Karachi, 28 March 2022 (TDI): President of Pakistan, Dr. Arif Alvi inaugurated the Service Long March (SLM) tyre factory in Nooriabad, Karachi.
He remarked on Monday that tyre smuggling increased from 2013 to 2018, but now that they are manufactured in the country, the scourge can be controlled.
He underlined his satisfaction that foreign investment was expanding in the country while speaking at the inauguration ceremony of a Service Long March (SLM) tyre factory in Nooriabad.
The construction of the SLM factory, according to Arif Alvi, was the product of cooperative efforts by Chinese and Pakistani investors.
He praised China’s government and leadership, saying that there were several industries in Pakistan, like as agriculture, auto, and others, where Chinese companies might invest and benefit the two countries and their people.
According to the President, a number of initiatives have been done to attract foreign investment and enhance export through value-added in the country.
He stated that the Governor of the State Bank of Pakistan has done an outstanding job in assisting the country’s corporate community.
The President emphasised the need of creating job opportunities for women and disabled people and said, “No country can prosper if stakeholders are not included in the policy-making process.”
Dr Raza Baqir, Governor of the State Bank, said the bank had developed the Temporary Refinance Economic Facility (TREF) to enhance economic operations in the country, and that loans, particularly for small businesses, were given priority under the plan.
He stated that commercial banks were prioritising lending to small businesses in order to increase the country’s economic activity. According to the governor, the tyre manufacturing factory is estimated to produce $300 million in yearly exports.
Usman Saeed, the CEO of SLM, said that the company was the country’s only export-oriented enterprise and that while earnings were produced, the majority of them were spent on the country’s welfare.
“We have constructed hospitals to serve the poor people of the country, and we have offered all types of support to other foundations throughout the country,” said the CEO.
