The inordinate delay in announcement of much trumpeted textile package is further deteriorating the largest industrial sector of the country and biggest export earner; this was stated by acting Chairman Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Arshad Aziz. He said that he current scenario extremely worrying the precious foreign-exchange earning industries and the increasing cost of utilities and inputs is causing closure of many units across the country.
He said that biggest foreign exchange earning sector of textiles that was touching almost 4 to 5 billion dollars before PPP regime now is dwindling and fallen to less than two billion dollars during current fiscal year. He said that it's a shame that countries like Bangladesh have brought to its garments exports to over $15 billion. Similarly some other competitors like Sri Lanka, Vietnam, and India have increased their garments exports to even more than Bangladesh.
Textile Package delay has created further unemployment and closure of many units, which could not survive due to funds stuck up in refunds and no package announced to compete with the competitor countries which have given incentives to the exporters to increase their export", Arshad said adding that we were given GSP plus facility by the European Union but due to stuck up capital with the govt to the tune of billions rupees rendered us unable to exploit this opportunity. "Unfortunately we are unable to increase our exports nor able to sustain but in fact we have lost our market share to the competitors. Many units, which could not survive due to stuck up funds in refunds and no package announced to compete with the rival countries.