Textile Briefs National


1. The Pakistan Hosiery Manufacturers Association (PHMA) has urged the government to continue the sales tax zero-rating facility to five export-oriented sectors in the upcoming federal budget 2017-18, besides speeding up the disbursement of drawbacks under Prime Minister Rs.180 billion export package.

2. The textile and clothing exports recorded a nominal decline in exports mainly due to lower proceeds from raw material and low value-added products, such as cotton yarn and fabrics. While overall textile exports decreased, the exports of value-added products grew during the 10 months in terms of both value and quantity such as readymade garments exports that rose 5.34% in July-April.

3. The arrangements have been made to make available about 38,000 tonnes of 100 percent certified and approved cotton seeds aimed at increasing per acre crop output in the country. Cotton crop production targets for the current season have been fixed at 14.40 million bales against 14.1 million bales last year.

4. The Board of Investment (BoI) will hold road shows in China, Singapore and Gulf countries in the coming months with the aim to increase Pakistan’s foreign direct investment (FDI). These shows will be held in collaboration with chambers of industries and All Pakistan Textile Mills Association (Aptma) to focus on textile and steel industries focusing mainly on achieving the FDI target of $15 billion by 2025. 

5. The figures show that the volume of investment in the industry has surged significantly in recent months, but exports of the sector are showing an opposite trend.The State Bank of Pakistan (SBP) Governor, has suggested that the money borrowed by the textile industry might be going to other profitable sectors like real estate or the stock market.

6. Mr. Toshikazu Isomura, Consul General of Japan in Karachi has said Japan is Pakistan’s long term partner and 82 Japanese companies were already operating in Pakistan and  have invested over $500 million in the country in last three years. According to him, participation in the CPEC projects should be offered to Japanese companies.

7. Zahid Mazhar, Senior Vice Chairman Aptma has demanded ready availability of raw materials to the industry by allowing duty / tax-free imports of cotton and polyester staple fibres well as the proper allocation of funds against the Prime Minister’s export-led growth package announced in January this year.

 

 
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