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APTMA leadership sets current fiscal as a year of investment
22
Jul '11
Spokesman of All Pakistan Textile Mills Association (APTMA) said on Thursday that APTMA leadership has set current fiscal year as a year of investment in textile industry provided the government accepts APTMA proposal of bringing interest to 7 % and ensure 7 days a week gas supply for textile Industry to take Pakistan to $20 billion textile exports by the end of 2011-12.

The country needs investment for creation of exportable surplus and the textile industry is set to make further investment provided energy security and globally competitive mark up rate is in place, he added.

APTMA spokesman said the APTMA leadership has revived the textile industry during last one, securing many feathers in its cap till date.

According to him, APTMA management led by its Chairman Gohar Ejaz successfully represented the case of free market mechanism, resulting into a win-win situation for all stakeholders of the industry. He said this effort has helped in additional resource transfer worth Rs350 billion to the cotton growers during last year. Now this situation is leading to a strong expectation of highest ever cotton crop of 16 million bales this year. He said domestically availability of cotton would make textile Industry self sufficient first time during last 10 years.

Also, the APTMA spokesman said, a historical increase of $4 billion in one year has taken place due to intervention free environment ensured by the highest authority. Total textile export in value terms has almost reached $14 billion during financial year 2010-11 against $10.2 billion in financial year 2009-10. It is also the first year since 2004 with Pakistan posting current account surplus of $542 million, he added.

The APTMA spokesman a successful representation by the APTMA management for the textile industry in front of the parliamentarians, government policymakers, IMF and World Bank officials also resulted into implementation of zero rating for textiles meant for exports.

He said the APTMA has also ensured exemption from load shedding for the prime electricity users in textile industry. Not only this, he added, the APTMA leadership has also won priority for textiles in Gas load management with 5 days a week gas supply.

All Pakistan Textile Mills Association (APTMA)

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