The Pakistan Hosiery Manufacturers & Exporters Association (PHMA) has said that high cost of doing business has proved to be dangerous for the value-added export-oriented knitwear industry, as the ever-increasing gas and power tariffs are the real threat to the economy amidst frequent upward revisions in policy rate and continuous fluctuations in rupee against dollar.
These views were expressed in an interactive session held here at PHMA Zonal office to review the challenges faced by the PHMA members, with the PHMA North Zone Senior Vice Chairman Amanullah Khan in the chair. Participants of the meeting urged the Central Bank to allocate funds for renewable energy schemes, including solar energy financing exclusively to the export-oriented value-added textile sector. This strategic allocation will not only boost apparel sector’s growth but also promote a more inclusive and resilient economy.
He said that all stuck-up claims of the exporters, including DLTL, DDT, Customs Rebates and Sales Tax refunds should be released. The liquidity crunch was a major stumbling block in the way of improving exports. Demanding the restoration of zero rating regime, he suggested that the Sales Tax regime for export sector should be totally separated from the local business and that refund of Sales tax to exporters be ensured within 72 hours of the filing of claim.
The apparel sector was showing regular growth in exports and should be encouraged through long term policy measurers so that foreign exchange earnings for Pakistan could be increased.
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