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Rupee appreciation: APTMA seeks incentives for export oriented industry

Rupee appreciation: APTMA seeks incentives for export oriented industry

LAHORE: Following the appreciation of value of Pakistani Rupee against US dollar, export-oriented industry has started suffering from hefty losses. The government must look after and protect the industry by giving it incentives.

All Pakistan Textile Mills Association (APTMA) Group Leader Gohar Ijaz said this talking to Customs Today at the APTMA House.

“Our exporters are not used to the rupee appreciation scenario. The government must look after and protect the export oriented industry by giving them incentives as around the world a tradition prevails,” he expressed.

However, he said that such a hefty appreciation in rupee has badly obstructed the export-orientated industry including textile. He urged the government to bring down the prices of oil, gas, electricity and transportation to the previous position to support the exporters.

Meanwhile, SM Tanveer said that appreciation of the rupee has brought down Pakistan’s debts to nearly Rs 800 billion which is one thumping success. He said that these are the signs of improving economic conditions but how can exporters survive in such atmosphere where imports are double than that of the exports.

He said that in this industry will not survive as many industrialists have tended to close down as they have to bear hefty losses of 10 per cent. He added the industry is looking for compensatory relief which other countries like India, China give to their exporters to adjust.

“It is a great and good achievement of the government that rupee is appreciating for the first time in the history of the country, he said, adding that this would bring in economic prosperity in the country extending relief to the general public.

“Slow appreciation of rupee can be absorbed but that sudden is disastrous for the industry,” he said, urging the government to bring down the policy rate to 3 per cent, reduce electricity, oil and gas tariffs, and transportation costs.