APTMA to Unveil 'Vision Aptma 2020' Aimed at Boosting Textile Exports

The All Pakistan cAssociation (APTMA) has said that it would soon unveil ‘Vision APTMA 2020’ aimed at boosting textile exports from the current US$ 13 billion to US$ 26 billion by 2020.

Talking to media after assuming charge as new chairman of APTMA, Yasin Siddik said in spite of all adversities like no Government concessions and energy crisis, textile exporters are firm to overcome all hurdles in their way and achieve new targets.

On frequent hike in taxes and duties and rise in utility prices, Mr. Siddik said APTMA would raise the issues with the Government and seek some relief to ensure survival of the export-oriented textile industry, which is also the highest foreign exchange generating industry of the country.

The APTMA chief said that Pakistani textile industry endures highest gas and power charges, bank mark up rates and raw material prices in the region which has made the sector incompetitive as it has severely inflated the cost of doing business.

At 15 cents per unit, Pakistan endures highest electricity rates in the region. In India this rate prevails at 12 cents per unit, in Sri Lanka at 10 cents per unit and in Bangladesh at 9 cents per unit, Mr. Siddik said.

For gas usage too, Pakistani entrepreneurs pay around US$ 4.94 per million British thermal units (mmbtu), against US$ 4.20 per mmbtu in India and US$ 2.05 per mmbtu in Sri Lanka.

Likewise, the bank mark-up rate in Pakistan is also highest at 10.5 percent as compated to 6.56 percent in China, 7.75 percent in Sri Lanka and 7.74 percent in Bangladesh.

Mr. Siddik also said that APTMA would expedite its efforts to help Pakistan earn European Union’s Generalised System of Preferences Plus (GSP Plus), as the country becomes eligible for earning preferential tariff since 2014.

He noted that after witnessing stagnation of cotton production levels at around 12-13 million bales for over past two to three years, the spinning industry is also struggling to ensure a boost in cotton production. For the purpose, the spinners would opt for the Monsanto option and try to enhance effectiveness of the Pakistan Cotton Research Institute.