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| Press Release |
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1st Intl Textile Conference Govt Urged Pay ST Refund Immediately |
Karachi, Feb 28 (PR): Chief Executive TDAP and known businessman S M Muneer has urged government to immediately pay sales tax refund to business community which were delayed for last 2 years. This is a great hurdle in the economic growth of country. "If government pays this refund to all business community, he takes responsibility to take export to US$5 billion during this year," he added.
He was speaking at the First International Textile Conference & Awards 2015, organized by Publicity Channel in collaboration with TDAP, Ministry of Textile, GOP, All Pakistan Textile Mills Association (APTMA) and Towel Manufacturers Association Pakistan (TMAP).
"Economy is now stabilizing as status of GSP Plus for Pakistan was a blessing. This will double exports in next 3 years. But the issue of sales tax refund is still there which should be addressed at priority. I salute business community for keeping wheel moving despite so many odds," S M Muneer acknowledged.
He told that they can convert the mud into gold as Pakistan is very rich in natural resources. Situation is improving now but government should also support this industry, he urged.
Guest of honor Chairman Board of Investment Dr. Miftah Ismail talked about investment prospects in textile sector and told that economy is moving forward in Pakistan. "We are included in IMF program since last one and half year and 6 reviews have been done so far very successfully. Government is doing all those tasks promised by Mian Nawaz Sharif before general elections in manifesto of Pakistan Muslim League," he emphasized.
Pakistan was not able to enter in euro bound for 7 years but now economy is stabilized and Pakistan has already taken off on road of prosperity. Everyone now should play its part and pool his/her share. There should not be any objection on Pakistanis investment in foreign countries. Government has itself allowed cement sector to do business abroad. This all should be under legal provisions and will help economy to grow further, Dr. Miftah Ismail told.
Chairman Towel Manufacturers Association Pakistan Mehtabuddin Chawla were upset with issues of non-provision of energy and water on regular basis. "Media is also spreading wrong perceptions about Pakistan. I will request media houses to report issues on domestic television not on international TV due to which foreign buyers and investors don’t come here," he said.
After claiming status of GSP Plus, government is engaged to sign understandings with countries like Singapore, Malaysia and Turkey which will allow zero percent custom duty on our exports. Assurance by Prime Minister to solve facilitate investments is an encouragement for business community. Now, people should make investments here, he said.
Dr. Mirza Ikhtiar Baig was critical on media saying it is portraying wrong perception about Pakistan which is preventing international investments here. "Pakistan during last 15 years has become hub of denim. Foreign investors should also come and do business with complete peace of mind with Pakistanis," he told.
Former Advisor to Prime Minister on Textiles, Dr. Mirza Ikhtiar Baig gave an overview of textile sector and briefed that this sector account for 55 percent of total exports with volume of US$13 million. This sector provides 38 percent jobs with contribution of 10 percent in GDP. "We are fourth top country in production of cotton but unfortunately share of our textile industry exports in the world is just 2 percent," he lamented.
Government should focus on industrialization as this will not only boost economy but will also creat jobs. India is offering 30 percent equity on purchase of machines for export units while rest of 70 percent amount will be paid back during 10 years with no interest. Whereas we have to pay 9 percent interest, so how can we compete in this situation," Mehtabuddin Chawla asked.
Advisor Publicity Channel Kaiser Waheed said that economy has always played very crucial role in the history of countries. We are lucky to have rich reservoirs of natural resources in country. Textile industry can play a key role in providing job opportunities if facilitated," he added.
Ceremony was followed by question-and-answer session. Panelists were Mahmood Rangoonwala, Chairman TMA, Ishtiaq Baig, Mehtabuddin Chawla, Mian Zahid Husain, Amna Gul of Italian Development Committee, Mehmood Rangoonwala and Naeem Qureshi, CEO Publicity Channel.
Responding to participant questions, panelists agreed that due to security situation in Pakistan, their cost is increased but still this industry can compete at international level if provided uninterrupted supply of water and energy every day and night.
They urged government to give this industry a top priority and provide gas supply first to such export units. There should be less financing markup. Pakistani companies should also introduce their brands and do marketing on local and international level besides investing in research and development, they added.
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