‘Textile exports to double in 5 years’

LAHORE: The All Pakistan Textile Mills Association (APTMA) Chairman Syed Ali Ahsan has said that the textile industry is determined to double exports in next five years with the investment of $7 billion, which will create another 1.5 million jobs.

He was talking to Minister of State for Revenue Muhammad Hammad Azhar during the latter’s visit to the APTMA Punjab office on Saturday.

Ahsan expressed the hope that the visit of the minister of state would help resolve fiscal matters concerning exporting industry to achieve export growth targets.

Azhar assured that the government is determined to liquidate all pending refunds of the industry.

The field formations of the Federal Board of Revenue (FBR) will be directed to process pending refunds, enabling the industry to avail of the instrument of promissory note.

At the same time, he said, the old refunds of the industry would be paid in cash. He also assured that the tax credit, due on account of investment, would also be processed. He said a committee would be constituted to redress fiscal matters of the exporting industry.