ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has assured All Pakistan Textile Mills Association (APTMA) of collaborating in plan to revitalize textile units in distress.
In a statement issued on Sunday, the SECP said that it was collaborating with APTAMA in its efforts to revitalize textiles units in distress and setup ambitious plan of 1000 new in distress in the country to help remove import and export gap in the country and address burgeoning unemployment in the country.
Currently potential of $4,137 million production capacity is impaired due to various issues mainly due to dearth of easy & cheap capital requirement of the industry.
SECP is committed to provide all assistance to the corporate sector in providing ease of starting and doing business and help the existing companies in distress, however, SECP alone cannot achieve this daunting task without the support of the Federal Government and Provincial governments.
The Capital Mark in Pakistan is fully geared to support the capital requirement of the industry in Pakistan and shorty PSX will introduce new products to cater to the needs of the corporate sector which hitherto highly dependent on the lending by the Banks. This was stated by the Chairman, SECP while addressing candid discussion with representatives of APTMA at Lahore, yesterday.
The Chairman, SECP expressed satisfaction that the top leadership of PTI, which is likely to form Government, has for the first time given due importance to the issue of providing ease of doing business and put it high on its agenda which augurs well for the economic development of the country.
He further stressed that the economic woes of the country cannot be addressed without creating conducive environment for attracting foreign investment and providing competitive edge to Pakistan’s corporate sector and industry to grow and bridge import and export gap.
A Memorandum of Understanding (MoU) will shortly be signed between SECP and APTMA to initiate various efforts including directors training program to improve compliance of corporate governance regime, ensure proper advice on regulatory matters and setting up of dedicated focal desk/focal person to facilitate new market entrants in setting up of companies.