The Pakistani government takes measures to restore the international competitiveness of the textile industry

The Pakistani government takes measures to restore the international competitiveness of the textile industry

Economic Daily - China Economic Net December 26, according to the Economic and Commercial Counsellor's Office of the Chinese Embassy in Pakistan, Pakistan's "Business Record" reported that Pakistani Prime Minister's business and textile consultant Daoud met with the Pakistan Garment Manufacturers Exporters Association on Monday (PRGMEA The representative said that the government is taking all necessary measures to regain the competitiveness and vitality of the textile industry in the international market, and assured the delegation to provide a level playing field for the textile export industry. Daoud said that due to the correct policy adopted by the government, the national economy will improve in the coming months as the export situation improves. He reiterated that high value-added textile products will earn a large amount of much-needed foreign exchange for the country. Although the government is currently facing multiple challenges, it will make comprehensive efforts to successfully face these challenges and improve people's living standards. PRGMEA President Naser asked the business consultant how to lead the textile industry out of the crisis and how to increase the national export recommendations. Naser said that despite the severe internal and external challenges, the apparel industry achieved 11.22% growth in 2017-18. The industry is the largest source of employment in the entire textile industry chain, exporting up to $5.5 billion in textile products. He urged business consultants to work hard to rationalize the tax structure and minimize tariffs on imported raw materials. He asked the Ministry of Commerce to convene a special meeting to simplify the Raw Material Tax (DTRE) process and request the government to clarify a 100% tax rebate incentive with simple procedures and no additional conditions to settle all pending tax refund requests within the specified time. The President of PRGMEA promised to represent the high value-added textile industry, support the government in achieving the economic growth targets set, and overcome the current severe trade deficit situation.