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Bedwear industry needs incentives.

Bedwear Industry Needs Incentives

The bedwear industry is in the dire strait, and unless package of incentives is provided this sector earning millions of dollars for the exchequer is bound to go dry. This grim picture about sprawling bedwear industry was drawn by the former chairman of the Pakistan Bedwear Exporters Association Shabir Ahmad who said fresh global developments demand pragmatic measures to save this industry from going to rocks.

Shabbir said we have begun undertaking exercises to effectively meet Uruguay Round, MFA, textile accord with the US and moves of the European Community to merge into a single entity; all sometime next year. But sudden emergence of the Gulf crisis in their ugliest form is expected to reverse the process of advancement whatever we had made.

The Gulf confrontation in its current form has created serious shortage as well as irregular supply position, sending the oil prices skyrocketing from just 16 dollars to 30 dollars a barrel and beyond. Face to face with protectionist measures, the enhanced rate of freight and risk charges would further cause setback in our exports. The bedwear using countries in Europe and America are quality and price conscious and in view of the new developments are likely to cut their usual imports.

Whereas the international developments are eroding the trade volume and profits on home front the industry is being deprived of its genuine returns. He said our competitors in foreign countries are being fed with yarn at subsidised rates, but the bedwear industry, which earns huge foreign exchange, has been starved of any planned incentives. He said that package of incentives are need of the hour to the bedwear industry, primarily because of yarn which the industry has to buy at higher rates, he said, adding that we have constantly been demanding ban on cotton export and higher duty on yarn, if at all exports are necessary, for making available yarn to us at reasonable price, but in vain.

He emphasised that measures to encourage enhanced exports of the value-added goods are the only answer to odds that this poor nation is faced with. If our pleas are allowed to go unheard we will have to be content with the lower amount of foreign exchange. The ghost of unemployment, he said, is bound to show its dirty teeth adding further to the prevalent law and order situation is Sindh, nay, in the country.

He said Finance Minister Sartaj Aziz has, despite realisation on his part that his hands are tight, promised to do whatever possible within his power and limited time at his command. Shabir called for immediate meeting of industrialists with the Ministry of Finance to discuss and evolve a way out of the Gulf crisis. Any complacency, Shabir warned, may put our entire progress of development in the reverse gear.
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Title Annotation:Business Opinion; Pakistan's bedwear industry
Publication:Economic Review
Date:Sep 1, 1990
Previous Article:Bedwear exporters' plea to government.
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