Textile exporters stress need for fresh policies
Ask incoming govt to study policies of competing countries.
The textile industry is pinning its hopes on the incoming PML-N government which is considered highly favourable for businesses. PHOTO: AFP
FAISALABAD:
Textile exporters have pressed the incoming government to design fresh policies for spurring exports which will revive struggling industries and provide a boost to the faltering economy.
Pakistan Textile Exporters Association Chairman Asghar Ali and Vice Chairman Muhammad Asif also called for giving top priority to the economy, saying the country could not make progress without turning around its sagging economy.
“If the government takes all stakeholders on board and finalises export policy in consultation with them, textile exports can be taken to $20 billion from the current $13 billion,” they said in a statement.
They suggested that the government could study export policies of regional countries like India, China and Bangladesh where exporters were being facilitated. They asked the Federal Board of Revenue (FBR) to help formulate export-friendly policies instead of creating hurdles in the way of the industry.
“Energy crisis coupled with high interest rates, excessive burden of taxes and stuck refund claims has not only jeopardised growth of textile industry and exports, but has also put the survival of industry at stake,” the statement said.
The textile industry is pinning its hopes on the incoming PML-N government which is considered highly favourable for businesses.
Terming energy shortage the main hurdle to industrial progress, Asghar Ali said uninterrupted energy supply to the textile industry should come on top of government’s priorities as the industry employed 15 million workers and exported goods worth $14 billion.
According to industry people, electricity outages for up to 18 hours and absence of gas supply for four days a week have forced the textile sector to run at only 50% of its capacity and have left scores of workers jobless.
Hundreds of power looms, which provide the base for the textile industry, have been forced to shut down because of prolonged electricity outages. “The crisis is still there and we don’t know the future of this industry,” remarked Ali.
Discussing the high interest rates, he pointed out that the industry was willing to make investment as soon as it was provided with financial environment favourable for growth.
Published in The Express Tribune, May 25th, 2013.
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Textile exporters have pressed the incoming government to design fresh policies for spurring exports which will revive struggling industries and provide a boost to the faltering economy.
Pakistan Textile Exporters Association Chairman Asghar Ali and Vice Chairman Muhammad Asif also called for giving top priority to the economy, saying the country could not make progress without turning around its sagging economy.
“If the government takes all stakeholders on board and finalises export policy in consultation with them, textile exports can be taken to $20 billion from the current $13 billion,” they said in a statement.
They suggested that the government could study export policies of regional countries like India, China and Bangladesh where exporters were being facilitated. They asked the Federal Board of Revenue (FBR) to help formulate export-friendly policies instead of creating hurdles in the way of the industry.
“Energy crisis coupled with high interest rates, excessive burden of taxes and stuck refund claims has not only jeopardised growth of textile industry and exports, but has also put the survival of industry at stake,” the statement said.
The textile industry is pinning its hopes on the incoming PML-N government which is considered highly favourable for businesses.
Terming energy shortage the main hurdle to industrial progress, Asghar Ali said uninterrupted energy supply to the textile industry should come on top of government’s priorities as the industry employed 15 million workers and exported goods worth $14 billion.
According to industry people, electricity outages for up to 18 hours and absence of gas supply for four days a week have forced the textile sector to run at only 50% of its capacity and have left scores of workers jobless.
Hundreds of power looms, which provide the base for the textile industry, have been forced to shut down because of prolonged electricity outages. “The crisis is still there and we don’t know the future of this industry,” remarked Ali.
Discussing the high interest rates, he pointed out that the industry was willing to make investment as soon as it was provided with financial environment favourable for growth.
Published in The Express Tribune, May 25th, 2013.
Like Business on Facebook to stay informed and join in the conversation.