APTMA, EXIM Bank discuss ways to boost textile exports

The All Pakistan Textile Mills Association (APTMA) and the Export-Import Bank of Pakistan held talks on expanding textile exports, according to Business Recorder. The two sides focused on soft financing for fresh projects and for upgrading existing plants through balancing, modernisation and replacement work. The meeting followed a visit to APTMA by EXIM Bank President and CEO Shahbaz H Syed.

Syed outlined the bank's current facilities, export support schemes and future plans to members, who included APTMA chairman Asad Shafi and Secretary General Raza Baqir. He said the bank would keep working with the sector to raise awareness of its financing products. He also said concessionary rates could ease the financial pressure on exporters, and assured members that loan applications from textiles would be handled quickly, with decisions expected within a fortnight.

APTMA chairman Asad Shafi described textiles and apparel as the backbone of the economy, noting that the sector accounts for over 60 percent of exports. Exporters at the meeting asked for timely, affordable finance covering working capital, technology upgrades, research and design, and urged the bank to extend support to indirect exporters. Both sides agreed to continue discussions on practical steps to improve export finance.