ISLAMABAD – Pakistani textile industry reports profit after a decade, mediahas reported
Pakistani textile industry, after years of suffering losses, is hopefulabout its future prospects. Textile industrialists say that the industryhas reported a profit after 10 years.
As a result of the progressive policies and personal interest of the PrimeMinister, especially by providing regionally competitive energy tariffs,the textile industry has become viable after remaining in the red for 10long years, according to a statement issued by All Pakistan Textile MillsAssociation (APTMA).
The textile industry has achieved a record increase of 26 percent inquantitative terms although this did not directly reflect in the dollaramounts due to a substantial worldwide decrease in textile prices.
However, if this 26 percent increase in quantity had not been achieved, theexports would have been less than $8.5 billion as the international priceshave now recovered.
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As per records, the profits of the companies were over 5 percent. Thecompanies have posted a turnover of $16 billion out of which $13.3 billionwas exported and $2.8 billion were sold in the domestic market.
The industry has contributed Rs. 40 billion to the exchequer through incometax as well as various other indirect taxes and levies of over Rs. 35billion. The importance of the industry can be justified by the fact thatit also employs over 10 million workers with many more dependents.
