PRGMEA Calls for Enhanced Business Environment for Economic Growth

The Pakistan Ready-made Garments Manufacturers & Exporters Association (PRGMEA) has highlighted the importance of enhancing the business environment to achieve high economic growth. Instead of just focusing on raising wages, PRGMEA suggests investing in skills development, infrastructure, education, and creating a favorable atmosphere for business expansion and job opportunities to improve workers' quality of life.

The Central Chairman of PRGMEA noted a decrease in the inflation rate to 11.8% in May 2024, the lowest since November 2021. He stressed the need for increased industry support following this decline and called for an analysis of the factors behind this significant drop in inflation, which has been steadily decreasing by over 3.5 percentage points monthly since December 2023.

On the other hand, the Regional Chairman of PRGMEA emphasized the importance of including the textile and garment industry in the budget planning for the fiscal year 2024-25. He proposed measures to cut production costs, address liquidity issues through prompt refund payments, reduce energy tariffs, and ease import policies for industrial raw materials to stimulate industrialization and boost exports. Additionally, he recommended better support from provincial departments like EOBI, Social Security, Women Welfare, and Environment Department for manufacturers and exporters.

There is a pressing need for substantial improvements in the ease and cost of doing business in the export industry. The government should concentrate on creating a conducive environment for businesses to flourish and contribute to economic growth.