PHMEA stresses for speedy implementation of textile, apparel policy

KARACHI: The Pakistan Hosiery Manufacturers and Exporters Association (PHMEA) has called for the speedy implementation of the Textile and Apparel Policy 2020/25, a statement said.

PHMEA Central Chairman Shahzad Azam Khan while appreciating the approval of the new policy, said that the speedy implantation of the policy is vital for new investment and marketing plans in the major export-oriented sector.

Khan hoped that the $42 billion export target fixed for the next five-year Textile Policy will be achieved, as the timely implementation of the long-term policies would not only bring new investments in the country but would also enable the industry to achieve the target of exports in the next five years.

The policy envisaged a three years target as textile exports will be jacked up to $27 billion in the fiscal year 2022/23, $34 billion in 2023/24, and $42 billion in the fiscal year 2024/25.

He said that the new policy will help in boosting employment opportunities for millions of people, adding that the knitwear industry and exporters welcome the new policy and pin the hope that this would put the economy on track.

The PHMEA chairman said that the makers of this policy have dealt a fair treatment to such textile sub-sectors which were not only undermined but were almost ignored.

The ad hoc policies cannot prove beneficial for the country’s exports and time has come to implement the long-term textile policy in letter and spirit, Khan said.

He lamented that the previous Textile Policy has failed to achieve its targets, including enhancing textile exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion per million cotton bales as well as creation of 3 million jobs in five years.

Pakistan can achieve the target of $42 billion’s export provided the local industry is facilitated with regionally competitive energy tariffs and business-friendly environment, Khan suggested.

PHMEA Senior Vice Chairman Abdul Hameed said that the new Textile Policy made a commitment for the provision of gas and electricity at competitive international prices, a continuation of tariff rationalisation and sticking to the policy of duty drawback on local taxes and levies.

The PHMEA leadership also appreciated Prime Minister Imran Khan, Federal Energy Minister Hammad Azhar, Adviser to Prime Minister on Commerce and Revenue Razak Dawood and Commerce Ministry in ensuring a balanced relief to the entire textile value-added chain of Pakistan textile industry.

This long awaited policy is well researched, outlines the major challenges and proposes befitting measures for stabilisation, revival and growth of the textile industry of Pakistan, Hameed said.

For the first time focus has been developed on the utilisation of women work force and domestic commerce which should be immensely useful for the growth of the industry, he added.