GUJRAT: Aimed at enhancing capacity of cutlery industry and boosting export of cutlery products made in Wazirabad, the Punjab Small Industries corporation (PSIC) has designed a plan of sanctioning interest-free loans.

This initiative will help motivate the cutlery manufacturers to shift their units from residential areas to the Small Industries Estate, Wazirabad.

Under the directives of Chief Minister Maryam Nawaz, PSIC Managing Director Sarah Umar accompanied by Punjab Estate and Management Director Sabih Zaka, visited the Small Industrial Estate in Wazirabad to accelerate its development and initiate plans to boost cutlery exports.

During the visit, they met the chairman of Pak Cutlery Consortium Wazirabad and Cutlery Cluster Development Expert Muhammad Khalid Mughal.

Talking to the local cutelry manufacturers, MD Sarah Umar says her visit is a part of the “Golden Economic Triangle City” initiative of CM.

To support this goal, she said, the PSIC will provide interest-free loans ranging from Rs1 million to 30 million to local industries, she said and added that these loans will help establish new factories in the Small Industrial Estate, import of essential raw materials to boost exports and acquire modern technology to enhance productivity.

The initiative encourages private sector participation with a proposed 20pc private investment contribution. The loan structure includes up to Rs10 million for factory construction, while the remaining amount will be allocated to increasing production capacity and creating new job opportunities.

A key objective of the initiative is to increase cutlery exports annually while promoting “Made in Pakistan” as a strong alternative to imported Chinese products. Additionally, the project aims to generate higher tax revenue for provincial and federal governments.

Cutlery Cluster Development Expert Muhammad Khalid Mughal assured full support for all PSIC initiatives that benefit the cutlery sector. He acknowledged the efforts of the Gujranwala regional office and expressed gratitude to Chief Minister Maryam Nawaz and the Punjab government for prioritising the development of the Wazirabad Cutlery Cluster under her visionary leadership.

This initiative is expected to strengthen the industrial base of Wazirabad, create employment opportunities and contribute significantly to Pakistan’s economic growth.

Published in Dawn, December 12th, 2024