PFC greets Imran Khan for successful state visit to China promising revival of economic activities

ISLAMABAD, Apr 30 (APP):Pakistan Furniture Council (PFC) Chief Executive Mian Kashif Ashfaq Tuesday greeted the Prime Minister Imran Khan for 4-day successful state visit to China promising revival of economic activities to help strengthening national economy.
Presiding over a meeting of board of directors here Tuesday, he said that the top leadership of China has widely acknowledged the dynamic and sagacious leadership of Prime Minister Imran Khan and his good governance,” says a press release issued here today.

He said that China also appreciated his untiring efforts to purge the society of rampant corruption to attract the foreign investors to Pakistan.
He said on this occasion billions of dollar agreements for further enhancing volume of bilateral trade were signed which reflected the Chinese confidence on Pak prudent economic policies being pursued by PTI government.

He said it was not just a treaty between the two friendly countries but it was an economic revolution that was knocking the doors therefore government and private sector should sit together and evolve a strategy to get immense benefits from this opportunity.

He said that government has taken steps forward for industrialisation and still, we need reforms on a greater level.
He said that a trade-oriented economy would not be a sustainable solution for a nation with 200 million populations.
“We need to encourage import substitutions, enhance and diversify our exports, establish industries and develop Made in Pakistan policy to steer the country out of challenges,” he added.

He said that government should conduct an immediate analysis and sort-out the issues being faced by the industrial sector so that it could extract immense benefits from the opportunity of duty-free access to Chinese markets.

Mian Kashif said the Chinese industry has achieved economies of scale over the years, primarily due to their huge domestic market, industry-friendly policies and multiple incentives by the government.
He further said that Pakistan furniture industry has a big potential to dominate global markets with innovative designs.
It can substantially contribute to the country’s export annually if the government properly patronizes to give a boost to the locally handmade furniture.
“Pakistan loses a huge amount of foreign exchange being spent on import of furniture that could be reduced by encouraging our local industries to grow by patronizing them,” he added.

He said PFC has enhanced its interaction with furniture counterparts in China and the Chinese took keen interest in various ‘made in Pakistan ‘ furniture products and thoroughly discussed the ways and means for boosting furniture trade especially office furniture and strengthening the existing business relations among the corporate sectors of two countries on modern lines.

He said Pakistan had excellent craftsmen and designers, who could virtually give life to a piece of wood.
Pakistan also has potential to capture its share in international market because local industry in Pakistan had the finest wood available in country.

Mian Kashif said despite massive influx of inexpensive Chinese furniture in the markets, Pakistani handmade furniture was still admired among masses for its customary designs, durability and quality.
He pointed out that furniture exports from Pakistan were hovering between USD eight million to USD 12 million per annum, which did not reflect even a friction of the actual potential of furniture industry.

He appreciated the PFC for bringing latest technical knowhow to Pakistan in order to develop the furniture industry and bring it on a par with the international market.

He urged the local furniture producers to contribute their maximum share in the $ 5 trillion Chinese import market in the next five years. Applauding the government for signing of the second phase of Free Trade Agreement (FTA) with China said this would help Pakistan to achieve US$ 6 billion worth exports target besides strengthening Pakistan’s economic position in the global market.