GUJRAT: Getting a boost because of the government’s initiative of offering soft loans to local manufacturers, the cutlery industry of Wazirabad can play an important role in increasing the country’s exports, says Pakistan Cutlery Consortium chairman Muhammad Khalid Mughal.

Talking to Dawn, Mughal said the Wazirabad cutlery industry is gearing up to enhance its exports and branding globally, adding that achieve this goal, local industrialists are eager to relocate from residential areas to the Small Industrial Estate located on Sialkot Road in Wazirabad city.

He emphasised that the industry’s growth is crucial for Pakistan’s economic prosperity and job creation.

Appreciated the Punjab government’s initiative to provide easy loans to local industrialists through the State Bank of Pakistan, he says the units in the Small Industrial Estate are being offered Rs10 million per kanal loan at the rate of 6 percent per annum markup.

This, he says, will enable the industrialists to set up new factories and upgrade their machinery.

He suggests that the manufacturers who have already completed the installments of the price of their plots in the industrial estate should be provided loans for shifting their units there.

This move, he expects, will help increase their production capacity, product quality, and enable them to meet international standards.

The cutlery industry aims to expand its exports to Europe and America, aligning with global market requirements, he adds.

Mr Mughal says that by upgrading their machinery and certifications, the local cutlery manufacturers can boost their exports and contribute significantly to Pakistan’s economy.

Published in Dawn, June 20th, 2024