Textile exports reach $10.11bn
ISLAMABAD: The National Assembly Standing Committee on Textile was informed here on Saturday that textile exports of the country increased from $8.92 billion in 2004-05 to $10.11 billion in 2006-07.
The committee met here under the chairmanship of Ch Niaz Ahmed Jaat, member National Assembly. The committee was informed that during the nine-month period of 2004-05, total exports were $7.55 billion, which registered an increase of 3.55 per cent during the corresponding period of the current financial year.
It was further informed that the main issues confronted by the textile sector included increase in the cost of doing business involving a rise in utility tariffs, increase in interest rates and cost of finance affecting investment as well as liquidity and lack of value addition to keep pace with the competitors.
The committee was also informed that export refinance rate in the country increased from 3 per cent to 9 per cent, adding to the cost of doing business. A member of Central Board of Revenue (CBR) told the meeting that the CBR is taking every possible step to facilitate the business community and exporters and modern software is being developed to provide fastest refund facilities to its clients.
She said that 2,100 refund cases were cleared, out of a total of 2,700 cases and paid Rs34 billion. Minister of Textile Industry Mushtaq Ali Cheema stressed the financial sector to take serious steps to bring the industry out of crisis and put it on the path of stability and progress.
He said that the textile sector is an important segment of national economy and it can change into a job-creating engine for the workforce of the country, besides being a source of foreign exchange for the country. The minister said that the value of Pakistani currency is stable against the dollar, which is a positive sign for national economy.
Officials of Ministry of Food Agriculture and Livestock (MINFAl) informed the committee that research work on world best and high production cottonseed for production of clean cotton in the country.
The meeting was attended by NNAs Harron Ihsan Piracha, Ahmed Raza Maneka, Sahibzada Muhammad Mahbob Sultan, Ghalib Hussain Domki, Sayed Ayaz Ali Shah Sheerazi, Liaquat Ali Marri, Muhammad Farhan Latif, Iqbal Muhammad Ali Khan, Maulana Rehmat Ullah Khalil, Farid Ahmad Piracha, Asiya Nasir, Nayyer Sultana, Manzoor Ahmed, Yasmeen Rehman, Syed Amir Ali Shah, Muhammad Pervaiz Malik, Mushtaq Ali Cheema and officials of concerned ministries.