Textile industry to invest $7 billion in next five years: Chairman APTMA

February 4, 2019: The All Pakistan Textile Mills Association (APTMA) Chairman Syed Ali Ahsan has said that the textile industry has envisaged to undertake new investment initiatives for technology up-gradation and value addition which will not only generate more exportable surplus but also new jobs, once the viability is fully restored.

“The industry is determined to double exports in next 5 years with the investment of US $ 7 billion which will create new 1.5 million jobs,” he added.

He was extending welcome address to the Minister of State for Revenue Muhammad Hammad Azhar during his visit to the APTMA Punjab Office on Saturday.

He expressed the hope that the visit of the Minister of State would help resolve fiscal matters concerning exporting industry to move forward to achieve exports growth targets.

Mr. Hammad Azhar assured that the government is determined to liquidate all pending refunds of the industry. The field formations of FBR will be directed to process pending refunds, enabling the industry to avail the instrument of promissory note. At the same time, he said the old refunds of the industry would be paid in cash. He also assured that the tax credit, due on account of investment, would also be processed. He has assured of constituting a committee to redress fiscal matters of the exporting industry.

Chairman APTMA said the textile industry is the backbone of the economy of the country which strived hard for its survival in the last decade wherein 30% of the production capacity remained impaired.

He thanked the PTI government for taking drastic measures for the sector growth, including the announcement of affordable energy package for exporting industry and removal of sales tax and custom duty on import of cotton, basic raw material; which is already short for consumption in the country.

He assured the visiting minister of not disappointing the government struggling for reduction in the trade account deficit by increasing exports. The positive results of the major decisions taken by government for industrial growth will be encouraging from January 2019 onwards, he added.

He pointed that there are some pending issues of industry which are still hurting exports growth and seek immediate intervention from government.

He suggested that the government should undertake further enabling measures pivotal for revival and long term growth of the industry which include liquidation of all pending refunds of the industry on account of sales tax and duty drawbacks and a strict monitoring of the entry and sale points to stop entry of smuggled goods in the larger interest of the domestic commerce.

Patron-in-Chief APTMA Gohar Ejaz said provision of the enabling environment for  the industry is a must to achieve the targets of earning foreign exchange, including liquidity improvement, cotton production and new investment as a way forward of the exporting industry.

Mr. Rehman Naseem, Chairman APTMA Standing Committee on FBR Affairs, gave presentation to the minister on issues and way forward for the growth of textile industry.

Posted on: 2019-02-04T10:24:00+05:00

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