Pakistan Hosiery Manufacturers & Exporters Association, Central Chairman, Muhammad Jawed Bilwani lauded the Government to honour their promise and commitment to facilitate the five zero rated export sectors and announcing to issue refund bonds (promissory notes) to exporters, on annual profit of 10 percent with a maturity period of three years, which shall be transferable and redeemable after maturity, for clearance of backlog of Rs200 billion stuck-up refunds which would ensure liquidity for their businesses.
He hoped that as demanded by the PHMA, the Government will clear the refunds in one go.
Jawed Bilwani, appreciating the Prime Minister Imran Khan and his team stated that the sitting Government has accorded genuine considerations to the demands and proposals of PHMA for introducing separate tariffs of gas and electricity for the five zero rated export sectors.
He requested the Government to ensure uninterrupted power and gas supply to the zero-rated sectors without load shedding.
He was of the view that the previous governments including one headed by General Musharaf which ruled for a period almost two decades just gave assurances and hopes but never adhered their commitments and promises.
He anticipated that the sitting Government under the vibrant Prime Minister-ship Imran Khan shall continue to accord high priority to exports during tenure declaring the export sector as the lifeline of uplift economy.
He appreciated that the Government will also reveal its plan to release payment against DDT Claims under PM Export Package at earliest as it is crucial to encourage exporters for enhancement of exports. Bilwani acclaimed the Government for taking necessary steps and measures to promote local industry and boost exports, import duty on hundreds of raw items used for manufacturing were being reduced or exempted.
It is satisfying to note that the PHMA demand to facilitate exporters is also accepted for complete revamping of export promotion schemes like DTRE and Manufacturing Bonds, and Export-Oriented Units is underway for optimal utilization by exporters in the Small and Medium Enterprises (SMEs). Abolishing of advance tax to filers on cash withdrawal and sale of banking instruments is also appreciable as previously exporters were paying the tax and later used to apply for adjustment.
Bilwani was confident that the government’s serious intent to address the GIDC matter will support the industry and a settlement of GIDC arrears and a reduction in overall rate of GIDC for all sectors will be announced soon in an effort to reduce cost of doing business in the country.
Knitwear Garment sector’s share in the Global Market is 30%. During last six months of current fiscal year, Pakistan’s Knitwear Garments exports has shown growth of 10.5% and stand on top in the textile group and other sectors, Bilwani added
He pledged that upon receipt of payments against refunds and with assurances of uninterrupted supply of gas and electricity, this sector will increase its exports to 20% in next six months.