FAISALABAD May 16: Faisalabad Dry Port Trust (FDPT) Chairman Muhammad Siddique Chaudhry has demanded some relief for the textile sector and reduction in electricity and gas charges for export-oriented industries in the federal budget.

Talking to the press here on Tuesday, the FDPT chief demanded that the government should exempt textile sector from withholding tax and export development surcharge for three years and withdraw the recently enhanced power tariff.

He lauded the government for allocating six per cent of the proceeds of research and development fund for saving the hosiery sector.

Siddique Chaudhry said the increase in banks interest rate was problematic for the industrial sector and demanded that the government should substantially reduce the export re-financing markup of banks.

He said the government should take concrete steps for overcoming the rising trade deficit.

He said although statistics of the government showed increase in exports, financial loss of exporters was increasing day by day due to heavy investment and installation of latest machinery in the perspective of global market.

He said foreign investors were reluctant to invest because of the law and order situation and instead of visiting the country, they were holding meetings with Pakistani exporters in Dubai.

He said: “We are facing hardships due to heavy cost of production and losing many foreign markets.”