Business leaders pin hopes of turnaround on Pakistan’s new textiles minister
22/08/2023
Mr Ejaz, CEO of Ejaz Group, said he was “solemnly committed” to serving the nation voluntarily. “As such, I will not accept any salary, remuneration or perks,” he said.
Local media reported that, as patron-in-chief of the APTMA, he has been instrumental in boosting the textiles sector of Pakistan.
Last month, Dr Ejaz appealed to the government to reinstate the Regionally Competitive Energy Tariff (RECT), pointing out that Pakistan's market share of the international trade in textiles has declined from 2.2% in FY22 to 1.8%. “This sustained decline in year-on-year monthly exports throughout the fiscal year is alarming. More importantly, 50% of the existing production capacity is currently inactive or idle, and as a consequence of the non-continuation of RCET, another 25% is on the way to shutting down,” he said.
Muhammad Suleman Chawla from the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) welcomed the appointment of Mr Ejaz as it will “facilitate the representation of trade and industry in the caretaker setup at this crucial juncture in Pakistan’s economic history”. However, he highlighted the textiles sector had recorded a contraction of 15% in the first month of FY24; it decreased from $1.54 billion in July 2022 to $1.31 billion in July 2023.
Mian Nasser Hyatt Maggo, immediate past president of FPCCI, maintained that the track record of Mr Ejaz speaks volumes about his ability to find practical solutions to economic problems.
Amjad Rafi, chairman of Pakistan–Turkiye Joint Business Council (PTJBC) of FPCCI, said he hoped Mr Ejaz will be able to remove bottlenecks in the growth of Pakistan’s exports in general.
Mian Zahid Hussain, chairman of National Business Group Pakistan, said Mr Ejaz must attract investors to Pakistan.
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