Prime Minister Nawaz Sharif is likely to announce a package to help revive the textile sector and rescue dwindling textile exports.
According to sources, the prime minister is worried about the decline in textile exports and is likely to announce a package to help rescue dwindling textile exports in tomorrow’s meeting.
At present, Pakistan’s textile industry is virtually in a crisis.
All Pakistan Textile Mills Association (APTMA) recently proposed several measures for the revival of Pakistan’s textile industry, including removal of customs duty on imported cotton, duty-free imports of man-made fabrics, tax rebates and tax refund on packaging material under a zero-rated regime.
APTMA Chairman Aamir Fayaz Aamir is of the opinion that the primary reason for falling exports is the high cost of business.
Over the past three years, textile and clothing export performance have been consistently deteriorated. According to the statistical data presented by APTMA, the exported quantity of cotton cloth, knitwear and cotton yarn went down by 35pc, 10pc and 28pc, respectively. Readymade garments, bed wear and towels also showed similar downward trends.
