Govt reduces regulatory duty on import of yarn

F.P. Report

FAISALABAD: Advisor to Prime Minister on Commerce, Textile & Investment, Abdul Razak Dawood has said that a comprehensive strategy is being evolved for the industrial mainstreaming of southern Punjab and in this connection basic and fundamental facilities would be ensured with a focus on the SME sector.

Talking to a delegation of All Pakistan Bed-sheets & Upholstery Manufacturers Association (APBUMA) headed by its Chairman Khawaja Muhammad Younus which called on him here on Tuesday, he said that a state-of-the-art expo center will be established in Multan to showcase the products of this area.

Abdul Razak Dawood said that the government has reduced the regulatory duty on the import of yarn. However it is a temporary arrangement and we have to enhance our domestic production to make Pakistan self-reliant in cotton production.

He said that a delegation from Tajikistan will visit Pakistan very soon. “I shall also pay a reciprocal visit to Tajikistan to finalize a deal for the import of cotton from that country”, he added.

About the draft of new Textile Policy 2020-25, the PM’s Advisor said that it will be implemented in its true letter in spirit to give a quantum jump to exports. “It will also focus to sustain the growth in national exports”, he added.

Talking about the corona, Abdul Razak Dawood said that it had also affected the SME sector. He said that the State Bank of Pakistan had introduced in-time and viable policies to save it from the negative impacts but we still need supportive measures to put it back on the growth trajectory. SAPM said that the government is taking solid steps to overcome the sluggish growth and in this connection, a meeting will be arranged soon with officers of the State Bank of Pakistan (SBP) to grant cheap finances to the SME sector through easy terms and conditions under SME Financing Policy. “A proposal is also under consideration to give due representation to APBUMA in National Export Development Board (NEDB) for promotion of the SME sector”, he added.

He said that the ministry of commerce is also seriously making efforts to restore SRO-1125 and zero rating for export-oriented industry so that difficulties of this sector could be minimized on top priority basis.

He said that Prime Minister Imran Khan is sincere for promoting the textile sector and in this connection the government will fully facilitate this sector for its sustainable growth. Abdul Razak Dawood also assured his full cooperation for resolving the issues relating to DDT claims, increase in shipping lines, etc.

Earlier, APBUMA Chairman Khawaja Muhammad Younus appreciated the PM Advisor for his efforts in drafting and approval of Textile Policy 2020-25. He stressed the need of ownership for proposed initiatives in the said policy by all concerned ministries so that it could be implemented with any unnecessary delay.

Later, Khawaja Muhammad Younus presented APBUMA shield to Mr. Abdul Razak Dawood while Engineer Bilal Jamil Senior Vice Chairman, Mr. Imran Mahmood Ex-SVC and Mr. Shahzad Ahmad member Executive Committee APBUMA were also present on the occasion.