Textile Briefs National

1. President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Zubair Tufail has said that talks with the government are under way on payment of export refund so that the liquidity crunch faced by textile exporters can be handled properly.

2. The Faisalabad Chamber of Commerce and Industry plans to establish a textile corner in its research and development cell to help the textile sector to adopt and upgrade new technology with the help of the experts of the National Textile University (NTU).

3. Tianjin Peoples Association for Friendship with Foreign Countries, Vice President Chen Weiming has said that the high cost of doing business and environmental challenges in China have made Pakistan an ideal destination for the relocation of Chinese textile industry.

4. According to Toshikazu Isomura, Consul General of Japan in Karachi, Pakistan should open China-Pakistan Economic Corridor (CPEC) for countries willing to be the part of the mega plan.  He said Japan is Pakistan’s partner since long and 82 Japanese companies were already operating in Pakistan and have invested over $500 million in the country in last three years.

5. The Board of Investment (BOI) said that Pakistan’s Foreign Direct Investment (FDI) had increased by 12.4 percent in the third quarter of the current fiscal year from 1st January to end of March. The visa process for foreign investors has been simplified and they can apply online for a business visa in very short period of time.

6. The Chairman of Pakistan Hosiery Mills Manufacturers and Exporters Association PHMA Adil Butt has said the value-added textile exporters are exposed to heavy financial losses as they have passed on the benefit of reduced cost to the international buyers immediately after the announcement of PM incentive package to the export-oriented industry, but even today not a single paisa has been released so far in this regard.

7. The Pakistan textile industry has appealed the government for continuity of sales tax zero rating facility to five export-oriented sectors in the forthcoming federal budget 2017-18.  The major textile bodies including All Pakistan Textile Mills Association (APTMA) and Pakistan Hosiery Manufacturers Association (PHMA) have also urged the government to increase the speed for the disbursement of drawbacks under the PM export package, apart from seeking an extension for the zero rating facility.


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