Roadmap in the offing to revive sick units

ISLAMABAD: The commerce ministry announced on Wednesday that it would soon unveil a comprehensive plan to revive the closed textile industries within 30 days and expedite the payment of Rs323 billion in refunds to exporters.

The ministry said it would present the plan and the roadmap within a month, after consulting with the stakeholders. As part of the plan, the Federal Board of Revenue (FBR) will release Rs35bn to exporters on Monday, Patron-in-Chief Pakistan Textile Exporters Association, Khurram Mukhtiyar said.

Mr Mukhtiyar was speaking to Dawn after a meeting with Caretaker Commerce Minister Gohar Ijaz, who had assured him of a relief package and a refund roadmap for the textile sector.

The minister assured the textile and clothing sector that they would receive Rs23bn pending subsidy amount within a month. He also said that the ministry would provide a roadmap for clearing Rs300bon in sales tax refunds that were pending with the FBR.

The textile and clothing industry has invested over $5bn in the last few years. Mukhtiyar said that the sector had enough manufacturing capacity and orders, but the main problem was the unstable exchange rate. He urged the government to provide a stable and predictable currency policy for the exporters.

An official announcement of the commerce ministry said that it had set an ambitious export target of Rs25bn for the textile and clothing industry. However, the ministry did not specify when the target would be achieved. The textile and clothing exports declined to $16.5bn in FY23, down from $19.32bn in the preceding year.

Mr Ijaz said each industry currently closed for various reasons would see reopening by Sept 30. He emphasised that all challenges obstructing their operations would be systematically addressed.

He further asserted his willingness to personally engage with all stakeholders, including industrialists. He even affirmed his readiness to visit their premises if required to revitalise the industrial landscape.

The minister requested a comprehensive list of all dormant industries nationwide, along with their specific issues.

The minister assured that challenges related to gas, electricity, energy, and fund disbursement would be resolved efficiently, added the announcement.

NTC gets new chief

Meanwhile, the government has appointed Naeem Anwar as chairman National Tariff Commission for five years. The post was vacant for the past many months.

At the same time, through another notification government appointed four members of the NTC-Abdul Rashid Sheikh, Muhammad Iqbal Tabish, Imran Zia and Ahmed Sheraz. The members were also appointed for five years.