Abu Shaleh Rumi
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Hope you all the best...Every Pakistani mill (textile) that went to Bangladesh are back
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Hope you all the best...Every Pakistani mill (textile) that went to Bangladesh are back
Did this start now? Nope the currency devaluation has been an ongoing issue and people moved during NS's tenure too but no one saw that...I remember a thread where businesses closed and moved to BD from Faisalabad...I highlighted it after the OP article....but not one was ready to "bash" NS and his policies!so you agree that Bangladesh has a much more favorable environment for business as compared to Pakistan. and now that IK has happened, all the rest will move there too. causing massive unemployment in Pakistan. bringing the exports down to zero.
Bangladesh also has taxes and red tape and what not, but business is thriving there. not the case here, despite a much more undervalued currency, why is that? Looks like IK doesnt know what he is doing.
Problems were hidden during NS's tenure now they are open people think it happened yesterday!Power looms were sold by weight to salvage iron from them by melting during last two years of Nawaz Sharifs government did anyone heard a peep on media about that ???
My uncles are associated with this industry(30 years plus) so are my other family members and the last two years 2016/2017 were the worst in the history of Pakistan for power looms no joke .
These APTAMA walas did not observe any strikes as PMLN government would sort them about via there usual gulu butt ways and government machinery
Did you know that manual power loom labor rates are increased each year 7% which did not increase for two years year 2016 and year 2017 but increased in 2018 under Imran Khan's government .
This is the so called progress of Nawaz and Ishaq Dar Manage the media and All is well
This in response to the comments that Bangladesh too has taxes etc. apparently even with taxes and stuff they are able to promote exports. what are they doing right that we cant figure out? the same businessmen who cant afford to export here, happily do so from there.Did this start now? Nope the currency devaluation has been an ongoing issue and people moved during NS's tenure too but no one saw that...I remember a thread where businesses closed and moved to BD from Faisalabad...I highlighted it after the OP article....but not one was ready to "bash" NS and his policies!
IK needs time to undo a mess ...but I also agree he is behind schedule and too much focus is going on welfare which should have been a later project when economy stabilized!
Yes, what is BD doing right that we cant seem to achieve?This in response to the comments that Bangladesh too has taxes etc. apparently even with taxes and stuff they are able to promote exports. what are they doing right that we cant figure out? the same businessmen who cant afford to export here, happily do so from there.
I am asking you, you are the one defending the govt. clearly devaluing the currency doesnt help. their currency is stronger than ours.Yes, what is BD doing right that we cant seem to achieve?
devaluing was supposed to help with remittance! I doubt with anything else...I am asking you, you are the one defending the govt. clearly devaluing the currency doesnt help. their currency is stronger than ours.
APTMA announces closure of 200 mills from tomorrow, as buyers cancel export orders
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KARACHI: The All Pakistan Textile Mills Association (APTMA) has announced closure of 200 of its processing mills from Monday, July 1, as international buyers rejected export deliveries of the mills due to price increase.
APTMA in a press statement said a meeting of around 200 mills was held in Karachi on Saturday, where members said that their buyers had refused to pay the new prices for their orders. Thus, the millers had decided to shut down their operations from the first day of the new fiscal year.
Earlier, APTMA Sindh-Balochistan Region Chairman Zahid Mazhar had said that an increase in gas tariff by 31 percent was the last nail in the coffin of the general industry and the textile industry in particular.
He said the textile sector was already facing unbearable costs of manufacturing, which were very high as compared to the regional competitors.
Due to the high cost of doing business, inadequate supply of raw material, drastic increase in interest rate, and liquidity constraints due to the delay in refunds of sales tax, almost 140 textile mills had already closed their operations.
That he said resulted in about a million workers losing their jobs. “Around 75 to 80 mills are on the verge of closure, which will add to the unemployment figures by another 0.5 million workers employed in the textile industry,” he added.
Speaking about the removal of the zero-rating facility for the five exporting industries, Mazhar said the textile sector had not yet come out of the shock of the government’s adverse decision to withdraw the zero-rated facility.
In Federal Budget 2019-20, the government decided to withdraw the statutory regulatory order 1125(I)/2011, which allowed zer-rated sales tax on inputs and products for the five major export-oriented sectors – textile, leather, carpets, sports goods, and surgical instruments.
He said that as if that was not enough, the government was going to hit the industry with another blow in the shape of increased gas tariff.
He said the gas tariff for industry in Bangladesh was $3.0/MMBTU, which was more than 50 percent cheaper than Pakistan.
He further said that due to the closure of about 140 mills, and the mills operating under capacity, Pakistan’s textile exports were suffering an opportunity loss of more than $4.0 billion per annum.
APTMA Sindh-Balochistan Region chairman demanded the government to save the export-oriented textile industry and Pakistan from complete disaster by not increasing the gas prices.
He also asked the government to instruct the gas utility companies to meet their revenue requirements by strictly following the UFG benchmark in accordance with the international best practices, and reducing other expenses with better management.
Last week, the Economic Coordination Committee (ECC) of the Cabinet approved the decision to increase the gas tariff by 31 percent for the general industry, power plants, cement, and fertiliser, etc.
The new tariff would be enforced from today, as was agreed with the IMF. Consumers of gas would be paying up an additional Rs170 billion, including the increased in GST
https://www.thenews.com.pk/print/49...-from-tomorrow-as-buyers-cancel-export-orders
You are right. IK , Hafeez Shaikh and Shabbar Zaidi in ARY news interview today, the finance advisor said this news is not trueFor example, the case of this thread here. APTMA going on strike as per media. That is also a lie. APTMA mills are all running and i went to one today! No talk about any strike at all and here we have a thread with 100 posts discussing the strike that actually is not real to begin with
Finally someone who know what a joke this news was and with respect, how irrelevant all this discussion have been. Are you from Faisalabad? Or related to Textiles?The strike is not by APTMA, but by about 20 mills in Faisalabad who are making a ruckus about the 17% GST by the government in place of a blanket zero tax regime for them.
You won't be getting any prizes to get their motive here.
Hint: Selling product in local market.
BD is in fashion and garment industry, we are mainly in home textiles. Much of the cries about BD taking OUR share of business was BS!Yes, what is BD doing right that we cant seem to achieve?
Play of words and psychology on joshy awaamThe call for strike was from APTPMA!!
Like I said before many are used to hand outs17% GST by the government in place of a blanket zero tax regime for them.
Not just that, they mistook APTPMA for APTMA, that much in ok. The problem is the statements and quotes they reported from Chairman APTMA!! When there was no strike from APTMA were all those quotes fabricated?Play of words and psychology on joshy awaam
Actually, hand outs are ok and given to every export oriented industry everywhere. The issue is our people misusing it for the local supplies as well.Like I said before many are used to hand outs
Yes, what is BD doing right that we cant seem to achieve?