Export target of $20 billion may not be achieved: Aptma

22 Jul, 2006

All Pakistan Textile Mills Association (Aptma) has expressed fear that the government's vision of $20 billion export target may not be achieved, provided the government provides relief package to the spinning sector.
In an official statement issued on Friday, Aptma expressed serious disappointment of the spinning sector at being singled out for discriminatory treatment in the relief package announced by the government on reducing the cost of doing business.
"The spinning sector has been excluded from all the relief measures announced in the recent textile package. Despite the fact that it has invested a huge amount of $2.8 billion for new spinning machinery which amounts to 47 percent of the $6 billion invested by the entire textile industry," said an official statement.
It added that the investment has crawled down to a standstill due to recent crippling rise in interest rates.
"Consequently, new machinery orders have diverted from Pakistan to China, India and even Bangladesh, where huge subsidies are being doled out by their respective governments to capture the market," the statement remarked.
The statement expressed fear over the capacity build up of the regional countries in the spinning sector, saying that 'it will be fatal for Pakistan's present high standing in textiles.'-PR

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