New govt expected to adopt export-oriented policies: PTEA

FAISALABAD: Pakistan Textile Exporters Association (PTEA)has cheered the PML-N’s leadership on formation of Government and expressed the hope that the new Government would forge export oriented policies to stabilize the crumbling economy and lead the country towards economic prosperity.

Congratulating the Prime Minister Shehbaz Sharif, here on Wednesday, Chairman Pakistan Textile Exporters Association Sohail Pasha urged the government to give top priority to boost economy as Pakistan could not make sound progress without turning around its sagging economy. He was optimistic that country’s new leadership would live up to the expectations of the people in achieving national goals and our beloved country will record tremendous achievements in its economy, democracy and foreign relations. He said that all stakeholders should be taken on board to make viable and prudent economic policies to accelerate growth and speed up industrialization across the country. Industrial hopes are on very high notes and country has been in need of serious and talented leadership that can address the challenges and trigger economic revival for a long time, he said.

Reposing full confidence in new leadership, he expressed the hope that PML-N Government would gather a team of economic experts from all sectors of the economy to formulate business friendly policies and bring economic reforms to boost the trade and industry. Prime Minister Shehbaz Sharif has the ability to face challenges and steer Pakistan towards economic prosperity.

Vice Chairman PTEA Ameer Ahmad was of the view that country desperately needs to boost exports to narrow its ballooning trade deficit, which has surged to US$ 35.4 billion in nine months of current fiscal. There is a need to work out a methodology to explore new markets and increase export volume. Pragmatic policies in consultation with stakeholders need to be formulated to reduce the cost of business by fixing rates of inputs in line with competing countries in the global market to create a level playing field, he suggested. Textile industry is unable to tap its potential in accordance with capacity; whereas regional peers are rapidly multiplying their exports just because of the edge they have on the cost of doing business. High cost of production and un-competitiveness are major irritants in export growth and pragmatic policies need to be implemented to reduce the cost of production and create a level playing field. He stressed for switching the focus towards value-addition in textile industry as sustainable growth hinges upon value addition. All emerging economies have done the reforms by removing impediments, which have helped them increasing their exports. We need to follow their footsteps and take our industry into the right direction to achieve our national goal, he said.

PTEA leadership is optimistic that all the challenges hindering the export growth will be addressed and exports would flourish in coming months. Economic managers of the new government would keep industry operational and boost the exports. PTEA urged the new leadership to draw a comprehensive line of action for revival of the economy and to boost exports and industrial development in the country.

Copyright Business Recorder, 2022