News Tags

Related Keywords: attract investment, competitive products, cotton spinning, garment factories, increase manufacturing, silk industry, streamline, textile complexes, textile enterprises, traditionally grows cotton, Turkmenistan textile industry, weaving factories, wool processing

Turkmenistan plans to streamline its textile industry to increase the manufacturing of competitive products and attract investment in this industry as it holds an important place in its economic system, the country’s President Gurbanguly Berdimuhammadov said.

Turkmenistan traditionally grows cotton, which serves as a basis for developing the textile industry. The annual turnover of the textile industry is about $400 million as of 2014.

During the last meeting of the Cabinet of Ministers, the issues related to the development of the textile industry were discussed.

Related Keywords: attract new investment, entire refund verification, FBR, in zero rating facility, include export oriented, liquidity crunch, Pakistan Readymade Garment Manufacturers and Exporters Association, PRGMEA, revive economic growth, sanctioning process, streamline, value added textile industry

The Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) in order to attract new investment, revive economic growth and get rid of liquidity crunch has urged for zero rating facility be given to export-oriented, value-added textile industry.

Prgmea Chairman Ijaz Khokhar in a statement on Saturday said that ‘No Tax, No Refund’ formula should be applied to value-added textile chain by including it in zero-rated regime as it is generating more employment and more revenue from other textile chain.