All Pakistan Textile Mills Association Chairman S M Tanveer has said that he is hoping that the approval of a timely relief package by Prime Minister Nawaz Sharif would lead to resurgence of the beleaguered textile industry and reaping the socio-economic benefits for the country through a strong textile industry, the Pakistani media has reported.
“A billion dollar investment for structural balancing, earning precious foreign exchange to get rid of the lending agencies, employment creation and consequent revenue generation would be the immediate socio-economic benefits of a textile industry on strong footing” he stressed.
The APTMA chief thanked the Prime Minister for holding a detailed meeting with textile industry associations to finalise a relief package in context of the high cost of doing business and relating issues.
Tanveer said that group leader APTMA, Gohar Ejaz presented a facts and figures based joint view of the APTMA, Pakistan Textile Exporters Association and Denim Manufacturers Association , which represent the export of yarn, fabric, died fabric, Denim fabric and home textile. The presentation of the APTMA group leader was very impressive and it was appreciated by all the textile industry associations as well as the government.
He said the cost of doing business has escalated 15 per cent due to the overvalued Pak rupee and non-transfer of reduction of oil prices. Consequently, around 35 per cent textile production capacity has become impaired throughout the Country.
Tanveer also said the APTMA has proposed zero rate regime for textile industry, extension of Long Term Finance (LTF) scheme for ginning and spinning industry, exports refinance facility to the entire textile value chain on deemed export basis including spinning and weaving sub-sectors, announcement of 5% export incentive to capture non-traditional markets, special electricity tariff for textile industry and strengthening of domestic commerce by introducing Tariff/NT measures for countering informal trade and dumped imports.
The APTMA chief said that the textile industry is all set to invest one billion dollar every year subject to help of the government for the enabling environment in the country. (SH)