After a considerable wait, the Pakistan PM Nawaz Sharif has announced a Rs 180 billion package for the textile industry that he had promised to earlier. The All Pakistan Textile Mills Association (APTMA) has welcomed the announcement. Chairman Aamir Fayyaz has welcomed the package.
Fayyaz said he had held four meetings with the prime minister over the last four months and apprised him of the state of affairs in the textile industry due to high cost of doing business. The prime minister showed his concern over the decline in exports and increase in trade deficit which has reached $14 billion during first half of the current fiscal. APTMA explained the high cost of doing business that had impacted export sector viability and also apprised the government of the support extended by competing countries like India, Bangladesh and Vietnam to their export industries.
The APTMA chief appreciated the PM for taking a bold decision for export sector of Pakistan, which includes tax-free import of cotton and man-made fibre besides offering duty drawback on exports, including 4 per cent on greige fabric, 5 per cent on processed fabric, 6 per cent on home textile made-up and 7 per cent on garments against realisation of import proceeds. APTMA Punjab Chairman Syed Ali Ahsan expressed the hope the package would boost exports and positive results would be in the offing within the next six months with the availability of a fighting chance against competitors.