ISLAMABAD, Pakistan: The Ministry of commerce and textiles would execute the Textile Policy 2014-19 on priority to facilitate and provide ease of doing business for the growth of textile industry in the Country.
In revised Prime Minister Package of incentives for exporters approved by Economic Coordination Committee (ECC) of the cabinet in order to provide duty drawback of taxes collected exporter units and extends to whole Exports Processing Zones (EPZs) in the country, senior official of Ministry of Commerce and textiles told the state-run news agency on Thursday.
“We want to revive the confidence of the textile sector through ‘Trade Enhancement Package’ amounting to Rs 162 billion for the textile industry, announced by former Prime Minister.” he said.
Senior official said that 50 per cent of the rate of drawback shall be provided without condition of increment and remaining 50 per cent of the drawback rates shall be provided, if the exporter achieve an increase of 10 per cent in export during fiscal year 2017-18.
He added that an addition 2 per cent drawback shall be allowed for exporters to non-traditional markets including Africa, Latin America, non-European Union countries, Common wealth of independent and Oceania.
He said that the refunds payments through PM “Trade Enhancement Package” would pay to the industry according to defines criteria in due dates.
Replying to a question, he said that now uninterrupted energy supplies to the textile sector provided and no complain received from any side.
Senior official informed the committee that Rs 946 million was allocated in Public Sector Development Programme (PSDP) 2017-18 for three different projects in textile sector. He said that small incubator industry was also proposed for coming years Public Sector Development Program (PSDP) 2017-18 to persuade the young entrepreneur like Malaysia and Vietnam.
Replying to another question, he said Project development and innovation wing of the Ministry, has initiated the different projects of innovations, in this regard 1000 stitching units to be established in all district of the country.
He said the government has provided uninterrupted electricity and gas to the textile sector, which proved to be a huge support for textile sector growth in the Country.
