ISLAMABAD, October 14 (online): The value-added textile industry has rejected the frequent increase in the energy prices of gas and electricity, as the move continues to make Pakistan’s products uncompetitive in the international market.
The PRGMEA newly-elected regional chief Adeeb Iqbal observed that amid worsening export volumes and low industrial growth, the hike in electricity rates to 9 US cents per kWh for the export sector is really surprising and if it is not withdrawn, it would prove to be dangerous for country’s garment industry. He also stressed the need for early approval of new Textile Policy 2020-25, as it would be beneficial for the major export sectors. He said that PM Imran Khan has already accorded approval to this policy in terms of policy directives on production and diversification of exports. He added that the approval of textile policy is the only way to ensure more investment in this sector as a huge investment is in the pipeline but is awaiting the last accord of textile policy.
Adeeb Iqbal said that growth of value-added textile sector is must to steer the industry of worse situation and contribute to the exports of the country. He observed that the garment industry should be allowed to grow while enjoying the right to avail opportunities against the competitors.
He observed that country has not been able to achieve its maximum export potential and product diversification owing to limited access to raw materials. He pointed out that the procedures for temporary import schemes should be simplified so that exporters could be able to achieve price competitiveness and product diversification.