June 24, 2023 (MLN): Former President Asif Ali Zardari said on Friday that his dream of $100 billion exports would materialize with the help of the textile industry.
He was addressing the All Pakistan Textile Mills Association (APTMA) members during his visit to APTMA.
Zardari said the textile entrepreneurs should lead the ministries of textile and finance to take the country forward.
He said opening up trade with Iran would enable Pakistan to get cheap gas as well as LNG. He said the PPP government would ensure completion of the gas pipeline from Iran besides supporting border trade.
“I will bring gas from Iran for the textile industry of Pakistan to reduce its input cost,” he said.
He said he had advocated for trade, not aid, in his talks with the European Union back in 2013.
He said Bangladesh has gained an advantage of GSP plus because of its underdeveloped status. 90% of Indian textile products get a tag of "Made in Bangladesh" and are shipped to Europe for sale, he said.
He said Pakistani entrepreneurs should learn to sell their products in the international markets with the right combo.
He said he would not hesitate to sign the Charter of Economy and provide a level playing field to the business community.
He said he would invite the textile industry to invest in the cotton crop in Jhal Magsi, a region in Sindh close to Balochistan. He said there is a need to ensure a rift price for cotton farmers besides working on the quality of seed in the country.
Earlier in his address, Gohar Ejaz said the potential of textile exports is not less than $25bn based on the current capacity.
He said the industry has set a target of $50bn in the next five years besides committing to set up 1000 garment units with 500,000 stitching machines out of a total investment of $7bn to give a $20bn per annum rise in exports and generate employment for 700,000 workers.
He said these garment plants should be established near major textile-producing cities i.e., Lahore, Sheikhupura, Faisalabad, Kasur, Multan, Sialkot, Rawalpindi, Sukkur, Hyderabad, Karachi, and Peshawar.
He said there is a decline in exports and deindustrialization in Punjab due to the non-availability of Regionally Competitive Energy Tariff (RCET).
He made it clear that the RCET is not a subsidy. Without RCET, he said, exporters in Pakistan cannot compete in the international markets, as Pakistan has the highest energy tariff in the region, and the high price of energy plus intermittent/curtailed supply is a recipe for deindustrialization.
While speaking about the solution, he urged to maintain 9 cents/kWh for electricity and $9/MMBtu for gas for the export sector across Pakistan.
He has sought dedicated power plants for the industrial sector and wheeling of electricity under the CTBCM regime, which requires full support from the Finance Division.
He also sought the restoration of SRO 1125, refund of all sales tax, Tuff, and other dues, working capital lending facility, besides a moratorium on debt, clearance of all imports of Export Oriented Sectors/Zero-Rated Industries, whether against L/Cs or cash against the document.
Additionally, permission to open L/Cs for raw material machinery, spare parts, and other items, extension of the existing export discounting mechanism by SBP to include yarn and cloth, and equitable treatment for all textile products in terms of export discounts.
Copyright Mettis Link News
Posted on: 2023-06-24T12:17:07+05:00
