Finance Minister Ishaq Dar Tuesday directed authorities to resolve issues of the textile industry on a priority basis.
The minister held a meeting with a delegation of the All Pakistan Textile Mills Association (APTMA) headed by its Patron-in-Chief Dr. Gohar Ejaz at the Finance Division.
Finance Minister Senator Mohammad Ishaq Dar held a meeting with delegation of APTMA headed by its Petron-in-Chief Dr. Ejaz Gohar and discussed matters related to the textile industry. FM committed to provide max support to the textile industry. pic.twitter.com/tJPvkmhpl3
— Ministry of Finance, Government of Pakistan (@Financegovpk) April 4, 2023
The delegation briefed the finance minister about its contribution to the revenues, employment generation, and exports of Pakistan despite the challenges being faced by APTMA members. The delegation also apprised the minister about the issues being faced by the textile industry in terms of gas and electricity supply and their prices.
The major issues being faced by APTMA members included liquidity crunch due to held-up sales tax refunds, stuck import of raw materials due to letters of credit (LCs) opening issues, and regionally competitive energy tariff.
The delegation extended its all-out support to the government in the economic development of the country and stated that they realize the tough situation being faced by the Finance Ministry.
The finance minister acknowledged the contribution of APTMA to the economic growth of the country and committed to providing maximum support of the government to the textile industry in order to boost the export-led growth of Pakistan.
Federal Minister for Commerce Syed Naveed Qamar, SAPM on Revenue Tariq Pasha, SBP Governor, FBR Chairman, Secretary Power, Additional Secretary Commerce, and senior officers from relevant ministries attended the meeting.
It is pertinent to mention here that the country’s textile group exports witnessed a decline of 20.6 percent in March 2023 on a year-on-year basis and stood at $1.29 billion compared to $1.63 billion during the same month of last year.
