Page 5 - TEXtalks International July/August 2022

05

Pakistan’s budget and super tax jolt the

textile sector; Inspiring Change Conference

2022; ITM Turkey; Texpo Pakistan
Editor-in-Chief
Yousaf Fareed Pakistan’s newly elected organizations regarding
government presented a 9.52 responsible production and
Editor trillion Pakistani rupee ($47 billion) preservation and restoration of
Hassan Saeed budget for the fiscal year 2022-23. resources. The clock is ticking,
The budget aims at tight fiscal and time is short of overcoming the
Sub-Editor consolidation and to achieve 5% weaknesses in implementing
Dr Sharjeel Abid economic growth, which is lower sustainable strategies for fighting
Arooj Sajid than the 5.97% growth in the climate change, deforestation, and
outgoing year. The government depleting natural resources.
Advisory Board: announced that the coalition
Dr. Tanveer Hussain government planned to impose a ITM 2022, the first major
Dr. Muhammad Tausif 10% super tax on large-scale international textile machinery
industries and defended the ‘tough exhibition held after the pandemic,
Marketing decisions’ which he said were hosted textile technology leaders in
Memona Karim being taken to protect economy. Istanbul on June 14-18. Record
Anusha Abid sales were achieved at the
The industries facing the super tax exhibition as a business volume of
Layouts include cement, steel, sugar, oil over 1.5 billion euros was
Faizan Khan and gas, fertilizers, LNG terminals, generated in 5 days. Numerous
textile, banking, automobile, company officials stated that they
Production cigarettes, beverages, chemicals, have achieved a sales chart far
Abrar Hussain and airlines. The textile sector is above their expectations since the
the backbone of Pakistan’s first day of ITM 2022 and that they
Circulation economy, and the sector is looking have hosted visitors from all over
Muhammad Sajid forward to having good the world and decided to expand
government support to help the their ITM 2024 booths. During the
Address country in its economic crisis exhibition, many applications by
C-302, City Towers further. However, the government’s companies at registration points
Main Boulevard, Gulberg II current priorities are not pleasing; for ITM 2024.
Lahore-Pakistan thus, the sector has rejected the
super tax. TEXPO is one of its kind platforms,
Phone: + 92 42 35 788 700 initiated by the Trade Development
Fax: + 92 42 35 788 700 TEXtalks International will organize Authority of Pakistan in 2016.
the 5th International annual Pakistan is proud of producing the
Email: info@textalks.com Inspiring Change Conference (ICC) irreplaceable thread which has
Skype: textalks 2022, on August 31, 2022 in fueled the textile industries across
Lahore, Pakistan. The primary the world and has set unmatched
www.textalks.com focus will be on discussing and standards in quality and
finding sustainable solutions for innovation. The TEXPO 2022
the textile industry of Pakistan and enlightens the world about the
the importance of a circular power of thread produced by
economy. The conference aims to Pakistan and how it has evolved
provide a platform for researchers, over the years, touched upon every
industrialists, and experts to share corner of the world and is capable
ideas, solutions to problems, and of meeting the futuristic and
current practices of their respective inclusive global demands.

July/August 2022