Faisalabad Chamber of Commerce & Industry (FCCI) has welcomed the extension in the Prime Minister’s Export Package for the next three years, adding that it will help in bridging the gap between imports and exports which is a prerequisite to further strengthen the national economy on a sustainable basis.
The exports package was announced by the government in January this year that included Rs180 billion worth of export incentives in a bid to improve the country’s fast deteriorating balance of payments. The package included such benefits as the removal of customs duty and sales tax on the import of cotton.
Commenting on the decision of the Economic Coordination Committee to extend the date for the PM Export Package till June 30, 2021, Mr. Shabbir Hussain Chawla, President FCCI, said that the dwindling exports were a question mark on the economic performance of the government. He emphasized that textiles were the mainstay of the national economy, and as Faisalabad alone was contributing 55% to the total textile exports of Pakistan, its impact was felt immediately by the business community of Faisalabad.
Faisalabad is a major industrial hub of Pakistan, and accounts for a large proportion of the country’s total exports. The textile industry, located largely in Faisalabad, is by far the biggest exporter in the country. As per government statistics, the textiles and garments industry accounted for 62% of Pakistan’s exports in 2017.