APTMA demanded competitive pricing for energy in Pakistan including electricity and gas. It has also urged the government to reduce the rate of sales tax and ensure quick issuance of refunds. According to APTMA, Pakistan’s textile exports are likely to reach $17.5 billion in the financial year 2020-21 as textile manufacturers are receiving orders from various exporting countries that could result in utilization of 80-90 per cent production capacity by next quarter.
The export earning of the textile sector is likely to increase by $3 billion this year keeping in view the demand in the international market, which will not only increase exports of the sector with a possible value of $17.5 billion but it could enhance the overall exports of the country by $27 billion in the next financial year.
The export earnings of the textile sector will also support the dwindling foreign exchange earnings in case of dwindling inflows of remittances, the letter added. However, textile exporters could also achieve these benchmarks if the government revisits the financial bill and introduces incentives for the sector.