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LCCI demands special package of incentives for textile industry

May '07
Lahore Chamber of Commerce and Industry has demanded of the government to announce some special package of incentives in the budget for the crisis-hit textile industry.

“As the textiles are more than 60 per cent of our total exports, 27 percent of Industrial value addition and its role in sector employment is over 38 percent, therefore immediate measures are needed to save it.”

In a joint statement issued on Monday, the LCCI President Shahid Hassan Sheikh, Senior Vice President Yaqoob Tahir Izhar and Vice President Mubasher Sheikh said that textiles demand all over the world at the moment is $18 trillion with an annual increase of 2.5 percent but it is quite unfortunate that in Pakistan the situation is otherwise in terms of exports.

They said that high mark-up rate, fast increasing input cost and unavailability of skilled labour were hitting the textile industry hard. There is a need to bring the mark-up rate down so that the textile people could survive.

The LCCI office-bearers further said that the government should direct the banks and leasing companies to soften their policy towards the units that have fallen prey to circumstantial default.

They said that Pakistan's part in the total exports of textiles is less than one percent while the share of China and India is going up with every passing day and some incentives package is must to save this biggest industrial sector of the country which is providing employment to millions of people directly or indirectly.

Lahore Chamber of Commerce and Industry

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