Zero rated duty on textile machinery lauded: FPCCI

ISLAMABAD, : Muhammad Mansha Churra, Acting President FPCCI haslauded the decision of Mr. Shaukat Tareen, Federal Minister for Finance to withdraw customs duty on the import of textile machinery and equipment, akey demand of textile industry of the country.

Pakistan textile industry has been passing through its worst times when thetextile exports are falling and further expansion in the textile sector hasbeen put on hold for the last many years.

This step would help the textile industry to get back on its feet and the country will be able to competewith its rivals in international textile market. He further said that due toextreme pressure on textile exporters and high overheads, Pakistan wasunable to compete in the international market.He said that zero-rating of textile machinery and other export-oriented items was an old demand of the industry and that this step had caused thetrust of industrialists in ministry of textile to increase.

He said textileindustry is likely to start its journey back on export track. Extendingincentives to the textile industry is the only way to save exports andminimize the trade deficit.Acting President FPCCI said that the import of textile machinery plungedheavily, reflecting the poor state of affairs in the textile sector. Thewaiver of customs duty, the import of textile machinery and equipment wouldaccelerate the industrial development, generating employment and increase inmanufacturing process across the country. INP