The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) has demanded the prime minister to immediately announce the most-awaited textile package which was promised by him to bring the textile industry out of crisis. PHMA Chairman Adil Butt made this demand through a letter written to the PM Nawaz Sharif.
According to him, the textiles in general and value-added apparel sector in particular are becoming uncompetitive in international market. The export of textile is continuously on the decline for the last few years while their competing countries like Bangladesh, India, China and Vietnam are on the rise in these sectors. Not only our share in the global market is shrinking and going to other countries but also the unit price of our products is decreasing which has reduced profitability for Pakistani exporters. Butt urged the prime minister to rescue this vital sector of economy and announce the promised relief package already prepared by his government.
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