The Pakistan Hosiery Manufacturers and Exporters Association (PHMEA) has called for the speedy implementation of the Textile and Apparel Policy 2020/25. PHMEA Central Chairman Shahzad Azam Khan, while appreciating the approval of the new policy, said that the speedy implantation of the policy is vital for new investment and marketing plans in the significant export-oriented sector.
Shahzad hopes that the billion export target fixed for the next five-year Textile Policy will be achieved, as the timely implementation of the long-term policies would bring new investments in the country and enable the industry to achieve the target of exports in the next five years.
The policy envisaged a three-year target as textile exports will be jacked up to $27 billion in the fiscal year 2022/23, $34 billion in 2023/24, and $42 billion in the fiscal year 2024/25. Pakistan can achieve the target of billion’s export provided the local industry is facilitated with regionally competitive energy tariffs and a business-friendly environment.
PHMEA Senior Vice Chairman Abdul Hameed said that the new Textile Policy made a commitment for the provision of gas and electricity at competitive international prices, a continuation of tariff rationalization, and sticking to the policy of duty drawback on local taxes and levies.
