Exhibition in Germany: Pak textile exports likely to get $500m boost, says PTEA

FAISALABAD: Pakistan’s textile exports are expected to improve with $500 million worth of export orders received from the global textile exhibition ‘Heimtextil’ in Germany.

However, there is a need of time for the government to overcome the shortage of raw materials and increase yarn prices faced by the textile industry to make it possible for exporters to pay refunds of more than Rs 150 billion as soon as possible to decrease unemployment and cope with economic depression. Pakistan Textile Exporters Association (PTEA) Pattern Chief Khurram Mukhtar, while talking to The News, said that more than 250 textile companies in Pakistan participated in the exhibition and Pakistan is expected to get export orders worth $500 million in the next three to four months.

He said that the government should take advantage of this opportunity to make the refunds as soon as possible to eliminate the shortage of working capital faced by the exporters. According to Khurram Mukhtar, the government issued refunds of Rs 25.9 billion last week but refunds of Rs 50 billion are still pending. He added that Rs 150 billion deferred refunds of Sales Tax, Income Tax, DLTL, TUF, and Markup Support Scheme are still pending.