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Representatives from Pakistan’s leather and textile industries have expressed their confidence in achieving export growth in 2017 following the Government’s announcement of an Incentive Package.
The announced package concerns incentives for Drawback on Local Taxes and Levies (DLTL) and the removal of customs duty on imports of basic raw materials.
Between January-June 2016, the leather sector experienced a 28% decline in volume and around 13% in value, according to Agha Saiddain, Senior Executive Member, Pakistan Tanners Association (PTA). It is hoped the new measures will enable the leather exporters to regain competitiveness in the international market, and reach the target of 10% growth in exports in 2017.
One of the aims is to add value to imported raw hides before exporting, hence, contributing to the country’s foreign exchange earnings.
Source: Daily Times