The Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has hailed the Advisor to Prime Minister on Finance Shaukat Tarin for instilling hope to the confidence-starved garments sector by stating that chances of extension of research and development (R&D) fund were not yet bleak for the value-added sector.
Referring to Business Recorder report quoting the Advisor on Finance that it was incorrect to say that extension of R&D fund for the value-added sector was impossible any further and the textile exporters should forget this facility once and for all.
The Prgmea leadership said they have also planned to call on the Textile Minister Farook Saeed in the last week of December to expedite their endeavours for securing R&D fund in 2008-09. A former chairman of Prgmea, Ijaz Khokhar, told Business Recorder that Prgmea would take up the issue with the Textile Minister on his return and a delegation was all set to call on him in last week of December.
Khokar informed Business Recorder that the Advisor on Finance had also assured a delegation of apparel sector to act positively on its request for continuity of R&D fund during 2008-09. Later on, the federal government sources were also quoted as saying that the IMF has agreed on extension of the facility for value-added sector, which means minus the processing sector.