‘Govt’s poor policies proving peril to garments exports’
KARACHI: It is staggering that Bangladesh, who imports cotton yarn from Pakistan, has brought its garments exports to over $15 billion while India, Sri Lanka and Vietnam have increased their garments exports to even more than Bangladesh.
The current situation is extremely worrisome for the precious foreign exchange earning industries as the increasing cost of utilities and inputs is causing closure of many value-added export oriented garments units across the country.
The Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) members said inordinate delay in announcement of much trumpeted ‘Textile Package’ is further deteriorating the largest industrial sector of the country and the biggest export earner.
PRGMEA senior member Arsha Aziz said the biggest foreign exchange earning sector of textiles that was touching almost $4 to $5 billion before Pakistan People’s party (PPP) regime was now dwindling around $2 billion. “The incentives to the exporters, which had increased their export under Generalised System of Preferences plus facility by the European Union, was facing hardships due to stuck up capital with the government to the tune of billions of rupees and rendered us unable to exploit this opportunity,” he added.