The chairman Trade Development Authority of Pakistan SM Muneer visited the All Pakistan Textile Mills Association (APTMA) on Wednesday. In a meeting with the management and senior members, the main moto was to discuss the restoration of the viability and growth of the textile industry.
Chairman of ÀPTMA, Mr. Aamir Fayyaz greeted a seasoned businessmen leader like him and acknowledged him on winning the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) elections. Other attendees of the event included; Former Chairmen APTMA Gohar Ejaz, Mr. Ahsan Bashir, Chairman APTMA Punjab Syed Ali Ahsan and few others.
Chairman APTMA appreciates the efforts and hardworking personality of Chairman TDAP in terms of dealing with the corruption in the Authority. He also said that the exports of all sectors have registered showed a downside, despite the placed efforts. According to him, the main reason was the rising cost of the business and other expenses etc. According to his words, “Trade deficit has reached to $28 billion while the exports have dwindled to $19.5 billion now from $24.5 billion in 2013.”
Apart from appreciating the efforts of the government to overcome the issue, he also said that Gov. must remove the customs duties, especially for the import of cotton and allow a duty-free import for all man-made fibres that are not manufactured in the country. In additions, he demanded the government to provide graduating drawbacks of local taxes and levies at 4% on yarn and greig fabric, 5% on processed fabric and 6% on home textiles, made-ups, and garments on exports.
According to his words at the occasion, $3.5 billion closed capacity in the textile industry is yet to be revived besides restoration of the investors’ confidence to execute their investment plans.