KARACHI, July 18: Textile industry leaders still pin their hopes on the prime minister’s address to the nation for the much-awaited financial assistance on exports of textile products as the federal commerce minister Chaudhry Mukhtar Ahmad in his Trade Policy announcement on Friday spoke of helping textile business in building up capacities rather than announcing a formula for cash subsidy or duty drawback.

“I did not hear the Trade Policy speech,” the chairman of All Pakistan Textile Mills Association (Aptma) Iqbal Ibrahim offered an evasive reply when he was asked if the new trade policy had anything for textile business. “I will get back to you when I get to know full contents of the policy,” the Aptma chairman promised.

“Exports are sure to go up if liberal import of road rollers and reconditioned buses on reduced duty rates have any role to play,” a former chairman of Aptma and head of a well-known textile business house remarked sarcastically when asked to give his observations on the policy.

“Why should I take interest in long boring policy speeches of the ministers when I am in process of winding up manufacturing,” he replied when he was insisted to share his observation whether the policy direction set by the commerce minister’s speech on will be able to narrow down trade imbalance of $20.75 billion.

Adil Mehmood, chairman of the breakaway group All Pakistan Textile Association (Apta) was more than blunt to declare that days of industry were over in Pakistan. “The policy is extremely disappointing,” he declared.

Businessmen belonging to sectors other than textiles are beginning to see a shift in government policy. In the year 2007-08 the export touched the targeted figure of $19 billion though textile export dragged behind the target of about $11 billion.

Textile exports now constitute 55 per cent of total exports and gone are the days when it used to be 64 and 65 per cent of total exports. Textile exports fail to achieve target despite almost Rs20 billion cash subsidy has been given to it. In last three years, textile received about Rs35 billion assistance from the government in different ways.

“Henceforth, the textile business will not get as much attention as it got in several decades,” a leather merchant remarked and hoped that footwear had shown relatively better results and it might find more favours in coming days.

Shabir Ahmad of Pakistan Bedwear Exporters Association was disappointed on the trade policy and did not see much in the business in coming days.

Zubair Motiwala, a former president of Karachi Chamber of Commerce and Industry and ex-chairman of Site Association was the only business leader, who still see light at the end of tunnel. “Let us realise the fiscal limitations of the government,” he observed and declared that whatever had been offered “is best in given conditions.”

He cautioned that trade deficit of more than $20 billion was when oil price was billed at $100 a barrel. “It is now close to $150 barrel and God knows when it may touch $200 a barrel figure,” he said to explain that Pakistan’s economy remained under pressure and trade trends will remain volatile and unpredictable.

Zubair led a delegation of leaders of more than a dozen chambers of commerce and industry to meet Finance Minister Naveed Qamar on Thursday was confident that the prime minister in his speech will spell out financial assistance for textile exporters.

He was confident that the readymade garment and apparel exporters will get 9 per cent financial assistance, home textile five per cent and there may be some reduction for fabrics from 3 per cent to two per cent or one per cent. Zubair also hopes for major concession in energy tariff for the industry in days to come.

A gradual liberalisation of trade with India is also being looked with hope and confidence by businessmen in Pakistan. “We get a lot of things from India by road from Wagah border,” said Adil Mahmood, who returned from Amritsar on Friday. He, however, regretted that Pakistan was not being allowed to transport its goods via road through Wagah.