KARACHI: The value-added textile export sector has lauded Prime Minister Imran Khan for approving the productive initiative introduced by the State Bank of Pakistan for modernizing its Foreign Exchange Manual to support and facilitate exports by facilitating export-oriented industries to establish their subsidiaries/branch offices abroad for promoting their exports.
The SBP Governor is also appreciated for the landmark initiative which was also need of the hour and that will also support the Strategic Trade Policy Framework of the Commerce Ministry to explore new traditional and non-traditional markets to export products “Made in Pakistan”.
This was stated by Muhammad Jawed Bilwani, Chairman, Pakistan Apparel Forum & Chief Coordinator, Pakistan Hosiery Manufacturers & Exporters Association.
Referring to the SBP F.E. Circular No. 01 dated 10th February 2021, Bilwani articulated that the SBP’s revised policy will enable and assist the Export Oriented Industries, mainly to the Textile Exporters who contribute the highest share in the total national exports in order to further develop their markets by expanding their liaison and interaction with their foreign buyers with the active presence of their own subsidiary/branch office in various countries/export destinations. This productive development will also encourage the foreign buyers of Pakistani Textile Exporters and shall provide them complete liberty to take advantage of the presence of offices of their suppliers in their countries and lead to enhanced interaction which will surely result to further strengthening of the business relations.
Likewise, the initiative will also enable the Pakistan Exporters to become more familiarize with the buying requirements of their buyers as well as their products by exploring their requirements and offer them more export-products by bringing diversity in their exports. Besides, the exporters, taking the advantage of the opportunity shall also enterprise to establish their own brands.
Bilwani added that the Value Added Textile Exporters have expressed satisfaction noting that the concerned revised FE policy of SBP offers and enables exporters to establish their subsidiary/branch office abroad at the export destination against remittance of 10% of their average annual export earning of the last three calendar years or USD 10,000 whichever is higher.
The Textile Exporters have wholeheartedly welcomed the Government’s export-friendly initiative and shall confidently avail the opportunity to further develop and enhance their export business to their optimum efficiency and capacity anticipating that the Government shall continue similar support and introduce similar export-friendly initiatives for the enhancement of national exports and economic prosperity of Pakistan, Bilwani maintained.—PR
Copyright Business Recorder, 2021