of ZTBL on the occasion.