Lahore, August 01, 2018 (PPI-OT): Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has congratulated the new government and greeted Asad Umar, who is expected to get the finance ministry, announcing full support to him for his endeavour to transform the economy.
PRGMEA senior vice chairman Sheikh Luqman Amin said that the new government will need a competent team to address the economic issues, as the economic problems are due to lower exports and higher imports. He asked the new government to take measures to enhance exports and make strong policies for industrialization in the country.
Sheikh Luqman stressed the need of early clearance of outstanding refund cases. He urged the new government to take immediate steps for clearance of outstanding refund cases to protect the industry from total collapse. We are hopeful that country will progress rapidly in changed political culture and will put the country on the path of progress and prosperity, he added.
PRGMEA leader said that the renewal of GSP plus status is a golden opportunity which our exporters could exploit. He also recommended that export emergency should be declared in the country to control the decline in the export sector.
He said that high cost of doing business, issues of market access and exchange rate are hindering the Pakistan exports growth and the government will have to work on it in consultation with the stakeholders to resolve the problems.
He said that PRGMEA is the main stakeholder of the Apparel sector. And Apparel Industry is playing a pivotal role in foreign exchange earnings and generating large employment in the whole textile chain and exporting up to $ 5 billion textile products. Sheikh Luqman said the PRGMEA wants economic progress and prosperity of the country and for this purpose, just right directions are needed to be set in consultation with the stakeholders.
“We need to work together to overcome trade deficit and take steps to increase industrial and economic growth.” Moreover, he also flayed the SBP for withdrawing the facility to the authorized dealers of sending advance payments upto $10,000 per invoice for the import of all eligible items without the requirement of L/C or bank guarantee to the suppliers abroad.
He said that withdrawal of the facility would severely affect export-oriented industries, create hurdles in the way of meeting export commitments on time and increase the cost of doing business. “We strongly request to the State Bank of Pakistan to cancel circular dated 14th July, 2018 with immediate effect.”
For more information, contact:
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA)
3rd Floor, Plot No. 57-C, 24th Commercial Street,
Phase II (Ext), DHA, Karachi, Pakistan
Category: General Business News