Islamabad, February 10, 2015 (PPI-OT): Islamabad Chamber of Commerce and Industry has termed the targets set in Textile Policy 2014-19 quite ambitious and called upon the government to take solid measures to transform these targets into reality.
Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said the Textile Policy 2014-19 aims to boost textile and clothing sector exports from USD 13 billion to USD 26 billion by 2019, however, keeping in view the energy crisis and other challenges, achieving this target requires extra ordinary efforts. He said the government has already lost one year by delaying the announcement of textile policy and new policy should have been announced for the period 2015-2020 to realize its set goals.
He said in the Strategic Trade Policy Framework 2012-15, government had targeted to increase Pakistan’s cumulative exports to USD 95 billion during 2012-15, however, the country was still way behind in achieving this target as energy crisis has badly affected the industrial productivity and exports. He said that the targets set in new textile policy should not meet the same fate.
He lauded the government’s initiative to offer about Rs.64.15 billion cash subsidy to the textile and clothing sector in the new textile policy and hoped that if implemented, this concession would help in improving textile exports.
He said other concessions offered in the new textile policy including special duty-drawback rates, duty exemption on import of plants and machinery, subsidy on long-term loans and development subsidiesetc. are also good measures to strengthen the textile sector, which plays major role in country’s exports.
Muzzamil Sabri said that Pakistan has great potential to promote exports of textile products with value addition and up-gradation of technology. However, energy shortfall, law and order situation and other factors remain main hurdles in enhancing exports. He said if Bangladesh could achieve garments export of USD 24.6 billion in 2014, Pakistan has the potential to achieve far better results.
He stressed upon the government to ensure timely release of funds earmarked in textile policy for skill development of workers and establishment of world textile center, weaving city, incubators and apparel house etc. to achieve desired results. He said the joint committee formed to resolve the energy issues of textile sector should make urgent efforts to ensure availability of uninterrupted energy supply to this important sector for taking full advantage of GSP plus status.
For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950