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FAISALABAD, Feb 15 (APP):The Pakistan Textile Exporters Association (PTEA) has demanded immediate structural policy initiatives to revive the economy and stimulate economic growth in the country.
In a statement issued on Thursday, Khurram Mukhtar, the patron-in-chief of PTEA, highlighted the importance of the large-scale manufacturing sector which accounts for a significant portion of the country’s GDP and said that PTEA identified several key factors hindering Pakistan’s progress, including rising debts, tax issues, underperforming large-scale manufacturing, and high energy costs.
He expresses concern over the negative growth experienced by this sector, particularly in light of existing challenges such as high inflation, a growing current account deficit. He demanded prompt redress of these issues to save the industrial sector from further decline.
He also advocated for the privatization of state-owned enterprises (SOEs) to improve their efficiency, attract investment, and reduce government burden.
The PTEA called on the government to prioritize the industrial sector and take immediate action to implement structural reforms that will facilitate industrial revival, reduce the cost of doing business, and safeguard employment.