Shaikh Mohammad Shafiq urges government to transfer whole benefit of reduction of crude oil prices in international market to the industry

Karachi, February 02, 2016 (PPI-OT): Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) central chairman Shaikh Mohammad Shafiq has urged the government to transfer the whole benefit of reduction of crude oil prices in the international market to the industry, the only reason is the high cost of production due to increase in the energy costs as compare to our competitive countries and exporters are unable to compete with their competitors. He said that the lowering of oil prices will also lead to boost the industrial production and competitiveness.

Shaikh Mohammad Shafiq has expressed grave concern over, Pakistan´s annual consumer inflation rate rose to 3.32 percent in January from 3.19 percent in December, on the other hand the total liquid foreign exchange reserves held by Pakistan have declined by 109 million dollars to 20.50 billion.

Shafiq, strongly recommend the government should take drastic steps for enhancing exports and addressing the problems of industrial sector on top priority basis. Issues like delays in sales tax refunds, zero rated etc,

For more information, contact:
Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA)
3rd Floor, Plot No. 57-C, 24th Commercial Street,
Phase II (Ext), DHA, Karachi, Pakistan
Tel: +92-21-35890651-2
Fax: +92-21-35890653
Email: info@prgmea.org
Website: www.prgmea.org