PM hailed for turnaround: Textile industry achieves 26 percent growth in quantitative terms: APTMA

As a result of the progressive policies and personal interest of the Prime Minister, especially by providing regionally competitive energy tariffs the textile industry has become viable after remaining in the red for 10 long years, said All Pakistan Textile Mills Association (APTMA).

According to a press release issued by APTMA Islamabad office, the textile industry has achieved a record increase of 26 percent growth in quantitative terms although this did not directly reflect in the dollar amounts due to a substantial worldwide decrease in textile prices. However, if this 26 percent increase in quantity had not been achieved the exports would have been less than $ 8.5 billion, the international prices have now recovered.

As per records, profits of the companies were over 5 percent. The companies have posted a turnover of $ 16 billion out of which $ 13.3 billion was exported and $ 2.8 billion were sold in the domestic market. Industry has contributed to the exchequer through income tax of Rs 40 billion as well as various other indirect taxes and levies of over Rs 35 billion. The importance of the industry can be assessed from the fact that it also employs over 10 million workers with many more dependents.

As a result of the confidence reposed by the Prime Minister in the industry and the appointment of a dedicated Task Force to not only formulate but ensure implementation of a progressive textile policy, industry is all poised to take off and double exports in the next four years. Industry as a result of the profits posted has strong balance sheets and an equity fund of $ 1 billion earned directly from the international market. These funds can be leveraged to invest at least $ 4 billion in the next year alone.

"We profusely thank the Prime Minister for having taken personal ownership and stewardship of the industry and chaired over a dozen meetings with the industry during this last year to resolve their issues," the press release maintained.-PR

Copyright Business Recorder, 2019