Textile sector gets Rs 14 billion in last seven months under PM export package

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ISLAMABAD, Feb 12 (APP):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 draw backs and exports of modern machinery for growth of textile sector, official sources said.
The textiles sector would get additional Rs115 billion through the package during next five years for increasing the textile exports, Secretary Textiles and industry, Iftikhar Babar told APP here on Tuesday.He said that for the promotion of textile sector and textile led exports, the the government has rationalized price of energy including electricity and gas to help the industry grow in the country.
He said that it was among top priorities of the government to create conducive business environment for textiles 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 relaxation on the import of textile machinery for bringing about modernization and enhance production capacity of this particular industry.
Through this package, he added, the cost of doing business would come down that would benefit both industrialists, exporters as well as the common people.
He said that the package was aimed at enhancing confidence of the business community. “We want to revive 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 providing a competitive business environment for the textile sector to boost country’s trade.
He emphasized on striking structural balance and enhancing 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 increases the country’s exports.