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Pakistan govt to resolve energy crisis for textile growth
04
Dec '13
Pakistan Government is steadfast on resolving the energy crisis, which is not only impeding the functioning and progress of textile industries but impacting the economy as a whole, State Minister for Water and Power Chaudhry Abid Sher Ali said, reports APP.
 
The economic team of the Government is fully set to deal with the issues through pragmatic measures, said the Minister while addressing textile exporters at Pakistan Textile Exporters Association (PTEA). 
 
Energy crisis has hit all the sectors of economy, leading to a rise in issues like unemployment and poverty, he added.
 
According to the Minister, with the aim of reducing the wide electricity demand-supply gap, the Government has devised a comprehensive strategy and as a part of the same has identified short term, medium term and long term projects to counter the challenges, 
 
If these challenges are met, it would not only put the textile industry of the country but the entire economy back on the progress track, he added.
 
The Minister even expressed hope that the duty-free access to European Union (EU) markets resulting from generalized system of preference (GSP) Plus status that Pakistan is expected to earn shortly, would provide great boost to value-added textile exports of Pakistan, which would work as an impetus to the economy.
 
In this relation, Mr. Abid Sher Ali said the Government has chalked out a comprehensive strategy to avail optimum benefits of the GSP Plus status.
 
Earlier, terming energy and financial crisis as major obstacles in the way of boosting textile exports, PTEA chairman Sheikh Ilyas Mahmood said large sums of textile exporters are stuck in duty and tax regimes. If these refund claims are released exporters can use the funds for expanding their businesses, which in turn can boost the country’s export earnings.
 
In this relation, Mr. Ali extended an assurance of making all efforts to ensure immediate clearance of outstanding refund claims of textile exporters, who are enduring severe financial crisis.
 

Fibre2fashion News Desk - India


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