PRGMEA hopeful of new finance team to overcome trade deficit

Lahore, January 02, 2018 (PPI-OT):Pakistan Readymade Garments Manufacturers and Exporters Association has welcomed the appointment of Dr Miftah Ismail as Adviser to PM on Finance, Revenue and Economic Affairs and Rana Afzal Khan as State Minister for Finance, looking forward for working together to overcome trade deficit and chalking out the way for industrial and economic growth.

PRGMEA on behalf of the value-added textile industry complements the prime minister for distinguished selection of such personalities to oversee the financial affairs of the country, expressing full confidence in Dr Miftah and Rana Afzal’s ability and expertise to uplift the economy.

In a joint statement PRGMEA chief coordinator Ijaz Khokhar and senior vice chairman Shiekh Luqman Amin expressed heartiest felicitation on new appointments, appreciating their enthusiasm to focus on resolving the economic challenges faced by the county. They said that despite having qualities of leadership the ministers cannot achieve export target without removal of hurdles hindering in the way of textile sector exports. For this purpose, the first step is the early implementation of the revised PM Package for the exporters in its true spirit.

“The finance ministry should invite the export oriented industry including PRGMEA for consultation to resolve the issues. The PRGMEA wants economic progress and prosperity of the country and for this purpose, just right directions are needed to be set in consultation with the stakeholders.”

Ijaz Khaokhar said that consultation in policy making will bring economy out of mire therefore stakeholders must be taken on board on economic matters. He said that private sector should be facilitated and plan should be evolved to improve declining exports. He said that over next two decades, over 28 million new jobs will be required and the apparel sector, mostly consists of small and medium units, is the major job provider, which needs the support of the govt. He opposed the regulatory duty imposed on yarn import under the free market economy.

Sheikh Luqman observed that with a view to bridge the soaring gap of trade deficit, the government will have to provide level-playing field to the garment industry. He said since the apparel sector already has a very limited production line owing to lack of latest fabric varieties at local level the harsh duties are resulting in significant decline in apparel export.

He said that apparel industry is suffering with the low productivity due to shortage of cotton yarn, high energy cost, and discriminating import duties on the industry’s raw material. He said that both the ministers hold the highest credential for the post and business community sees a ray of hope with this appointment. He observed that Pakistan’s major competitors such as India, Bangladesh and China were utilizing all the channels and resources for capturing the world market and under the prevailing situation Pakistan also needs to opt for similar approach to survive in the market.

For more information, contact:
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA)
3rd Floor, Plot No. 57-C, 24th Commercial Street,
Phase II (Ext), DHA, Karachi, Pakistan
Tel: +92-21-35890651-2
Fax: +92-21-35890653
Email: info@prgmea.org
Website: www.prgmea.org