The Textile industry has received Rs. 14 billion, during the first seven months of the current fiscal year, under the Prime Minister’s exports enhancement package in duty drawbacks and exports of modern machinery for the growth of the textile sector, official sources informed.
The textiles sector will get an additional Rs. 115 billion through the package during the next five years to increase textile exports, said Iftikhar Babar, Secretary Textiles and industry.
He said that for the promotion of textile sector and textile-led exports, the government has rationalized the price of energy to help the industry grow.
He said that it was among the top priorities of the government to create a conducive business environment for the textile sector to enhance external trade and earn foreign exchange reserves.
Iftikhar, replying to a question, said the government had planned to expand coverage areas under the Export Enhancement Package to other industrial sectors including pharmaceuticals.
He said that the government had also given a relaxation on the import of textile machinery to modernize and enhance the production capacity of this particular industry.
Through this package, he added, the cost of doing business will come down and that will benefit industrialists, exporters as well as the common people.
He said that the package was aimed at enhancing the confidence of the business community.
“We want to revive the confidence of the textile sector through this trade enhancement package,” he remarked. Meanwhile, All Pakistan Textile Mills Association (APTMA) General Secretary, Anis-ul-Haq, has stressed the need for a competitive business environment for the textile sector to boost the country’s trade.
He emphasized on striking structural balance and enhancing the viability of industry to compete with regional competitors, including India, Bangladesh, and Vietnam. Anis said pragmatic and export-led policies were required for industrial growth and to increase the country’s exports.