AVN 67.05 Increased By ▲ 1.85 (2.84%)
BAFL 31.05 Increased By ▲ 0.31 (1.01%)
BOP 4.88 Increased By ▲ 0.08 (1.67%)
CNERGY 3.78 Increased By ▲ 0.07 (1.89%)
DFML 14.49 Increased By ▲ 0.28 (1.97%)
DGKC 41.61 Increased By ▲ 0.56 (1.36%)
EPCL 46.22 Decreased By ▼ -0.23 (-0.5%)
FCCL 11.63 Increased By ▲ 0.23 (2.02%)
FFL 5.11 Increased By ▲ 0.06 (1.19%)
FLYNG 5.80 No Change ▼ 0.00 (0%)
GGL 10.40 Increased By ▲ 0.07 (0.68%)
HUBC 67.54 Increased By ▲ 0.67 (1%)
HUMNL 5.77 Increased By ▲ 0.06 (1.05%)
KAPCO 28.00 Increased By ▲ 0.24 (0.86%)
KEL 2.29 Increased By ▲ 0.09 (4.09%)
LOTCHEM 25.06 Increased By ▲ 0.16 (0.64%)
MLCF 21.67 Increased By ▲ 0.23 (1.07%)
NETSOL 86.06 Increased By ▲ 2.46 (2.94%)
OGDC 92.38 Increased By ▲ 6.48 (7.54%)
PAEL 11.06 Increased By ▲ 0.05 (0.45%)
PIBTL 4.23 Increased By ▲ 0.01 (0.24%)
PPL 80.15 Increased By ▲ 5.67 (7.61%)
PRL 13.64 Increased By ▲ 0.21 (1.56%)
SILK 0.89 Decreased By ▼ -0.03 (-3.26%)
SNGP 43.47 Increased By ▲ 3.07 (7.6%)
TELE 5.93 Increased By ▲ 0.07 (1.19%)
TPLP 15.82 Increased By ▲ 0.42 (2.73%)
TRG 114.88 Increased By ▲ 3.47 (3.11%)
UNITY 13.76 Increased By ▲ 0.01 (0.07%)
WTL 1.16 Increased By ▲ 0.02 (1.75%)
BR100 4,124 Increased By 87 (2.16%)
BR30 14,930 Increased By 518.1 (3.59%)
KSE100 41,191 Increased By 719.6 (1.78%)
KSE30 15,494 Increased By 331.4 (2.19%)
Follow us

LAHORE: Chairman Pakistan Footwear Manufacturers Association (PFMA) Zahid Hussain has said that it is due to sustained growth that Pakistan’s shoes export is on the higher side and this stability in the sector is a welcome sign, mainly due to the effective and dynamic trade policy for which the government lent a commendable support.

Chairman PFMA Zahid Hussain said this while addressing a press briefing at a local hotel on Monday.

“The govt decision to impose a ban on the import of imported goods is a wise and right decision. We call upon the government to sustain this ban for at least five years so that the industry could grow and exports could be increased,” he said, adding that this measure will also lead to creation of 25,000 jobs for engineers, diploma, degree holders and skilled workers.

Zahid Hussain said that this would lead to the 100 percent local shoes manufacturing during the next five years. “We had set the shoes export target of $1 billion for the year 2027, but hopefully, we shall achieve this target by 2026,” he said, adding the component and shoes-making production had increased to 20 percent and crossed the exports target of $180 million.

He said that the PFMA is the part of the government strategy for cluster development, which will also augment shoe manufacturing sector to become the number in the region besides competing Brazil, Vietnam and China.

“We shall focus on the capacity development with the help of TEVETA to enhance our productivity,” he said, and added that the government should grant concession in the taxes.

The footwear industry is facing some challenges which need attention of the key policy-makers for immediate resolution. Some of the most important ones are the resumption of extension in drawback of local taxes and levies (DLTL) scheme for three years at least to enable the industry to position itself in the international market and waiving off ACD and RD on all the raw materials for footwear industry and put them in lowest slab of custom duty to promote “Made in Pakistan Initiative.”

Copyright Business Recorder, 2022

Comments

Comments are closed.

PFMA seeks extension in DLTL scheme

Pakistan, IMF grapple for consensus to unlock critical funding

PM Shehbaz orders immediate restoration of Wikipedia

Daraz Group lays off 11% global workforce to prepare for ‘current market reality’

Rupee up 0.46%, ends day at 275.30 against US dollar

KSE-100 jumps over 700 points amid return of positive sentiment

Pharmaceutical companies seek ‘inflationary adjustments’ in medicine prices

Second hike in two weeks: Honda Atlas jacks up car prices by up to Rs550,000

PM Shehbaz announces aid for quake-hit Turkiye

India opens its largest helicopter factory in new defence push

Govt projection of achieving $3bn current account surplus in FY23 ‘unrealistic’: PBC