Textile exports: DDT incentive to remain continue: Dawood
Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood has said that the real target for the country is to achieve sustainable growth in exports as sustainability in exports is the only recipe to cope with the economic miseries of Pakistan.
Addressing the members of Pakistan Textile Exporters Association (PTEA) here, Abdul Razak Dawood said that country's exports have witnessed highest ever 18% surge in FY 2020-21 despite adverse impacts of Covid-19 pandemic. World's major economies shrunk mainly due to the deadliest Covid-19 waves, but it is Pakistan that showed tremendous performance in increasing the exports; whereas the regional competing economies of India and Bangladesh remained in the negative zone. All credit goes to our valued exporters who performed extremely well even in challenging times of pandemic. Responding to a question, he assured that Duty Drawback of Taxes (DDT) incentive will remain continue for textile exports; whereas Export Development Fund will be utilized for export promotion only. While quoting the example of jute industry, the Advisor built his argument saying that it was unattended, but the Government facilitated it and extended to it zero duty, which resulted in surge in exports of jute products. He stressed the need to focus on diversification and SME promotion as these two segments would lead Pakistan towards economic heights.
The Chairman National Assembly Standing Committee on Finance & Revenue Faizullah Kamoka said that textile industry is the backbone of economy; whereas textile exporters are playing vital role in economic development of the country. Remedial measures to overcome the challenges are being taken to uplift this sector. Government, under the dynamic leadership of the Prime Minister Imran Khan, is imparting all possible facilities to the export sectors as it is playing a major role in bringing economic stability. No country could achieve economic targets without the due role of exporters; therefore, all-out efforts are being done to facilitate export industries. He assured that amendment in section 203A of the Income Tax Ordinance will be reversed.
Earlier, PTEA's patron-in-chief Khurram Mukhtar commended the strenuous efforts of the Advisor Commerce & Investment for uplifting the country's exports. He congratulated the Government on achieving highest ever export growth this year. He said that Pakistan can become an economic giant by utilizing its trade and investment potential. Lauding the sincere support of Chairman Standing Committee on Finance & Revenue Faizullah Kamoka, he said that he always voiced up our concerns at all levels and extend full support in resolving our issues.
Chairman PTEA Muhammad Ahmad, in his welcome address, commended Government's policies and Prime Minister Imran Khan's revolutionary steps to enhance exports. Later, the Advisor Commerce & Investment Abdul Razak Dawood inaugurated the newly established ECO section of PTTF Lab working under the aegis of Pakistan Textile Exporters Association. A large number of textile exporters were present in the meeting.