May 09, 2008	Friday	Jamadi-ul-Awwal 3, 1429

KARACHI, May 8: The Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has taken strong exception to the comments made by the governor State Bank regarding misuse of Research and Development (R&D) support by the textile industry.

Prgmea chairman Bilal Mulla said at a press conference on Thursday that it was a known fact that of the total exports textile sector contributed around 65 per cent. The readymade garments sector is a major contributor as its achieved exports worth $27 billion in 2005. Its exports in the year ending June 2006 stood at $3.1 billion and $3.3 billion in 2007.

He said that the garment exporters had always shown positive results despite all ups and downs and unfavourable conditions caused by violent incidents May 12, October 18 and December 27 and the turbulent period of general elections of February 2008.

Prgmea chief said that $7 billion had been invested in the textile industry in recent years and it is also considered as the highest employment generating During first eight months of current fiscal year readymade garments exports had been more than $2.2 billion.

Prgmea south zone chairman Shahzad Saleem also addressed the press conference.