Increasing exports:APTMA says results will be seen within 6 months

Appreciates Rs180-billion package given by govt

LAHORE: All Pakistan Textile Mills Association (Aptma) Chairman Aamir Fayyaz has thanked the prime minister for the Rs180-billion industry revival package, adding that results of the move will be seen within the next six months.

He was addressing a press conference at the Aptma Punjab office on Friday while Aptma Punjab president Syed Ali Ahsan was also present.

Fayyaz said that he had held four meetings with the premier over the last four months and apprised him of the terrible state of affairs in the textile industry due to the high cost of doing business.

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“The prime minister was kind enough to hold lengthy discussions in each meeting in order to devise a strategy for the export sectors along with the relevant ministers,” he added.

Fayyaz added that the prime minister was concerned about the decline in exports and an increase in the trade deficit, which has reached $14 billion during the first half of the current fiscal year.

“We explained the increasing cost of doing business has adversely impacted the export sector viability and also apprised the government about the support extended by competing countries like India, Bangladesh and Vietnam to their export industries,” he said.

Aptma chairman appreciated the government’s effort in announcing the Rs180 billion export-led growth initiative, which includes duty and sales tax free import of cotton and man-made fibre besides offering duty drawback on exports including 4% on yarns/grey fabric, 5% on processed fabric, 6% on home textile/made-up and 7% on garments against realisation of import proceeds.

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He also appreciated the role of Chief Minister Punjab Shahbaz Sharif, Federal Finance Minister Ishaq Dar and Federal Commerce Minister Khurram Dastgir in finalising the revival package.

Aptma chairman Punjab expressed hope that the revival package would give a boost to the country’s dwindling exports and positive results would be seen within the next six months.

He added that the issue high cost of energy is yet to be resolved and urged the government to provide electricity at Rs7/kWh and gas including RLNG at Rs600 per mmbtu inclusive of GIDC to the textile industry across the country.