KARACHI: The year 2015 will be tougher for the industrial sector especially to the exporters of textile products in term of power and gas supply, so they should prepare strategy to counter the crisis.
Federal Minister for Textile Industry Abbas Khan Afridi addressing the members of Council of Textile Associations (CTA) and textile exporters at Pakistan Hosiery Manufacturers and Exporters Association (PHMA) said zero rated status in sales tax to the textile sector would be restored soon on the basis of no payment-no refund formula.
Realising sheer benefits of Generalised System of Preference (GSP) plus status to Pakistan by European Union, problems of value added sector of textile industry would be resolved on priority basis.
He said if he failed to resolve the worries of textile industry, he would leave the Ministry. Commenting on the failure of last government’s policies he said the policies had not been made on rational basis as bureaucracy worked only for its own benefit.
Trade Policy will be made on the recommendations of all stakeholders and corruption and any wrong doings in Ministry of Textile will not be tolerated, he added. Appreciating the value added sector of the textile industry he said he was giving most preference to this sector as this sector was contributing significantly in economy by providing notable employment opportunities to women.
He urged the textile exporters to suggest worthy and practical proposals to the Ministry so that the industry could work on them to facilitate the sector. He asked the stakeholders to provide useful recommendation to the Ministry for the economic revival as the sector could facilitate by further amenities upon the basis of their share in the economy. Chairman of CTA Zubair Motiwala said if government supported the value added sector, subsequently trade deficit of the country could be lessened in very short span of time. He demanded subsidy for the importers considering the 10 percent appreciation of Pakistani rupee adding government should focus more on Ministry of Textile than Ministry of Trade.
Out of the total $25 billion exports of the country the textile sector share stands $13 billion and this sector is also a leading employment provider sector in the country.
Coordinator of PHMA Jawed Bilwani on the fiscal losses of exporters due to nonpayment of Customs rebate and sales tax refunds said the government should give $100 billion to the textile industry from the saving of $800 billion government earned after the depreciation of US dollar so that textile exports of the country could exceed further.
LAHORE: Ongoing economic scenario calls for further strengthening public-private sector relations. ...