The All Pakistan Textile Mills Association (APTMA) has urged Prime
Minister Imran Khan to chair regular meetings of the textile industry
stakeholders to monitor policy implementation as well as performance in
investment and exports, desperately needed to earn precious foreign
exchange to overcome trade deficit in the shortest possible time.
APTMA Patron-in-Chief Gohar Ejaz said the industry is committed to
achieve $30 billion exports, undertake new investment initiatives and create
millions of sustainable jobs. He said the immediate focus of the government should be on increase in cotton production by doubling cotton yield to 1200
kg per hectare from existing 660 kg. Presently, he said, the industry is
dependent on import of 3.5 million bales to meet its consumption by
spending precious foreign exchange worth $1.1 billion dollar per annum. An
improvement in the cotton yield can take production to over 20 million bales
that will save foreign exchange on the one hand and earn around $3 billion
on the export of surplus cotton.
According to him, there is an urgent need to provide a long term export-led
growth policy. In the past, he pointed out, all such policies given by the
previous governments from time to time could hardly see 15 percent
implementation. He added that policy implementation should be the focus
of the economic managers of the country that would enable the industry and
exports to grow at more than 10-15 percent per annum without interruption
and yield precious foreign exchange to mitigate trade deficit.
He said there is a dire need to increase credit allocation to the industrial
sector and release of liquidity lying pending on account of sales tax and DLTL
should be processed expeditiously to augment a turnaround in the industrial
productivity.
He further added that the textile industry has envisaged to achieve 20 million
bales of cotton production, one million ton polyester fibre, $28 billion textile
and clothing exports, increase in share in global exports by 3.5% of textile
and 2.7% of clothing, 6 million direct labour force and $1.4 billion new
investment per annum by 2023-24, i.e. during the tenure of present
government.
He expressed the hope that the recommendations made by the industry
associations would soon be materialized in order to tap the potential of the
textile industry in earning foreign exchange, bringing in investment and
creating jobs to ensure a prosperous and developed Pakistan under the
dynamic leadership of Prime Minister Imran Khan.
Source: The Nation, Pakistan Monday, 31 December 2018