Aamir Fayyaz, Chairman of All Pakistan Textile Mills Association, also known as APTMA, has called on Pakistan’s Finance Minister Shamshad Akhtar to create more opportunities for investment in the textile sector.
The Chairman, in a letter to the Finance Minister, urged him to create a solid infrastructure for the garment industry with an annual investment of US $ 1 billion.
He also sought to cover indirect exports under the scheme of Long-Term Financing Facility (LTFF). This, the Chairman believed, would help enhance the textile sector.
APTMA chairman added there was an impressive surge in the import of textile machinery worldwide. While processing machinery surged by 38 per cent in 2017, compared to what it was in 2013, spinning machinery, sewing and knitwear machines grew by 18 per cent, 14 per cent and 15 per cent, respectively.
It is imperative to note that nearly US $ 102 billion was invested in the textile sector worldwide; however, Pakistan saw a dismal US $ 2 billion investment.
Pakistan’s textile has been facing restrictions under Greenfield and BMR projects whereas other textile making nations in the region have made good investments under different incentive schemes.