Businessmen laud appointment of Miftah as adviser to PM

KARACHI – Business community and industrialists have lauded the appointment of Dr Miftah Ismail as Adviser to the Prime Minister on Finance, Revenue and Economic Affairs, with the status of federal minister and expressed full confidence in Dr Miftah’s ability and expertise to uplift the economy as he is a renowned businessman.

Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) central chairman Shaikh Mohammad Shafiq, in a statement, expressed heartiest felicitation on the appointment of Miftah Ismail as Adviser to the Prime Minister. He appreciated his enthusiasm to focus on resolving the social and economic challenges faced by the county.

Despite of capabilities and qualities of leadership Miftah can’t achieve export targets unless he takes steps for the removal of hurdles hindering exports of textile sector. They should invite and consult with us to overcome these.

Utilities costs such as power, gas and water are very high compared to our competitor country. For instance steam cost per ton per hour for Pakistan is $16.44 and for Bangladesh its only $5.6. Whereas the electricity/Kwh for Pakistan is 0.21$ while in Bangladesh it is 0.11$

The PRGMEA chairman highlighted the low cost of labour in Bangladesh goes in favour of exporters. While the minimum wage is around $68 in Bangladesh, in Pakistan it is $125 and rising. Their exports are now increasing at $3.5 billion per year and expected to hit $50 billion per year by 2020. Additionally the lower utilities cost further benefits the manufacturer, he pointed out. He termed funds blockage another reason behind the continuous drop in exports. He said the export sector was unable to tap its potential as per its capacity.

Pointing towards the stiff competition offered by global rivals such as Vietnam and Bangladesh, chairperson of PRGMEA, Sheikh Mohammad Shafiq sought the lower utilities cost further benefits the manufacturer.

Pakistan’s major competitors such as India, Bangladesh and China were utilizing all the channels and resources for capturing the world market. “Under the prevailing situation we need to opt for similar approach to survive well in the market.”

Meanwhile, patron in chief of Korangi Association of Trade & Industry (KATI) SM Muneer, President KATI Tariq Malik and other office bearers welcomed the decision of federal government to appoint Miftah Ismail as adviser to the Prime Minister. They said that Miftah holds the highest credential for the post and business community see a ray of hope with this appointment.

 

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