Chief Coordinator of Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Ijaz A Khokhar has said the mega project of China Pakistan Economic Corridor (CPEC) will bring revolutionary changes in every sphere of life not only in Pakistan but also in the entire region.
Talking to Business Recorder before leaving to Germany on Tuesday for attending high level meetings, he suggested establishment of Special Economic Zones in Sialkot, Gujrat, Lahore, Multan and South Punjab for boosting the local industry. Ijaz further stated that government should take immediate steps for highlighting the advantages and disadvantages by taking stakeholders on board.
The government should hold meetings with different trade bodies for highlighting the importance of mega project of CPEC, as well as, the future of industrial sector of the country he said. Ijaz further stated that the industrial production of China is much higher as compared to Pakistan. Under the circumstances, it is suggested that Chinese investors should be restricted to prepare raw material for textile sector and preference should be given to local industry in finished products. He pointed out that establishment of joint ventures should be made mandatory for Chinese investors with their Pakistani counterparts in CPEC.
He said Pakistan is providing certain concessions to Chinese investors adding that China should also provide similar concessions for the promotion of industrial sector of Pakistan. Pakistan government is granting visa to Chinese investors freely but on the other hand China is granting 15 days visa to Pakistani businessmen he pointed out.
The PRGMEA Chief Coordinator further stated that Prime Minister and Federal Commerce and Textile Minister should interact with the stakeholders for ascertaining the problems and difficulties confronted by the industry. The garment sector is highest foreign exchange earner and strengthening the national exchequer as well as providing employment opportunities to thousand workers across the country, he said. Ijaz was of the opinion that garment sector had great potential and ability to enhance 50 percent export and this sector to widen the scope of generating employment in the country.
The PRGMEA wants economic progress and prosperity of the country and for this purpose, right decisions are needed to follow correct path, in consultation with the stakeholders he said. He said government should focus special attention on formulation of aggressive trade polices for averting sharp decline in exports of the country adding that polices should be chalked out with active consultation of stakeholders and strong interaction with stakeholders is direly needed for ascertaining their problems. Government should make necessary arrangements for reviewing export activities on quarterly basis adding that this process will help government to monitor the pace of exports of the country, he said.
The PRGMEA Chief Coordinator was of the opinion that unfriendly polices were hindering exports of the country adversely and under the prevailing situation government should take drastic steps for removal of unfriendly polices for bringing stability in exports. Ijaz suggested that while preparing trade policy 2018-23 the formulation of sector and regional wise policies should be considered adding that the concerned high ups should consult stakeholders for formulating of regional and sector wise policy.
The formulation of sector wise policies particularly regional based policies would not only help in increasing exports but also would be supportive in minimizing the problems confronted by the business community he added.