PRGMEA hopeful of new finance team to overcome trade deficit

LAHORE: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) here on Tuesday welcomed the appointment of Dr Miftah Ismail as the adviser to Prime Minister on Finance, Revenue and Economic Affairs and Rana Afzal Khan as State Minister for Finance.

PRGMEA Chief Coordinator Ijaz Khokhar and Senior Vice Chairman Shiekh Luqman Amin expressed the heartiest felicitation on the new appointments, appreciating their enthusiasm to focus on resolving the economic challenges faced by the county.

They added that 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.

They were of the view that the export target could not be achieved without removal of hurdles in the way of textile sector exports, and for this, the first step was the early implementation of the revised PM Package for the exporters.

They suggested the finance ministry invite export-oriented industry leaders including PRGMEA for consultation to resolve the issues to ensure economic progress and prosperity of the country.

Ijaz Khaokhar said that consultation in policy making would bring the economy out of the mire, therefore, stakeholders must be taken aboard on economic matters. He said that private sector should be facilitated and plan should be evolved to improve exports. Over the next two decades, he added, more than 28 million new jobs would be required and the apparel sector mostly consisted of small and medium units, was a major job provider, which needed government’s support. He opposed the regulatory duty imposed on yarn import under the free market economy.

Sheikh Luqman observed that with a view to ending trade deficit, the government would have to provide a level playing field for the garment industry. Since the apparel sector already had a very limited production line owing to lack of latest fabric varieties at the local level and various duties were resulting in significant decline in apparel export.

He observed that Pakistan’s major competitors such as India, Bangladesh and China were utilising all channels and resources for capturing the world market and under the prevailing situation Pakistan also needed to go for a similar approach to survive in the global market.