LAHORE: All Pakistan Textile Mills Association has said that implementation of the new textile policy measures would add 100 more textile companies and increase exports by $20 billion for the...
LAHORE: All Pakistan Textile Mills Association (APTMA) has said that implementation of the new textile policy measures would add 100 more textile companies and increase exports by $20 billion for the country.
APTMA Chairman elect Abdul Rahim Nasir said early announcement of the policy would also spur “new investment in the downstream sectors worth $3 billion to add another $6 billion exports and three million jobs”.
Speaking of regionally competitive tariff, he said textile exports would likely increase to $50 billion in a decade. He asked the government to continue with 9 cents per kWh electricity tariff and $6.5 per MMBTU gas tariff for 2021-22 and onward. If the government continues to make energy and raw materials available at competitive rates, he assured the industry would “achieve the lofty export target this fiscal”.
He was addressing a press conference along with senior vice chairman and vice chairman of the association.
“Textile exports have registered an impressive growth during the outgoing fiscal year of 2020-21 by earning $15.4 billion for the country, which is 23 percent higher than the previous year’s textile exports of $ 12.5 billion,” he said.
About 70 percent of textile exports from Pakistan were from the value-added sector, which Nasir said was a healthy sign.
“During the current year, textile exports have witnessed remarkable growth by registering about 29 percent increase in the first two months of July and August as compared with the corresponding period of the preceding year.”
In August, the country recorded $1.5 billion exports, 45 percent higher than August 2020.
Calling for early announcement of the five-year textile policy, the chairman elect said it would help facilitate expansion plans and double exports.
Chairman APTMA Northern Zone Hamid Zaman congratulated the central leadership of the association on assuming their offices, and said that the northern zone would extend all out support to the central leadership for the resolution of industry issues.
The textile industry consumes around 16 million bales annually. In the past three years, the industry had to import cotton due to short production. Traditionally textile millers import three million long staple cotton bales annually, which was not produced in Pakistan.
To deal with the shortages, industry has been an additional three-four million bales. APTMA asked the government to strengthen R&D in cotton to develop high yielding pest resistant cotton.
In the 2021-22 elections concluded the other day, the Gohar Ejaz led group has secured all positions of APTMA as per the results announced by Secretary General Mohammad Raza Baqir.
Abdul Rahim Nasir has been elected as the chairman of the association, while Jamil Qassim and Atta Shafi Tanvir Sheikh were elected as senior vice chairman and vice chairman, respectively.
This is the 12th consecutive victory of the group, which has been termed unprecedented in the history of APTMA or any other trade organisation in the country.