LAHORE: All Pakistan Textile Mills Association (APTMA) Chairman Aamir Fayyaz has appealed Prime Minister Nawaz Sharif to announce the Textile Industry Revival Package without further delay in order to increase exports, create jobs and attract foreign investment.
He said the APTMA members were hoping for an announcement of the much-needed revival package, which included removal of incidence of duties on cotton import, duty free import of man-made fibres not manufactured locally, reduction in cost of doing business, reduction in local taxes and levies, eligibility of long term finance facility for indirect support, refund on packing materials, and lifting of moratorium on new gas connections.
He further said that energy was a major component of the cost of production and its availability on regionally competitive rate was imperative for the export-oriented textile industry. Therefore, the government should notify the National Electric Power Regulatory Authority (NEPRA) to abolish its multi-year tariff on energy.
He said a stable macro-economic situation of the country was highly appreciable and the credit goes to the government. Now, a stable micro-economic situation would further strengthen the various segments of the economy, especially the textile industry, he added.
Aamir said the revival package should be made public without delay since the government and the textile industry representatives were on the same page regarding the measures to be taken in order to strengthen the textile industry.
He said the package for restoration of viability could help in the revival of closed capacity. Moreover, the industry is also considering to implement investment plans in order to catch up with competitors in the area of technology up gradation of the manufacturing units.