The All Pakistan Textile Mills Association (APTMA) has urged the government to announce a long-term policy for the revival of the textile industry as desired by the prime minister in September and lay down its implementation mechanism. An early announcement will help reverse trade account deficit and help boost the progress of the nation, said APTMA chairman Amir Fayaz. After the prime minister expressed his desire, the Federal Textile Board, in its follow up meeting with all stakeholders, had unanimously proposed various initiatives in this regard, according to media reports.
The proposed policy is expected to raise the exportable surplus to $20 billion, develop a skill workforce of 0.7 million, achieve social standards and GSP plus prescriptions, generate $9 billion worth new investment and revive backward and forward linkages in the supply chain, said Fayaz.
He further said the policy would extend existing duty drawbacks for five years and increase drawbacks annually by 1 per cent for garments and made-ups, provide gas at an all-inclusive Rs.600/mmBTU to the industry across the country, withdraw Rs. 3.50/kWh surcharge on electricity, and establish commercial enclaves in major cities with provision of rent-free space and other facilities for facilitating foreign brands to establish their buying houses.