Textile and clothing exports likely to increase to $15 billion during current fiscal: Chairman APTMA

LAHORE: The All Pakistan Textile Mills Association (APTMA) Chairman Syed Ali Ahsan has said the export enablers ensured by the government are likely to increase textile and clothing exports to $15 billion during remaining period of the current fiscal year.

Addressing a press conference at the APTMA Punjab office on Friday, he appreciated the government for recognizing the importance of exporting Industry and providing regionally competitive energy to 5 zero rated sectors.

He said the government should ensure supply of energy on regionally competitive price in order to ensure stability.

Speaking on the occasion, Patron-in-Chief APTMA Gohar Ejaz said the availability of energy at regionally competitive price has increased textile exports by 8.5 percent in the month of January 2019 against the corresponding period.

“The textile industry exports is likely cross $15 billion mark in case it continues to grow by 10 percent on an average for the remaining period of current fiscal,” he said and added that it would likely be a record achievement of textile exports in such a short span of time.

According to him, the exports of $3.5 billion yarn and fabric annually may boost textile exports to $14 billion in case closed capacity worth $3 billion exports is revived through the enablers ensured by the government.

He proposed to constitute a task force on cotton production to achieve 15 million bales and to ensure implementation of the vertical & horizontal growth of cotton, acquisition of high yield cotton technology, broad basing of sustainable cotton production, provision of agricultural extension services and provision of direct support to farmers to reduce their input cost.

He said the government should liquidate all textile Industry refunds of sale tax, income tax, policy & package initiatives.

To promote investment, he urged the government to allow LTFF to indirect exports and enhance credit limit for investment under LTFF to Rs. 3 billion per project.

Also, he demanded a fast track establishment of Integrated Textile & Apparel Parks enabling plug and play facilities for local and foreign investors.

He said a special task force on revival of closed mills is an urgent need of the hour.

Regarding trade with India, Gohar said India was exporting products worth $2.5 billion against merely $500 million exports from Pakistan. He proposed the government to reciprocate India in the same coin that has imposed 200 percent duty on Pakistani products. He said the domestic industry is capable to produce the products imported from India.

He has also urged the government to revisit agreements with the Independent Power Producers, as the energy mix is becoming cheaper world over. He said both the availability and affordability of energy has been a big problem for the exporting industry and unrealistic terms and margins on returns should be revised in line with the regional compatibility.

Posted on: 2019-02-23T10:45:00+05:00