FAISALABAD: The Ministry of Commerce & Textile has proposed efficient refund system.
The delay in refund claims, high cost of doing business as well as war against terrorism were identified by stakeholders as core factors responsible for sharp decline in textile exports.
State Minister for Commerce & Textile, Haji Mohammad Akram Ansari observed this,while adding that the Ministry of Commerce & Textile has proposed efficient refund system, capping energy rates for a period of one year and withdrawal of ten percent mandatory increase in exports to qualify for the facility of Duty Draw Back under textile package.
He said these issues will be discussed in a meeting of Economic Coordination Council (ECC) and Federal Cabinet soon.He was addressing the 31st annual meeting of Pakistan Textile Exporters Association (PTEA) here.
The state minister said that textiles contributed richly to the development of Faisalabad, adding that local parliamentarians were also playing active role to resolve genuine issues of this sector.
He said that Prime Minster Shahid Khaqan Abbasi was given briefing on the problems confronted by textile sector and the Premier assured to resolve the same on priority basis. For this purpose, a committee comprising Secretary Finance and Commerce,and Chairman FBR was constituted to review the situation and submit proposals and suggestions for solution of the problems.
Hajji Akram Ansari urged the stakeholders of textile sector to submit their written proposals and suggestions so that a comprehensive plan could be evolved for resolution of issues of textile sector.
Provincial Minister for Industries, Commerce and Investment,Sheikh Alauddin said that Punjab government stands committed to resolve problems of textile sector on propriety basis and Chief Minister Punjab Shahbaz Sharif has issued special instructions in this regard.
Newly elected PTEA chairman Shaiq Javaid and its outgoing chairman Ajmal Farooq also addressed the function.They said that 7% duty drawback helped in restoration of confidence of textile exporters and this facility must be continued for higher exports.