PHOTO: FILE
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Chairman Shaikh Mohammad Shafiq has urged the government to transfer the whole benefit of reduction in crude oil prices to the industry.
“The main reason the industry has not been doing well is because of high cost of production,” said Shafiq in a statement.
He said that the lowering oil prices will boost the industrial production and competitiveness.
Shafiq has expressed grave concern over Pakistan’s annual consumer inflation rate increasing to 3.32% in January from 3.19% in December, while on the other hand, total liquid foreign exchange reserves held by Pakistan have declined by $109 million to $20.50 billion.
Shafiq strongly recommended the government to take drastic steps for enhancing exports and addressing the problems of the industrial sector on top priority basis.
Published in The Express Tribune, February 3rd, 2016.
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