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President sees textile sector export up to $100 billion

29 August, 2012

ISLAMABAD: President Asif Ali Zardari has visualised a potential of $100 billion exports for textile industry against the industry target of $20 billion and termed it 'a vital industry from all measures'.

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ISLAMABAD: President Asif Ali Zardari has visualised a potential of $100 billion exports for textile industry against the industry target of $20 billion and termed it 'a vital industry from all measures'.

Addressing a gathering of textile industry on the occasion of annual dinner of All Pakistan Textile Mills Association (APTMA), he said the textiles and clothing sector was the mainstay of Pakistan's exports and was a symbol of Pakistan's manufacturing excellence.

Zardari said a regionally competitive interest rate has become need of the hour and the Ministry of Finance, State Bank of Pakistan and APTMA should jointly formulate appropriate measures towards achieving the industry sustainability and growth in the larger interest of exports and employment.

He appreciated the businessmen for performing at their best despite high cost of doing business in Pakistan due to war against terrorism and related issues.

Chairman APTMA Mohsin Aziz said the textile was contributing more than 53 percent of the total export of the country besides 8.5 percent to the GDP and employing, directly and indirectly 15 million workers.

He appreciated the federal government for accepting APTMA's proposals and responding positively by entrusting APTMA with a pivotal role in the functioning of the Pakistan Central Cotton Committee (PCCC).

Mohsin said APTMA has willingly and readily accepted the increase in the cotton cess whereby its contribution to cotton research would increase from Rs 200 to Rs 600 million. He appreciated the President for ensuring energy supply to textile industry, enduring production capacity closure, diminished exports and falling employment due to 180 days gas supply suspension and excessive electric shut down even on independent feeders.

Exports suffered on account of industry 30 percent impairment of capacity due to these unprecedented setbacks, he added.

He requested the textile industry be given top priority in supply of gas and electricity, second to the direct consumers.

End.


 
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