LAHORE: The Pakistan Hosiery Manufacturers Association (PHMA) has affirmed its commitment to collaborating with the government to bolster export growth and rejuvenate momentum in the textile industry.

Farrukh Iqbal, the PHMA zonal chairman, emphasized the imperative support needed from the government to propel the value-added apparel sector, particularly in harnessing the benefits of GSP Plus and generating substantial employment opportunities for the country’s workforce. He expressed concern over the recent decline in exports to EU countries and urged proactive measures to address this issue.

Acknowledging the government’s allocation of Rs65 billion for pending refunds of exporters, Iqbal commended Prime Minister Shehbaz Sharif, Finance Minister Muhammad Aurangzeb, and Commerce Minister Jam Kamal Khan for their decisive action, foreseeing a positive impact on export confidence.

However, Iqbal cautioned against escalating energy prices, warning that such hikes could exacerbate inflation and render Pakistani textile products less competitive globally. He urged the government to ensure competitive energy tariffs and sustain incentives outlined in the new textile and apparel policy to foster a conducive environment for exporters.

Copyright Business Recorder, 2024