Outdated Pak Textile Coverage failed to realize targets: PHMA



Pakistan Hosiery Producers and Exporters Affiliation (PHMA) zonal chairman Faisal Mehboob Sheikh lately lamented that the earlier Textile Coverage has failed to realize its targets, together with enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of three million jobs in 5 years.

Sheikh mentioned ad-hoc insurance policies can’t profit the nation’s exports and the time has come to implement the long-term textile coverage in letter and spirit.

“It’s excellent news that after the expiry of final Textile Coverage, the federal government has give you a brand new coverage, comprising new targets, incentives and suggestions whereas all stakeholders had been additionally taken on board earlier than the finalization of the brand new coverage, which is an effective signal for the economic system and trade,” he was quoted as saying by Pakistani media studies.

PHMA chief coordinator Adil Butt mentioned the nation can obtain the goal of $26 billion in exports within the sector if the native trade is facilitated with regionally aggressive vitality tariffs and business-friendly setting.

Beneath the proposed new Textile Coverage, the electrical energy tariff might be at $7.5 cents per unit whereas duties on the fuel, water and others might be lowered to spice up the sector.

Fibre2Fashion Information Desk (DS)

Pakistan Hosiery Producers and Exporters Affiliation zonal chairman Faisal Mehboob Sheikh has lamented that the earlier Textile Coverage has failed to realize its targets, together with enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of three million jobs in 5 years.





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