ISLAMABAD: Islamabad Women Chamber of Commerce and Industry (IWCCI) expressed concern over fall in textile exports which is the largest foreign exchange earning sector of the country, today.
It called for immediate attention as the fall of textile sector will damage overall economy and hit forex reserves.
Textile exports fell to 982.6 million dollars in July as compare to 1.02 billion in July last year which has raised concerns as it is the largest employment providing sector outside agriculture, said Tabassum Anwar, Chairperson of IWCCI Standing Committee on Trade and Industry.
She said that textile exports continue to slide despite GSP plus facility, Export Policy which claimed to boost exports to 35 billion dollars by 2018 and Textile Policy 2015.
The dwindling exports indicate that the policies governing export sector are flawed which is making GSP plus facility useless that need immediate correction, she added.
Tabassum Anwar said that Export Policy envisioning exports of 35 billion dollars has become a joke as it has damaged exports rather than promoting it.
The continued fall is threatening largest export earning sector of textiles which is also the largest employment provider outside agriculture, she said, adding that exports of competing nations continue to rise leaving argument of global recession questionable.
Many textile units have scaled down their capacity and millers are forced to get costly loans from banks to keep their business running and honour commitments due to refunds stuck up since years.
Delayed refunds has resulted in increased cost of doing business and unmet obligations damaging country’s reputation as the issue continue to erode country’s competitive edge.