He has also appreciated the role of the Ministry of Commerce, Federation of Pakistan Chamber of Commerce & Industry President Mian Mohammad Adrees and Trade Development Authority of Pakistan Chief Executive Officer S.M Munir for organising the industry associations' meeting with the Prime Minister.
Furthermore, he expressed his gratitude to all members of the Ministerial Committee on Textile Industry and PM's Special Assistant on Revenue Haroon Akhtar for taking up and understanding the textile industry viewpoint regarding the requirement for the government to intervene appropriately.
He has hoped that the approval of a timely relief package by the Prime Minister would lead to resurgence of the presently impaired textile industry and reaping the socio-economic benefits for the country through a strong textile industry.
"A billion dollar investment for structural balancing, earning precious foreign exchange to get rid of the lending agencies, employment creation and consequent revenue generation would be the immediate socio-economic benefits of a textile industry on strong footing" he stressed.
Chairman APTMA further said that group leader APTMA, Gohar Ejaz presented a facts and figures based joint view of the APTMA, Pakistan Textile Exporters Association and Denim Manufacturers Association , which represent the export of yarn, fabric, died fabric, Denim fabric and home textile. The presentation of the APTMA group leader was very impressive and it was appreciated by all the textile industry associations as well as the government.
He said the cost of doing business has escalated 15 percent due to the overvalued Pak rupee and non-transfer of reduction of oil prices. Consequently, around 35 percent textile production capacity has become impaired throughout the Country.
He said the APTMA has proposed zero rate regime for textile industry, extension of Long Term Finance (LTF) scheme for ginning and spinning industry, exports refinance facility to the entire textile value chain on deemed export basis including spinning and weaving sub-sectors, announcement of 5% export incentive to capture non-traditional markets, special electricity tariff for textile industry and strengthening of domestic commerce by introducing Tariff/NT measures for countering informal trade and dumped imports.
SM Tanveer said that the textile industry is all set to invest one billion dollar every year subject to help of the government for the enabling environment in the country.