November 2, 2002	Saturday	Sha’aban 26,1423

FAISALABAD, Nov 1: All Pakistan Cloth Exporters Association (APCEA) on Thursday expressed concern over the imposition of penalties by the State Bank on low turnover of exports of textile madeups under export finance scheme.

Talking to newsmen here, APCEA chairman Khurram Iftikhar demanded that textile madeup exporters be allowed relaxation in stipulated turnover as was given to garment and carpet exporters.

He said export finance scheme had been implemented to facilitate exporters and help them cover stringency of liquidity with ultimate view to maximizing their exports. But the facility should not be turned into a penalizing element. The exporters of textile madeups and fabrics were already at disadvantage because export finance facility on fabrics and dyed cloth has been withdrawn, he said.

The APCEA chief said the EPB had taken a lenient view of the garment, carpet and leather exporters, and relaxed the two times turnover condition to one and half times turnover viz-a-viz export finance facility. However, the madeup exporters have not been allowed this facility, he added.

The APCEA chief argued that all exporters desire to maximize their exports but the optimal turnover depends on external factors that are beyond the control of exporters. The exporters should, therefore, be extended all possible facilities to enable them to effectively compete with their rivals in international markets.

Mr Khurram appealed to the SBP to withdraw the penalties and provide incentives in order to boost exports.