PTEA official says Punjab has potential to boost textile export industry by $2 billion. PHOTO: FILE
Speaking at a meeting on Friday, he urged the government to set a road map for the next four years to produce robust economic activity and boost exports to $30 billion in a bid to fulfil prime minister's vision of economic prosperity.
Terming entrepreneurs and the business community invaluable asset of the country, he pointed out that no meaningful economic development was possible without their involvement, co-operation and active input in formulation of economic policies.
Textile industry gets Rs29b relief in duties, taxes
"Government should take all possible initiatives to restore the confidence of businessmen and investors to magnify export growth," said Mukhtar. "At present, only 100 textile units out of 3,500 are maintaining growth, whereas no level playing field is available for the small and medium enterprises (SME) sector."
He was of the view that Punjab's textile export industry had the infrastructure, potential and opportunities to enhance exports by $2 billion and generate 100,000 new jobs within the next two years if an enabling environment was provided to it.
The PTEA chairman underlined the need for serious and well-planned efforts to expand value-addition especially in the textile sector for capturing higher share in regional and international markets.
Presenting recommendation for the economic road map, he stressed for liquidation of stuck up refunds of exporters, which amounted to Rs160 billion in different refund regimes.
Moreover, he requested enhancement in credit limit under Long Term Financing Facility (LTFF) from Rs102 billion to Rs200 billion and Export Finance Scheme (EFS) ceiling from Rs226 billion to Rs400 billion.
He further emphasised taking measures to increase the cotton yield and launch an image building campaign on international media from Export Development Fund besides signing of Preferential Trade Agreements (PTAs) and Free Trade Agreements (FTAs) with developed economies.
"It is matter of great satisfaction that our exporters perform very well even in severe conditions and earn precious foreign exchange for the country, which helps strengthen the economy," he lauded adding that now the situation had improved and trade and business activities were getting a boost.
He acknowledged the initiative of the government to resolve the long outstanding issues of the textile export industry and urged continuation with the same momentum because any disruption would shatter all efforts.
Acknowledging former finance minister Asad Umar's support for the textile export industry, he stressed relentless measures to revive the economy and boost exports.
He voiced hope that with the support of masses, Pakistan would eventually overcome economic challenges and all resources would be mobilised for transforming the country in line with prime minister's vision of economically stable and strong Pakistan.
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