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June 23, 2018

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Textile producers expect further hike in exports

The package is aimed at improving competitiveness of textile and non-textile sectors of PakistanPHOTO: EXPRESS MULTAN: All Pakistan Bedsheet and Upholstry Manufacturers Association Chairman Syed Muhammad Aasim Shah has praised the Economic Coordination Committee (ECC) for extending the export package worth Rs195 billion for the next three years, saying it will help enhance the country’s export receipts. The package is aimed at improving competitiveness of textile and non-textile sectors of Pakistan in a bid to increase the pace of growth in exports in coming financial years. Pakistan’s export performance is correlated to cotton prices – and this is a concern “In order to improve current standing and incentivise investment in export-oriented production, the Drawback of Local Taxes and Levies (DLTL) scheme has been extended on the same terms and conditions for commercial and non-commercial exporters which is a commendable decision,” he said. Shah voiced hope that the three-year extension in the PM’s export package for value-added and non-traditional products and markets would provide an incentive to local and foreign stakeholders for investment in export-oriented production capacities. He said these components of the export package were expected to provide competitiveness benefits of around Rs65 billion annually (including Rs41 billion in the Drawback of Local Taxes and Levies scheme) to the export sector. The package was initially approved in January 2017 for a period of 18 months ie till June 2018. “The package has contributed to a U-turn in exports in FY18, which had earlier been declining continuously since FY14,” the association chairman said, adding that the package was in addition to other relief measures announced by the government for the export sector. In the budget for FY19, the government has included packaging material in the sales tax zero-rated regime, which was initially designed for five major export industries – textile, leather, sports goods, surgical goods and carpets. 55 Pakistani companies showcase textile products in Frankfurt The government has also extended the Rs3-per-unit subsidy under the Industrial Support Package for another three months. The import duty on 255 out of 484 types of raw material and machinery proposed by the Ministry of Commerce was also reduced in the budget for FY19.