Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) central chairman Shaikh Mohammad Shafiq, in a statement, express heartiest congratulations on the appointment of Dr Miftah Ismail as Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, with the status of Federal Minister.
He further said that we have full confidence in Dr. Miftah's ability and expertise to uplift the economy as he is a renowned businessman. Referring the TV talk show, he appreciated his enthusiasm to focus on resolving the social and economic challenges faced by the county.
His dreams only fulfill when government is serious to support him. We request to the Prime Minister to support him to achieve his goals. However, the government needs to provide a conducive environment by reducing cost of inputs to achieve export targets.
Despite of capabilities and qualities of leadership Miftah can't achieve export targets unless he takes steps for the removal of hurdles hindering exports of textile sector. They should invite and consult with us to overcome these.
He urged all the stakeholders and trade Associations to play a vital role and provide assistance in this regard. PRGMEA is a largest representative of value added sector, can be beneficial to overcome these issues if take into confidence.
Utilities cost such as electric, gas and water are very high compare to our competitor country, The PRGMEA chairman highlighted the low cost of labour in Bangladesh goes in favour of exporters. While the minimum wage is around $68 in Bangladesh, in Pakistan it is $125 and rising.
Their exports are now increasing at $3.5 billion per year and expected to hit $50 billion per year by 2020. Additionally the lower utilities cost further benefits the manufacturer, he pointed out. Terming funds blockage is another reason behind the continuous drop in exports. He said the export sector was unable to tap its potential as per its capacity.
Pointing towards the stiff competition offered by global rivals such as Vietnam and Bangladesh, Chairperson of PRGMEA, Sheikh Mohammad Shafiq sought the lower utilities cost further benefits the manufacturer. Pakistan's major competitors such as India, Bangladesh and China were utilizing all the channels and resources for capturing the world market." Under the prevailing situation we need to opt for similar approach to survive well in the market," We wish him every success in his assignment & extend our full co-operation and support at all times.-PR
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