To achieve the benefits of Generalised System of Preferences (GSP) Plus scheme, Textile Industry Division Federal Secretary Rukhsana Shah has advised value-added textiles sector to prepare itself for the Eastern European markets because of their strong growth potential.
Pakistan has received such tax incentives after a period of 10 years, providing the country enough time to prepare short and long-term strategies, she said, adding that this would help to increase the countryâ€™s textile exports to the European Union.
Speaking to representatives of different associations, she said that considering the immense export potential under the GSP Plus scheme, businessmen should market their products.
The GSP Plus has also given an opportunity to invest in skill development as the investors know about definite returns on such investments, Shah said, adding that Minister of State for Commerce and Textile Industry Khurram Dastagir will also visit eastern Europe in March to show the willingness of Pakistan for increasing its exports to EU.
Pakistan exported over $13 billion of textile products in FY13, which is almost half of Pakistanâ€™s total exports of $24.6 billion, of which approximately $9 billion exports were directed to the EU comprising 60% of textile exports.
Pakistan Apparel Forum Chairman Jawed Bilwani said that apart from security and energy challenges which Pakistan is facing, it should keep tabs on its performance on the GSP Plus scheme to benefit from the provided opportunity.
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