Islamabad Women Chamber of Commerce and Industry (IWCCI) on Tuesday expressed concern over fall in textile exports which is the largest foreign exchange earning sector of the country.
The IWCCI called for immediate attention towards effectiveness of exports and textile policy as the fall of textile sector will damage overall economy and hit foreign reserves.
Tabassum Anwar, chairperson of IWCCI Standing Committee on Trade and Industry, said that textile exports fell to $982.6 million in July as compare to $1.02 billion in July last year which has raised concerns as it is the largest employment providing sector outside agriculture.
She said that textile exports continue to slide despite generalised scheme of preferences (GSP) plus facility in export policy Textile Policy 2015 which claimed to boost exports to $35 billion by 2018. The dwindling exports indicate that the policies governing export sector are flawed which is making GSP plus facility useless that needs immediate correction, she added.
The IWCCI chairperson urged that many textile units have scaled down their capacity and millers are forced to seek loans from banks to keep their business running and honour commitments due to refunds stuck up since years.
Tabassum said that export policy envisioning exports of $35 billion has become a joke as it has damaged exports rather than promoting it.
Delayed refunds has resulted in increased cost of doing business and unmet obligations damaging country’s reputation as the issue continue to erode country’s competitive edge, she added.