The All Pakistan Textile Mills Association (APTMA) chairman, Amir Fayaz has urged the government to announce a long-term policy for the revival of the textile industry as announced by the Prime Minister in September and lay down its implementation. An early announcement will help reverse trade account deficit and add to the nation’s progress.
After the PM expressed his wish, the Federal Textile Board, in its follow up meeting with all stakeholders, had unanimously proposed various initiatives in this regard. 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 new investment valued at $9 billion and revive backward and forward linkages in the supply chain, said Fayaz.
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 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 to help foreign brands establish their buying houses.