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PTEA urges govt to take steps to boost textile exports
24
Sep '15
Pakistan Textile Exporters Association's (PTEA) new Chairman Sheikh Asghar Ali has said capital stuck with the Federal Board of Revenue (FBR), energy crisis and lack of competitive edge over regional competitors have resulted in the country's foreign exchange earnings taking a hit, Pakistani newspapers have reported.

Pakistan's exports have virtually remained stagnant since 2010-11 and have barely crossed the $25-billion mark. As the government's reliance continues to be on loans, grants and borrowing, export revenue has remained on the backburner with most textile exporters blaming lack of favourable policies as the core reason.

“Devising a strategy to tackle these issues is important not just for increasing industrial pace but also to save the livelihood of the industry's workforce running in to millions,” said Ali, during the association's annual general meeting in Faisalabad.

Ali said exports were under pressure due to economic, financial and industrial crisis prevalent in the country coupled with high production costs, tax burden, energy crisis and lack of working capital.

“Exporters' money worth billions of rupees is stuck with government departments in sales tax, special excise duty and customs rebate regime creating liquidity crunch, hampering the export growth and turnover,” he said.

Pakistani textile exporters have been raising these issues regularly, but so far their grievances have not been addressed properly. (SH)

Fibre2Fashion News Desk – India

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