Prgmea (Pakistan Readymade Garments Manufacturers and Exporters Association), welcomes Prime Minister Imran Khan’s vision to boost exports and has urged to declare an export emergency in the country as the trade account deficit has increased by 40 pc in the current fiscal year to $18 billion.
According to Mr Sheikh Luqman Amin, Senior Vice Chairman Prgmea, the desire and potential to revive Pakistan industry is present but unfortunately an agenda based on research and analysis is unavailable and the debt and account deficits are on a rise.
Prgmea largely contributes in the economy by generating foreign exchange earnings, employment in the textile industry and exports up to $5 billion textile products.
Increasing exports can reduce the trade deficit which can only happen by certain measures such as formulation of policies to resolve issues faced by textile industry sub sectors. Different sub sectors have different requirements and cannot have same policies.
Prgmea also stressed on the early release of refunds. The government should clear outstanding refunds to revive liquidity of businesses and protect the textile industry from collapsing.
The government needs to work in consultation with the industry stakeholders to resolve the challenges regarding exports growth, high cost of doing business, exchange rate and market accessibility.