Aptma chief praises PM for textile package

The All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has thanked the Prime Minister Nawaz Sharif for announcing Rs 180 billion textile industry revival package.
He was addressing a press conference at the Aptma Punjab office on Friday. Chairman Aptma Punjab Syed Ali Ahsan was also present on the occasion.
Chairman Aptma said he had held four meetings with the prime minister over the last four months and apprised him of the terrible state of affairs in the textile industry due to the high cost of doing business.
"The prime minister was kind enough to hold lengthy discussions in each meeting in order to devise the export-led growth strategy along with the relevant ministers," he added.
He said the prime minister was concerned about the decline in exports and an increase in the trade deficit, which has reached to $14 billion during first half of the current fiscal.
"We explained about the increasing cost of doing business that has impacted export sector viability and also apprised of the government about the support extended by the competing countries like India, Bangladesh and Vietnam to their export industries," he said.
Chairman Aptma appreciated the prime minister for taking a bold decision and announcing Rs 180 billion export-led growth initiative for the export sector of Pakistan, which includes duty and sales tax free import of cotton and man-made fibre besides offering duty drawback on exports including 4 percent on yarns/greig fabric, 5 percent on processed fabric, 6 percent on home textile/made-up and 7 percent on garments against realization of import proceeds.
He has appreciated the role of Chief Minister Punjab Shahbaz Sharif, Federal Finance Minister Ishaq Dar, Federal Commerce Minister Khurram Dastgir, Federal Minister for Water and Power Khwaja Asif, Special Assistant to the Prime Minister on Revenue Haroon Akhtar, Special Assistant to the PM and Chairman Board of Investment Dr Miftah Ismail in finalizing the revival package.
Chairman Aptma Punjab Syed Ali Ahsan expressed the hope that Rs 180 billion textile industry revival package would give boost to the country's exports and positive results would be in the offing within next six months with the availability of a fighting chance against the competitors.
He added that the issue of energy availability has though been resolved but the issue of high cost of energy is yet to be resolved and urged the government to provide electricity at Rs 7/kWh and gas including RLNG at Rs 600 per MMBTU inclusive of GIDC to the textile industry across the country.