Textile industry could earn additional USD3bn exports: APTMA

According to Business Recorder, newly elected All Pakistan Textile Mills Association (APTMA) chairman Asad Shafi said the sector could earn USD3 billion more from exports this year and another USD10 billion within two to three years. He made the projection on taking office, conditional on an environment that is competitive and predictable. He said his first priority is expanding value-added exports, investment and employment.

Shafi said Pakistan has a complete textile chain from fibre to fashion, and over 80 percent of textile exports are now value-added goods including apparel and home textiles. He noted that production is usually under 30 percent of the retail value of an apparel item, so the next gain lies in capturing value beyond the factory. APTMA is widening membership beyond spinners and weavers to add major Pakistani brands and retailers, putting the whole chain on one platform.

Shafi also pressed the government to loosen currency-related and regulatory curbs on investment in overseas warehouses and retail, and to create a workable framework for e-commerce. He said exports will rise only if costs match those of competing economies. He called for power for industry at 7 cents per kilowatt-hour, gas at USD7 per MMBtu and borrowing costs of 7 percent per annum. He also sought the return of Duty Drawback of Local Taxes and Levies (DLTL) support, plus faster settlement of pending sales tax and income tax refunds.