In next six months: Knitwear sector sees 20% export growth

KARACHIPakistan Hosiery Manufacturers and Exporters Association (PHMA) Central Chairman Muhammad Jawed Bilwani, while lauding the mini-budget, has voiced hope that the knitwear garment sector will be able to raise its exports by 20% in the next six months provided the government meets its promises.In the past six months, Pakistan’s knitwear exports grew 10.5%, enjoying the top ranking in the textile group and other sectors, he said.“Following the receipt of outstanding tax refunds and with assurances of uninterrupted gas and electricity supply, this sector will post 20% growth in exports in just half year,” the chairman said.Bilwani also supported the option of providing refund bonds (promissory notes) to exporters with annual profit of 10% and maturity of three years, for the clearance of Rs200 billion worth of tax refund claims, which would ensure liquidity for the businesses.He was of the opinion that the government would clear all the tax refunds in one go.He praised the government for considering the demands and proposals of the PHMA, which included separate gas and electricity tariffs for the five zero-rated export-focused sectors. He requested the government to ensure uninterrupted power and gas supply to the five sectors.Anticipating that the government would continue to accord high priority to boosting exports, Bilwani lamented that previous governments just gave assurances to businessmen but never adhered to their commitments.He looked forward to the government revealing its plan of releasing refunds under the Drawback of Duties and Taxes (DDT) scheme as it was critical to encourage increase in exports.Bilwani welcomed the withdrawal of import duty on hundreds of raw materials used for manufacturing export products.

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