All Pakistan Textile Mills Association Chairman S M Tanveer has thanked Prime Minister Nawaz Sharif 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.
He hoped that the approval of a timely relief package by the Prime Minister would lead to resurgence of the presently impaired textile industry and reaping the socio-economic benefits for the country through a strong textile industry.
“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.
Chairman APTMA further said that group leader APTMA, Gohar Ejaz had presented a facts and figures based joint view of the textile industry, particularly on behalf of the Denim, PTEA and PCGA, in a highly impressive manner, which was appreciated by all the textile industry associations as well as the government. It was thought that it would all lead to a sustainable textile inclusive of all sections of the textile sector.
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 percent textile production capacity has become impaired throughout the country.
He 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.