In view of benefits expected to flow from the attainment of the Generalized System of Preference (GSP) Plus status from the European Union (EU), and strong positive trends in international market, the textile sector of Pakistan has chalked out a long-term growth plan for the sector, said All Pakistan Textile Mills Association (APTMA) central chairman Yasin Siddique while briefing media during a press conference in Lahore.
The plan dubbed as the ‘Vision’, aims at boosting the sector’s exports from the current US$ 13 billion level to US$ 26 billion over next three to five years and then further boosts it to US$ 40 billion over next 10 years, thereby ensuring a surplus trade balance for the national economy.
Mr. Siddique said a high duty levy of around 23 percent on its exports to Europe, has not allowed the Pakistani textile sector to significantly increase its exports to the European market over the past few years, but now it shall ease as Pakistan will earn the zero-duty access for textile exports to EU markets, like other competing countries, which already enjoy tax-free access.
However, the APTMA official noted that it would not be possible to attain textile export growth unless the industry is facilitated with uninterrupted and satisfactory power and gas supply, to allow the textile units to operate round the clock.
APTMA international trade committee head Aamir Fayyaz Shaikh said Pakistani textile industry has a good potential for export growth and employment generation, however it seeks an equal level playing field with other competing countries to give out its best.
APTMA Punjab chairman SM Tanveer voiced optimism that they would convince Punjab Chief Minister and Petroleum Minister to provide at least 100 mmcfd gas to textile industries.
The APTMA management has decided to present the plan to Prime Minister Nawaz Sharif, who is expected to remain present during the APTMA annual dinner at Governor House in Lahore on December 14, 2013.