Textile sector lynchpin of Pakistan’s economy: President

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APP102-25 FAISALABAD: April 25 - President Dr. Arif Alvi chairing a meeting of All Pakistan Textile Processing Mills Association (APTMA). APP photo by Tasawar Abbas

FAISALABAD, April 25 (APP):President Dr Arif Alvi on Thursday said that textile sector was the lynchpin of the Pakistan’s economy, contributing 60% in the country’s total exports and 40% in industrial employment.
Talking to a delegation of All Pakistan Textile Processing Mills Association (APTPMA), which called on him here, he appreciated the role being played by private sector, particularly the APTPMA in economic development of the country.
He stated that being aware of problems faced by trade and industry, the government was undertaking every possible measure to provide level playing field to the business community.
President Alvi highlighted that the tough economic conditions of the country called for difficult decisions, but government was committed to improve the economy.
He emphasized that the government was endeavoring to reduce the trade deficit by curbing import of non-essential and luxury items and by reducing the cost of doing business.
To that end, he said, the government had rationalized the prices of gas, Re-Gasified Liquefied Natural Gas (RLNG) and electricity for zero-rated export-oriented sectors i.e. textile, leather, carpets, surgical and sports goods and introduced sales tax zero-rating regime for the same.
The president pointed out that the government was formulating Strategic Trade Policy Framework (STPF) for the next five years with focus on reducing cost of production and encouraging investment into export-oriented sectors.
To fully utilize the potential of textile value chain, the government was also drafting Textile Policy for the period 2019-24, he stated.
He highlighted that Pakistan was currently engaged with China for the second phase of Free Trade Agreement (FTA), whereas investment and transfer of technology was part of the broader collaboration under China Pakistan Economic Corridor (CPEC).
The president emphasized that business community needed to play their active role in encouraging businessmen to pay all their taxes so that budget deficit could be reduced and more funds could be allocated for development work.
He expressed his confidence that the combined wisdom of public and private sectors would pave the way for a prosperous Pakistan.