Textile industry: Fresh investment has stopped with higher business cost
Govt asked to frame strategy to arrest rising expenses
Pakistan’s share in world textile and clothing trade, worth an estimated $718 billion, had dropped to 1.7% from 2.2% less than a decade ago. PHOTO: AFP
FAISALABAD:
A continuous increase in the cost of doing business over the past many years has stalled fresh investment in textile business as well as stymied export growth and turnover, said a top official of an association of exporters.
“The government should frame a comprehensive strategy to stem the cost increase in order to accelerate the pace of industrialisation and save the livelihood of millions of workers,” said Pakistan Textile Exporters Association (PTEA) Chairman Mian Ajmal Farooq at the body’s annual general meeting on Tuesday.
Textile Asia 2016: Sector has great potential to create jobs, says Rashid
Speaking to a large number of exporters, Farooq said in prevailing economic conditions, the higher production cost was the core issue faced by textile exporters.
The export of goods has come under pressure because of what businessmen say financial constraints, industrial slowdown, heavy burden of taxes and high energy cost, which are hurting industrial and trade activities as well as productivity.
Airing concern over the persistent fall in the country’s exports, newly elected chairman Farooq said Pakistan’s share in world textile and clothing trade, worth an estimated $718 billion, had dropped to 1.7% from 2.2% less than a decade ago, with regional rivals capturing a greater market share.
Bangladesh’s share has increased from 1.9% to 3.3% and India’s have grown from 3.4% to 4.7% during the same period.
He emphasised the need for forging unity in the textile industry in an attempt to press the government to focus on strengthening the economy and increasing industrial productivity.
Textile firm enters dairy business with Rs2b investment
Outgoing PTEA Chairman Asghar Ali, while presenting his annual report, described the government’s initiatives of restoring the zero-rated tax regime for textile exports and payment of outstanding tax refunds as positive, believing these would help to accelerate the pace of industrialisation in the country.
He also welcomed the government’s move to supply around 60 million cubic feet of liquefied natural gas per day to textile mills in the previous winter, which kept the production cycle running without interruption.
“Though Pakistan’s economy has lost significant momentum, our exporters have held the ground against heavy odds and achieved export targets,” he remarked.
Published in The Express Tribune, September 28th, 2016.
A continuous increase in the cost of doing business over the past many years has stalled fresh investment in textile business as well as stymied export growth and turnover, said a top official of an association of exporters.
“The government should frame a comprehensive strategy to stem the cost increase in order to accelerate the pace of industrialisation and save the livelihood of millions of workers,” said Pakistan Textile Exporters Association (PTEA) Chairman Mian Ajmal Farooq at the body’s annual general meeting on Tuesday.
Textile Asia 2016: Sector has great potential to create jobs, says Rashid
Speaking to a large number of exporters, Farooq said in prevailing economic conditions, the higher production cost was the core issue faced by textile exporters.
The export of goods has come under pressure because of what businessmen say financial constraints, industrial slowdown, heavy burden of taxes and high energy cost, which are hurting industrial and trade activities as well as productivity.
Airing concern over the persistent fall in the country’s exports, newly elected chairman Farooq said Pakistan’s share in world textile and clothing trade, worth an estimated $718 billion, had dropped to 1.7% from 2.2% less than a decade ago, with regional rivals capturing a greater market share.
Bangladesh’s share has increased from 1.9% to 3.3% and India’s have grown from 3.4% to 4.7% during the same period.
He emphasised the need for forging unity in the textile industry in an attempt to press the government to focus on strengthening the economy and increasing industrial productivity.
Textile firm enters dairy business with Rs2b investment
Outgoing PTEA Chairman Asghar Ali, while presenting his annual report, described the government’s initiatives of restoring the zero-rated tax regime for textile exports and payment of outstanding tax refunds as positive, believing these would help to accelerate the pace of industrialisation in the country.
He also welcomed the government’s move to supply around 60 million cubic feet of liquefied natural gas per day to textile mills in the previous winter, which kept the production cycle running without interruption.
“Though Pakistan’s economy has lost significant momentum, our exporters have held the ground against heavy odds and achieved export targets,” he remarked.
Published in The Express Tribune, September 28th, 2016.