KARACHI Feb 05 (TNS): Shaikh Mohammad Shafiq, Chairman Central, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) appreciated enthusiasm of Dr Miftah Ismail as the adviser to Prime Minister on Finance, Revenue and Economic Affairs to focus on resolving the social and economic challenges faced by the country and recently announced PM package Duty Drawback of Taxes Order 2017-18.
11.19% increase in export is recorded for July – Dec 2017, as compare to July – Dec 2016. It seems that train is running on the right path, and necessary remedies have to be taken in order to continue this trend.
He said that the value-added export sector, which is the backbone of the economy with great potential for earning foreign exchange, apparel industry is suffering with low productivity due to ever increasing cost of production and persistent liquidity crunch.
He further briefed about the facts that the Textile and Clothing Industry has been the main driver of the economy for the last 50 years in terms of foreign currency earnings and jobs creation. The Textile and Clothing Industry will continue to be an important engine for future growth of the economy; there is no alternative industry or service sector that has the potential to benefit the economy with foreign currency earnings and new job creation, especially if synergy is developed amongst different sub sectors and efforts are made to aggressively grow the Readymade Clothing Sector.
Shaikh Mohammad Shafiq, emphasized the Government to immediate release of all stuck up refund payments against Sales Tax, duty drawback, drawback on local taxes and levies (DLTL) and DDT. The government should make sure to fulfill already announced commitments to release all the payments by March 2018.
The exporters can utilize this huge amount of refunds to multiply and increase their exports, he added.
