PRGMEA for bringing production cost at par with regional competitors.
The Pakistan Ready-made Garments Manufacturers and Exporters Association (PRGMEA) have urged the government to bring the cost of doing business at par with regional competitors. Association Chairman Ijaz Khokhar said that Pakistan's textile exports are close to those of India few years ago, but with a 5% industrial growth rate in our neighbouring country, its annual textile exports have crossed $33 billion mark mainly because of conducive policies.
China added further 35.29 million spindles, while India added 14.2 million and Bangladesh 1.98 million in the textile sector during 2008-13. In Pakistan, only 1.02 million spindles were added in five years. Comparing the results of the first five-year Textile Policy 2009-14 with India's 11th five-year plan 2007-12, the implementation of the country's first ever Textile Policy 2009-14 with outlay of Rs 188 billion was implemented just 15% which results 0% growth in textile exports, only 1.0 spindle addition, no new jobs created and the world market share dropped from 2.2% to 1.8%. On the other hand, India's 11th five-year plan 2007-12 with outlay of Rs 140 billion was implemented by 115%, bringing a 76% increase in exports, 14 million spindle addition, creation of 16 million direct jobs and increase in the world market share from 3.5% to 5%.
Chairman Khokhar said as per the regional comparison of cost of doing business, it was evident that Pakistan's wages, interest rates, tariff of electricity, gas and water was much higher creating hurdles for smooth business. The value-added textile export sector is vital with 45% of total exports of the country and contributing the major portion 84% of the textile exports consisting of apparels, knitted and woven garments, bed-wear, made-ups, processed fabric, knitted and woven fabric and towels. The value-added textile export sector generates the largest employment of almost 34% of nation's total employment.
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|Title Annotation:||Pakistan Ready-made Garments Manufacturers and Exporters Association|
|Publication:||Pakistan Textile Journal|
|Article Type:||Brief article|
|Date:||Aug 31, 2015|
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