Synthetic filament manufacturers commit $125 million in capacity expansion

ISLAMABAD: The filament manufactures group, producers of synthetic fibre and filament, has committed investment to the tune of $125 million in capacity expansion in Pakistan, as fair protection is assured.

Adviser to the Prime Minister on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood held meetings with the representatives of the entire textiles value chain on Wednesday and assured availability of raw material for the industry as well as fair protection to the domestic industry to attract further investment.
The meetings, also attended by Ibrahim Fiber, ICI Fiber, Rupali, Gatron, Lotte PTA, All Pakistan Textile Mills Association, All Pakistan Cotton Power Loom Association, Pakistan Silk and Rayon Mills Association and Pakistan Yarn Merchant Association, discussed improved production and utilization of manmade fiber and filament in the textiles value chain.
“Internationally cotton is now 30 percent of the total fiber consumption and manmade fiber and filament is now at 70 percent, while the situation domestically is quite opposite,” the adviser observed and insisted on improved utilization of manmade fiber and filament by the industry.
State Bank of Pakistan (SBP) in a recent report observed that with adequate availability of raw materials in the country, Pakistan too could have excelled in global synthetic textiles market such as Vietnam, Bangladesh, and Cambodia, which are leading exporters of synthetic textiles following China .
The central bank also criticized domestic policies and market conditions that have had hindered the country’s foray into this emerging market.
The adviser also listened to the issues pertaining to the Purified Terephthalic Acid (PTA)-Polyester Staple Fibre (PSF)- Polyester Filament Yarn (PFY) including Customs tariff, regulatory duties, anti-dumping duties, additional custom duties, smuggling and simplification of temporary importation schemes for the purpose of exports.
Export oriented industry has long been demanding simplification of export facilitation schemes, as the lengthy procedure and limited coordination between departments and institutions is a rather serious irritant.
Overall industry has persistently complained of bottle-necks due to lack of coordination between institutions and bureaucratic hurdles, and demand enhanced ease of doing business and reduced costs.
It may be noted that Pakistan is ranked 136 among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. Ease of Doing Business in Pakistan averaged 118 from 2008 until 2018, reaching an all time high of 148 in 2015 and a record low of 85 in 2009.
Abdul Razzak Dawood also discussed the recommendations from the associations and it was decided working level meeting would be held to devise mechanism to simplify the importation schemes for small to medium enterprises (SMEs).
The meetings were attended by the Secretaries of Textile and Commerce Divisions and Chairman National Tariff Commission. Thanks

Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.