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Exporters condemn hike in finance rates
Apr '10
A sense of disappointment has come out from Pakistan Textile Exporters Association (PTEA) over increase in Export Finance Scheme (EFS) and LTFF refinance rates.

While addressing newsmen, Chairman, Khurram Mukhtar, and Vice Chairman, Sohail Pasha, PTEA, stated that, textile exports and other industrial activities in the country would be impacted severely due to the increase in finance rate.

Rival countries such as India, China and Bangladesh are giving tough competition to the exports of Pakistani textile products, in the international markets, as exporters of these countries receive extensive financial assistance and relief, through export finance and industrial credit.

Moreover, a five percent concession on export finance and considerable credit on rates for the industry, under technology up-gradation scheme, have been allowed for those exporters. In addition to this, Chinese exporters enjoy facilities such as low electricity rates, cheap labour and least overhead costs.

While on the other hand, in Pakistan, exports are hampered with very high raw material costs, taxes and duties. Besides, growing prices of petroleum products, electricity and gas has escalated production cost exorbitantly. This has adversely affected the industry and the exports sector.

Pakistani Government was embarking on creating obstructions for the exporters, instead of facilitating them, alike the government of other countries. The misery of Pakistani exporters has increased with the rising prices of gas and electricity and irregular power supply, said Khurram Mukhtar.

Fibre2fashion News Desk - India

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