7.9% Increase In Textile Exports A Good Omen: PRGMEA

Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on Tuesday termed the 7.9 per cent increase in textile exports in the first half of the current financial year as a good omen

LAHORE, (UrduPoint / Pakistan Point News - 19th Jan, 2021 ) :Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on Tuesday termed the 7.9 per cent increase in textile exports in the first half of the current financial year as a good omen.

PRGMEA Zonal Chairman Adeeb Iqbal Sheikh disclosed this to media persons after a meeting of the Association's office-bearers here.

He hoped that this trend would definitely help jack up the overall exports revenues of the country. Pakistan's textile sector export revenues increased up to US $ 7442.425 million in first six months of fiscal year 2020-21 as this figure was US $ 6904.689 million in the corresponding months of last FY 2019-20 thus showing an increase of up to US $ 736 million (7.9 per cent) in textile exports revenue.

Similarly, he added, the textile garments' export revenues also up by 5.

54 per cent during the first half of the current financial year.

Adeeb Iqbal Sheikh remarked that country's economic stability was evident from record increase in exports revenues due to effective and well-conceived policies of the government.

PRGMEA Zonal Chairman, however, suggested the government to focus on promotion of value-added industry as well as eliminate duties on import of raw materials and exporting goods.

He also urged for an immediate implementation of Textile Policy after its approval so that export industry could obtain optimum benefits from the incentives envisaged in the policy. As it would help enhance country's foreign exchange revenues that would not only further strengthen the economy but also rid the government of foreign borrowing, he maintained.