KARACHI, Sept 20: Minister of State and Chairman Export Promotion Bureau (EPB) Tariq Ikram on Wednesday urged the foreign participants to the second international Machine Tools and Automation exhibition to invest in engineering industry, especially in textile and machine tools related sectors.

Speaking at the inaugural session of the machine tools and automation exhibition being held at Expo Centre Karachi, he said that the home market alone may not be large enough for manufacturing of some machines and tools, but the country’s proximity to Iran, Afghanistan, China and the Central Asian states provides a broader market scope to any manufacturer.

Tariq Ikram said that this opportunity could be a win-win situation for all the parties involved. He made a special mention of the export incentives including the State Bank’s Long-term Financing of Export-oriented Projects (LTF-EOP) scheme whereby local manufacturers seeking credit could borrow money for up to seven years with a fixed interest and exchange rate.

He said that the adapting of automation and technology meant best productivity, processing output and building of infrastructure. It enhanced the quality and standards of products and competitiveness among the manufacturers both locally and globally.