Pakistan textile industry focus on competitive business environment

The Pakistan textile industry in a way to leverage their exports is trying to focus on providing a competitive business environment as the All Pakistan Textile Mills Association (Aptma)general secretary Anis-ul-Haq emphasized on the same.

He highlighted that structural balance and viability of industry is essential to compete with the regional competitors, including India, Bangladesh and Vietnam. He said pragmatic and export-led policies are required for industrial growth and enhancing the country’s exports.

A senior official of the ministry of commerce and textile assured timely payments through the Prime Minister’s Trade Enhancement Package of Rs162 billion to the textile sector by June 2018 to enhance exports.

They want to revive confidence of the textile sector through the trade enhancement package. The official said the government has planned to expand coverage areas of the Trade Enhancement Package to the remaining industrial sectors, including pharmaceuticals.

He said that they are committed to providing an enabling environment for the industrial sector adding that the government has also given relaxation on the import of textile machinery for modernization and to enhance the capacity of the sector. The official said through this package the cost of doing business would come down in the country.

He added that they had paid Rs9 billion of the total of Rs15 billion for the last fiscal year in the shape of duties drawback to the textile sector. The government has accorded priority to the textile sector and helped it gain competitiveness in order to enhance the country’s exports.