Officials say pending refunds hindering growth
PHOTO: AFP
FAISALABAD: The Pakistan Textile Exporters Association (PTEA) has stressed focus on value-addition in the textile industry as sustainable growth hinges upon it.
Conducive policies are imperative for immediate revival and uplift of the economy, said officials.
PTEA Chairperson Mian Shaiq Jawed said value-addition is key to success and the government must focus on capturing a greater share in regional and international trade through it.
He stressed to facilitate the import of cheaper raw materials and export finished products after adding value. Countries all over the world encourage value addition to earn more foreign exchange, he said, adding that textile exports of Bangladesh are touching $30 billion despite the fact that they do not grow cotton and produce finished textile products with imported raw material.
"All emerging economies have implemented reforms by removing impediments, which have helped them increase their exports. We need to follow their footsteps and take our industry into the right direction to achieve our national goal," Jawed added.
He lamented that the textile industry is unable to tap its potential in accordance with its capacity while regional peers are multiplying their exports owing to the low cost of doing business. High production cost is a major hurdle in export growth.
Appreciating the government's efforts, the PTEA official said that duty drawbacks under the prime minister's package helped increase textile exports, as figures have been gradually increasing since June. However, complete implementation of the scheme is still needed, he added.
Published in The Express Tribune, April 7th, 2018.
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