PM urged to order opening of LCs to avoid $1b monthly loss in textile exports

In a letter to Prime Minister Shehbaz Sharif, All Pakistan Textile Mills Association (Aptma) Pattern-in-Chief Gohar Ejaz demanded that orders for the opening of Letters of Credit (LCs) be issued to import goods to avoid a possible $1 billion monthly loss in the textile sector exports from January 2023, reported 24NewsHD TV channel.

He also said that the export sector was faced with the shortage of funds, demanding that the refunds and damages of the export sector be paid.

The letter also demanded that the SROs of zero-rating sales tax on local sales of the textile sector be restored, adding that deadline for submitting the duty drawback claims be extended.

The letter stated that continuous supply of gas and electricity to the textile sector be ensured, and it also sought the implementation of competitive electricity and gas rates for the export sector.

“Gas and electricity should be provided to the export sector on competitive rates. A task force should be formed along with the export sector. The LCs should be opened for importing textile machinery. The projects whose LCs have been opened should be given the facility of LTFF,” it demanded.

Reporter: Waqas Azeem