'PHMA assured of decision on R&D support within a week'

The government has assured Pakistan Hosiery Manufacturers Association (PHMA) that decision regarding research and development (R&D) support would be taken within a week and would be allowed across the board, without any discrimination, said PHMA chairman Jawed Bilwani while talking to Business Recorder here on Friday.
He said that in a meeting held the other day in Islamabad between Finance Minister Naveed Qammar and Karachi Chamber of Commerce & Industry (KCCI) and other premier chambers, several matters relating to the value-added textile sector were discussed. The Minister, he said, affirmed that the matter of withholding tax and refinance rates would be resolved by a committee which was being formed.
"I proposed to the Finance Minister for inclusion of chairmen of concerned value-added textile associations in the committee for their valuable contribution", Bilwani said.
He said he emphasised to the finance minister that it was imperative to first and foremost resolve the crucial issue of R&D support, which should be announced soonest possible because of the fact that this was the time when the buyers were to negotiate valuable orders for Christmas and New Year. The exporters are neither able to give quotations or make any commitment, nor can they calculate their cost and prices when no figures of gas prices, electricity rates and R&D Support are available.
He said he further stressed the fact that the value-added apparel export sector was the engine that pulled the entire textile chain and because of such confusion, the entire textile chain was seriously affected.
"Even if one part of this textile chain was affected, this would result in serious effect of the engine--the value-added apparel export sector. In such scenario if the exporters lose precious time in making firm commitments to their foreign buyers, there is every chance that they will place their orders with exporters of other competing countries and consequently it would then be impossible to get the buyers back", he said.
He, therefore, appealed to the Finance Minister to ensure that announcement with regard to R&D support, prices of utilities etc should be made without any further delay and at the soonest as this would pave the way for boosting exports in the best interests of the nation, he added.