Japan has extended grant assistance in the form of equipment for the National Textile University (NTU) of Faisalabad worth Yen 500 million to Pakistan under the Economic and Social Development Programme.
The official notes for the grants were exchanged on March 19 at the Economic Affairs Division in Islamabad. Economic Affairs Secretary Dr Syed Pervaiz Abbas and Japan’s Ambassador Matsuda Kuninori signed the exchange of notes, record of discussions, and agreed minutes on procedural details on behalf of their governments.
In the signing ceremony, Dr Syed Pervaiz Abbas expressed that Pakistan values close and friendly relations with Japan and cherishes shared views on a whole range of regional and international issues that exist between the two partners. Japanese economic cooperation is greatly valued and welcomed as it has played and continues to play a vital role in the socio-economic uplift of Pakistan.
The secretary also highlighted that the grant assistance in the form of equipment for the National Textile University is well-timed keeping in view the needs of the textile industry of Pakistan, for which we are thankful to the government of Japan. In Pakistan, the textile sector has an overwhelming impact on the economy, contributing 55% to the country’s exports. In today’s highly competitive global environment, the textile sector needs to upgrade its supply chain, improve productivity, and maximise value-addition to be able to survive.
Thus, Pakistan’s government is committed to sustain the growth of the textile sector in an increasingly competitive environment while effectively responding to the challenges and opportunities provided by the globalization of trade and providing a forum to the domestic textile industry for a mutually beneficial interface. He appreciated the government and people of Japan for their support with the assurance of extending all necessary facilitation for more meaningful cooperation in the future.
On the occasion, Ambassador Matsuda Kuninori committed that Japan would continue to support Pakistan in its efforts to maximize its potential in the areas with comparative advantages such as the textile industry. The National Textile University is a public university located in Faisalabad and it is the premier institution of textile education in Pakistan.