Pakistan government to take measures to restore international competitiveness of textile industry

Release time:

2018-12-26

Pakistan Prime Minister's Commercial and Textile Advisor Daoud said in a meeting with representatives of the Pakistan Garment Manufacturers and Exporters Association (PRGMEA) on Monday that the government is taking all necessary measures to make the textile industry regain competitiveness and vitality in the international market, and assured the delegation to provide a level playing field for the textile export industry.

Pakistan's "Business Record" reported on December 25 that Pakistani Prime Minister's Business and Textile Advisor Daoud said in a meeting with representatives of the Pakistan Garment Manufacturers and Exporters Association (PRGMEA) on Monday that the government is taking all necessary measures to make the textile industry in the international market. Regain competitiveness and vitality, and assure the delegation to provide a level playing field for the textile export industry. Daoud said that due to the correct policies adopted by the government, the country's economy will improve in the coming months as the export situation improves. He reiterated that high value-added textile products will earn a lot of much-needed foreign exchange for the country. Although the government is currently facing multiple challenges, it will make comprehensive efforts to successfully face these challenges and improve people's living standards. PRGMEA Chairman Nasser proposed to the business consultant how to lead the textile industry out of the crisis and how to increase the country's exports. Nasser said that despite facing severe internal and external challenges, the garment industry achieved a growth rate of 11.22 per cent in the 2017-18 fiscal year. The industry is the largest source of employment in the entire textile industry chain, exporting up to $5.5 billion billion in textile products. He urged business advisers to work to rationalize the tax structure and minimize tariffs on imported raw materials. He asked the Ministry of Commerce to hold a special meeting to simplify the raw material tariff (DTRE) process, and asked the government to clarify a 100 per cent tax rebate incentive policy with a simple process and no other conditions, and to settle all outstanding tax refund claims within the specified time. The PRGMEA Chairman pledged to represent the high value-added textile industry and support the government in achieving its economic growth targets and overcoming the current severe trade deficit.

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