The leaders of the Pakistan Hosiery Manufacturers & Exporters Association (PHMA) welcomed Prime Minister Shehbaz Sharif’s recent announcement of measures to strengthen Pakistan’s industry and export sectors. They highlighted the 300-basis-point reduction in the export refinance rate to 4.5% and the reduction in industrial electricity tariffs as crucial for easing cost pressures on exporters, particularly in the textile sector. PHMA emphasised the need for the government to prioritise textile exports and address issues such as high production costs and the taxation regime.

They noted the resilience of Pakistan’s exporters and welcomed the Prime Minister’s recognition of their contributions. To boost exports, PHMA urged the restoration of the Duty Drawback of Local Taxes and Levies (DLTL) scheme, the timely release of refunds, and the reinstatement of favourable tax regimes for exporters. They also appreciated the reduction of wheeling charges for industries, which would improve energy efficiency.

Additionally, they praised the introduction of Blue Passports for top exporters as a positive acknowledgement of their role in the economy, urging the government to ensure the swift implementation of relief measures and consult closely with industry stakeholders. Finally, they called for immediate action to address challenges posed by U.S. tariffs and the EU-India Free Trade Agreement, advocating a national strategy in consultation with export associations.