LAHORE  - Pakistan can control dollarisation as well as constant hike in inflation by enhancing textile exports to $26 billion from the existing volume of $13 billion in the wake of GSP Plus status by the EU with conditionality of smooth gas and power supply to the Punjab industry.

This was stated by central chairman of All Pakistan Mills Association Yasin Siddique in a press conference.

He said that the textile industry has the potential to take the country out of economic crises. He said that there is buoyancy in the textile industry but abrupt announcements about gas suspension create hurdles for entrepreneurs. He said that country enjoys a competitive edge over most low-cost textile producing countries and is close to obtaining huge market access through GSP plus status in the European Union. Due to these positive trends, Aptma has decided to unveil its vision of increasing textile exports to $40 billion in 10 years to Prime Minister Nawaz Sharif.

The textile industry is well placed to increase its exports to $26b in the next three years, he added.  The industry does not want any subsidies but simply an enabling environment with the provision of power.

The decline in mark up would also give a boost to investment, which is badly needed, he added.

Aptma Punjab chairman S M Tanveer was optimistic that Aptma leadership would be able to convince the Punjab chief minister and petroleum minister to ensure at least 100 mmcfd gas to industries.

The textile industry contributes $13 billion annually to the national exchequer in exports and is confident that Pakistan will get the status. To avail maximum benefit, the textile lobby has chalked out a five-year plan.

APTMA management will unfold the plan to Prime Minister Nawaz Sharif, who is expected to attend the APTMA annual dinner at the Governor House Lahore on December 14.