Textile Exports Likely To Enhance To $15 Billion
LAHORE – The All Pakistan Textile Mills Association (APTMA) Chairman Syed Ali Ahsan said the export enablers ensured by the government are likely to increase textile and clothing exports to $15 billion during remaining period of the current fiscal year.
In his address to a press conference at the APTMA Punjab office on Friday, he appreciated the federal government for recognizing the importance of exporting industry and providing regionally competitive energy to 5 zero rated sectors.
He said the government should ensure supply of energy on regionally competitive prices in order to ensure stability.
APTMA Patron-in-Chief Gohar Ejaz said the availability of energy at regionally competitive price has increased textile exports by 8.5 percent in the month of January 2019 against the corresponding period of the previous fiscal year.
“The textile industry exports are likely to cross $15 billion mark if it continues to grow by 10 percent on an average in the remaining period of the current fiscal,” he said, adding that it would likely be a record achievement of textile exports in such a short span of time.
According to him, the exports of $3.5 billion yarn and fabric annually may boost textile exports to $14 billion with the closed capacity worth $3 billion exports which has been revived through the enablers ensured by the government.
He proposed to constitute a task force on cotton production to achieve 15 million sales and ensure its enhancement, and sustainability, and acquisition of high yield cotton technology, and, provision of agricultural extension services and direct support to farmers for reduce their input cost.
He said the government should liquidate all textile Industry refunds of sale tax, income tax, and policy and package initiatives.
To promote investment, he urged the government to allow LTFF to indirect exports and enhance credit limit for investment under LTFF to Rs3 billion per project.
Also, he demanded a fast track establishment of Integrated Textile and Apparel Parks, enabling plug and play facilities for local and foreign investors.
He said a special task force on revival of closed mills is critical. Regarding trade with India, Gohar said India was exporting products worth $2.5 billion against merely $500 million exports from Pakistan.
He proposed the government to reciprocate India in the same coin that has imposed 200 percent duty on Pakistani products.
He said the domestic industry is capable for producing the products imported from India.
He urged the government to reanalyze agreements with the independent power producers, as the energy mix has been becoming cheaper all over the world.
He said the availability and affordability of energy has been a big issue for the exports industry and unrealistic terms and margins on returns should be revised in line with the regional compatibility.