LAHORE - Pakistan Readymade Garments Manufacturers & Exporters Association has welcomed the appointment of Dr Miftah Ismail as Adviser to PM on Finance, Revenue and Economic Affairs and Rana Afzal Khan as State Minister for Finance, hoping that they would work together to overcome trade deficit and take steps to increase industrial and economic growth.

PRGMEA, on behalf of the value-added textile industry, expressed full confidence in abilities and expertise of Dr Miftah and Rana Afzal to uplift the economy.

PRGMEA chief coordinator Ijaz Khokhar and senior vice chairman Shiekh Luqman Amin expressed heartiest felicitation on new appointments, appreciating their enthusiasm to focus on resolving the economic challenges faced by the county. “The finance ministry should invite the export oriented industry including PRGMEA for consultation to resolve the issues. The PRGMEA wants economic progress and prosperity of the country and for this purpose, just right directions are needed to be set in consultation with the stakeholders.

Ijaz Khaokhar said that consultation in policy making will bring economy out of mire therefore stakeholders must be taken on board on economic matters. He said that private sector should be facilitated and plan should be evolved to improve declining exports. He said that over next two decades, over 28 million new jobs will be required and the apparel sector, which mostly consists of small and medium units, is the major job provider, which needs the support of the govt. He opposed the regulatory duty imposed on yarn import under the free market economy.

Sheikh Luqman observed that with a view to bridge the soaring gap of trade deficit, the government will have to provide level-playing field to the garment industry. He said since the apparel sector already has a very limited production line owing to lack of latest fabric varieties at local level the harsh duties are resulting in significant decline in apparel export.

He said that apparel industry is suffering with the low productivity due to shortage of cotton yarn, high energy cost, and discriminating import duties on the industry’s raw material. He said that both the ministers hold the highest credential for the post and business community sees a ray of hope with this appointment.