Karachi - President FPCCI Mian Muhammad Adrees has shown deep concern over continuous declining trend of the exports of the country particularly textile products.

He indicated that it is not the failure of business but it is the failure of administrative measures and bureaucratic hurdles in the smooth functioning of economy.

He further added that textile sector of the country is confronting with longstanding issue for last few years, which resulted in less exports of the textile sector despite Pakistan received GSP plus status from the European Union.

He said that the business community is endeavor to enhance country’s exports by $1 billion annually but various issues such as stuck up refunds, power and gas shortages faced by the exported-oriented industries, including textiles, if not resolved, would not increase the country’s exports.

He further said that exporting sector in general and textile sector in particular are badly facing hardship because of their mounting refunds in FBR.

Those refunds have created severe liquidity problems and consequently they are forced to arrange working capital through expensive sources which ultimately hurt their competitiveness in international market and ability to export at right time. It is one of the major causes of declining exports, he added.

Mian Adrees further stressed on extra efforts to enable the exporters to compete in the international market at time of continuous appreciation of rupee against US dollar.

 However, textile industry has ability to absorb this shock if FBR understand the problem and expedite refunds process.