Revised package a step in the right direction: APTMA

All Pakistan Textile Mills Association (APTMA) management has termed the revised export package by the government a step in the right direction to overcome national trade deficit. The management has appreciated the initiative and concerted efforts of Prime Minister Shahid Khaqan Abbasi and efforts of Federal Finance Minister Ishaq Dar, Federal Commerce & Textile Minister Pervaiz Malik, Advisor to Prime Minister for Finance Miftah Ismail and for Revenue Haroon Akhtar in finalizing the amendment in export package.
The Economic Co-ordination Committee (ECC) of the cabinet has approved the export package in a bid to give a boost to shrinking exports of the country. Under the package, 50 per cent of the incentive will be offered to eligible textile and non-textile exporters on the same terms as given for the period January to June 2017 without the condition of 10 per cent increase in shipments. The remaining 50 per cent of the incentive will be provided if an exporter achieves increase of 10 per cent or more in shipments compared to the corresponding period of the previous year.
The APTMA management has lauded the prime minister for his prompt action to address the rising trade deficit and taking a decision to amend the export-led growth package in the larger interest of the country. It said the APTMA has always been showing concerns towards the issue while sincerely believing that reviving exports rather than borrowing again and again to discharge liabilities can be the only answer to the problem.
Aamir Fayyaz said producing exportable surplus is a need of the hour and a challenge for the government through revival of $4 billion closed production capacity and materializing $15 billion additional potential of converting yarn and fabrics into garments and other value-added products. "Only an enabling environment can attract prospective investors to undertake new investment initiatives by the textile industry," he asserted.
He has hoped that the industry will regain its position in the international market with early availability of regionally competitive energy price, liquidation of pending sales tax refunds and a fast track implementation of the export growth package. The APTMA management looks forward to present the textile industry viewpoint to the prime minister on issues concerning the restoration of viability and further investment to increase production, employment and exports, he added.