APTMA lauds Zardari’s efforts for textile industry

LAHORE – The All Pakistan Textile Mills Association (APTMA) Chairman Gohar Ejaz has lauded efforts of President Asif Ali Zardari for his industry-friendly approach and accelerated implementation of APTMA’s proposals.
He said that the credit goes to President Zardari for extending full ownership to textile industry, declaring 2011 as the Year of Textile and for stimulating the bureaucracy to follow APTMA’s guidelines in its true letter and spirit, said the young and dynamic APTMA chairman.
The APTMA Chairman Gohar Ejaz had suggested five initiatives on textile industry during the association’s annual dinner, held at the presidency on March 11. The initiatives include revamping agriculture research for an increase in cotton productivity and other raw materials, 24/7 energy supply, zero rating-regime for textile value chain, hassle free refunds’ accumulation, competitive interest regime and market access.
The APTMA chief said that President Zardari has resolved the issue of zero-rating regime for the textile industry. The agriculture productivity plan is on the anvil, he added. Furthermore, he mentioned that short and medium term energy supply solutions are under deliberations between APTMA and government policymakers.
However, he has urged the government to extend importance to initiatives like competitive interest regime and market access. He believed that a competitive interest rate regime is imperative to attract investment for textile industry and to create new jobs, produce exportable supplies for achieving the $25 billion exports by 2014-15.
He said that allocation of funds, under the Technology Up-gradation Fund Scheme (TUFS), besides an instrument from the State Bank of Pakistan (SBP) is urgently awaited to implement textile and trade policy initiatives. It is worth noting that the TUFS speaks about 50 percent interest rate reduction, up to five percent on capital intensive projects for investments in specific areas of industry.
On market access, said Gohar Ejaz, the Ministry of Commerce and APTMA have interacted recently but it still demands an expeditious approach for public/private initiative on lobbying the genuine case of Pakistan in US and EU for market access.