• Tuesday, October 22, 2019

PM hailed for turnaround: Textile industry achieves 26 percent growth in quantitative terms: APTMA

Discussion in 'Pakistan Economy' started by Areesh, Oct 10, 2019.

  1. Areesh

    Areesh ELITE MEMBER

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    As a result of the progressive policies and personal interest of the Prime Minister, especially by providing regionally competitive energy tariffs the textile industry has become viable after remaining in the red for 10 long years, said All Pakistan Textile Mills Association (APTMA).

    According to a press release issued by APTMA Islamabad office, the textile industry has achieved a record increase of 26 percent growth in quantitative terms although this did not directly reflect in the dollar amounts due to a substantial worldwide decrease in textile prices. However, if this 26 percent increase in quantity had not been achieved the exports would have been less than $ 8.5 billion, the international prices have now recovered.

    As per records, profits of the companies were over 5 percent. The companies have posted a turnover of $ 16 billion out of which $ 13.3 billion was exported and $ 2.8 billion were sold in the domestic market. Industry has contributed to the exchequer through income tax of Rs 40 billion as well as various other indirect taxes and levies of over Rs 35 billion. The importance of the industry can be assessed from the fact that it also employs over 10 million workers with many more dependents.

    As a result of the confidence reposed by the Prime Minister in the industry and the appointment of a dedicated Task Force to not only formulate but ensure implementation of a progressive textile policy, industry is all poised to take off and double exports in the next four years. Industry as a result of the profits posted has strong balance sheets and an equity fund of $ 1 billion earned directly from the international market. These funds can be leveraged to invest at least $ 4 billion in the next year alone.

    “We profusely thank the Prime Minister for having taken personal ownership and stewardship of the industry and chaired over a dozen meetings with the industry during this last year to resolve their issues," the press release maintained.-PR

    https://www.brecorder.com/2019/10/1...ve-terms-aptma/amp/?__twitter_impression=true
     
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  2. Death Professor

    Death Professor FULL MEMBER

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    the one industry which got max benefit out currency devalue is textile. Our labor wasn't as cheap as Bangladesh, so obviously they gonna prefer Bangladesh over us, on top of that I don't know how much of an LDC status of Bangladesh plays into the mix. But those f'ers work for pennies, so we had to be price competitive.
     
  3. T|/|T

    T|/|T FULL MEMBER

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    We should also work to increase quantity and quality of our cotton production. This will keep us competitive.
     
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  4. AZADPAKISTAN2009

    AZADPAKISTAN2009 ELITE MEMBER

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    Massive news government should encourage the Textile sector to modernize their machinery
     
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  5. FuturePAF

    FuturePAF FULL MEMBER

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    All things preventing Pakistan from gaining market share should be studied and address at a war pace. If we need new equipment or our trade representatives need to meet with apparel companies, it should be done like it’s a war. If we can increase exports by even a few billion each year, we can help employ more people, and the money circulating in the economy will reassure investors. The good press and GDP growth numbers will attract investors to all our other industries.
     
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  6. AZADPAKISTAN2009

    AZADPAKISTAN2009 ELITE MEMBER

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    Jobs in Pakistan can only be created with Industrial revolution
     
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  7. Pakistan Space Agency

    Pakistan Space Agency FULL MEMBER

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    According to the latest World Economic Forum report, Pakistan's economy has deteriorated since an incompetent PTI Government came to power.
     
  8. FuturePAF

    FuturePAF FULL MEMBER

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    100% agree. Value added industries, which earn multiple folds over the sale of raw materials can only be achieved with modern equipment and a well educated and well trained work force.

    we should also find ways to stop exporting raw materials and work with the companies we export to to shift their Value added industries (or at least part of them) to Pakistan.

    exporting Raw materials was one of the key reasons that brought down the mighty Ottoman Empire. They exported raw materials to Europe and imported finished products. They thought Europe had to go through them because of the Silk Road under their control but when Europeans got around Africa and circumvented the Turks, it was game over. The Europeans had modernized industries and their own access to raw materials. The Turkish “guilds” also made their industries not competitive and in a few centuries the Ottomans were finished.

    back to the topic; if we implement the Pakistan Flood Control system posted a few years ago on this forum. We can increase arable land from 45 Million Acres to 70 Million acres (or 55% increase) couple that with modern agricultural techniques we could double raw material production if not triple for many food stuffs and raw cotton. Cheaper raw materials and food will lower cost of living for the population allowing more money to be spend on education or health care or housing or leisure. Also cheaper raw materials for our industrial processes will make us competitive and attract even more investors.

    Thank you Prime Minister Khan, his team, and all the people in the textile industry that worked with him.
     
    Last edited: Oct 11, 2019