Pakistani textile industry, after years of suffering losses, is hopeful about its future prospects. Textile industrialists say that the industry has reported a profit after 10 years.
As a result of the progressive policies and personal interest of the Prime Minister, especially by providing regionally competitive energy tariffs, the textile industry has become viable after remaining in the red for 10 long years, according to a statement issued by All Pakistan Textile Mills Association (APTMA).
The textile industry has achieved a record increase of 26 percent in quantitative terms although this did not directly reflect in the dollar amounts due to a substantial worldwide decrease in textile prices.
However, if this 26 percent increase in quantity had not been achieved, the exports would have been less than $8.5 billion as the international prices have now recovered.
As per records, the profits of the companies were over 5 percent. The companies have posted a turnover of $16 billion out of which $13.3 billion was exported and $2.8 billion were sold in the domestic market. The industry has contributed Rs. 40 billion to the exchequer through income tax as well as various other indirect taxes and levies of over Rs. 35 billion. The importance of the industry can be justified by the fact that it also employs over 10 million workers with many more dependents.
As a result of the confidence reposed by the Prime Minister in the industry and the appointment of a dedicated Task Force to not only formulate but ensure implementation of a progressive textile policy, the industry is poised to double its exports in the next four years. As a result of the profits, the textile industry has strong balance sheets and an equity fund of $1 billion earned directly from the international market. These funds can be leveraged to invest at least $4 billion in the next year alone.
APTMA said that they are thankful to the Prime Minister for taking ownership and stewardship of the industry and chaired over a dozen meetings with the industry during this last year to resolve their issues.
Well to be fair current govt has very little role to play in better exports in textile, the major mover for the boost in export is better electricity production in the country. Secondly, better law and order situation; both cant be credited to present govt. Load-shedding of electricity caused a rapid decrease in production which had also reduced the export.
Electricity Crisis Even Happened During Musharraf and PPP Time Why Were Exports Rising Then???
LOL they are really masters at playing victims. Profits after 10 years! All this time they were living in luxury while still making losses. Fact is they’ve always made good profits. APTMA has lost all credibility by making such statements.
Good…Keep going
Finally after 10 years. Both PPP and PML N tried their best to destroy every industry in Pakistan. Patwaris I am sure will be trying to come up with delusional logic to somehow give the credit to PML N just to earn a plate of biryani
Hahaha, spoken like a true Youthia, like we’ve been living in a cave for the past 10 years just like yourselves!
Any idea how long Amazon.com was reporting a loss?
So how they survived despite being at loss for 10 years? What a pathetic logic you presented like your king of liers.
They Did Not Survive 40% Shifted To Bangladesh During PPP Dawood Lawrencepur Shifted To China and 200 Large Textile Mills Back in 2017 Shut Down
Good honest leadership matters especially when their interests are not to buy flats/buildings in London and Dubai.
Credit goes to previous government for providing electricity and taking out the country from dark and stone age. In one year every thing is in decline but loans have been multiplied.
Cotton industry have earning profit all the years.
Salary class is getting poor and textile industry is getting rich
Pakistan produces low-quality cloth for “fast fashion”, the global trend for environmental concerns is moving away from this into higher quality lower turnover apparels. Pakistan industry is not geared up for this shift beacause the wealthy rather speculate in land