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Restoration of zero-rating for Pak export sector demanded

Jan '20
Pic: Shutterstock
Pic: Shutterstock
The zero-rating facility should be restored for the export sector, the energy tariff should be revised and the International Monetary Fund (IMF) condition of full cost recovery should not be tackled through frequent hike in electricity prices, according to president of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain.

Hussain said like all other export industries, the textile industry is also facing a serious liquidity crunch due to non-payment of refunds that have resulted in missed export commitments.

Textile, the largest export sector, is facing serious problems that must be resolved, he said. Cotton production has been declining for the last few years and the output has reduced from 812 kg per hectare in 2012 to 550 kg per hectare now, according to Pakistani newspaper report.

A 22 per cent fall in cotton production over the last five years has emerged as a threat to the gross domestic product, exports and the textile sector, he said.

Ignoring the cotton sector will further damage it; therefore, the government should try to lure growers towards cotton to improve the area under cultivation and per acre yield, and tackle issues like fake insecticides, costly fertiliser, lack of research and substandard seeds, he added.

Fibre2Fashion News Desk (DS)

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January 2020

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