ISLAMABAD, Pakistan: The Prime Minister’s Adviser on Commerce Abdul Razak Dawood has said that a phenomenal growth is currently being witnessed in the Textile Sector.
While addressing a news conference in Islamabad on Wednesday, the adviser said that the textile exports are expected to touch US$ 21 billion by the end of the Fiscal Year 2021-22 as compared to the US$ 15 billion last year, which he added, is a 26% growth in the Textile Sector.
Abdul Razak Dawood said that the federal government has approved the Textile Policy to boost the capacity of textile industry with the aim to ensure sustainable growth in textile exports. He said that the policy was approved by the Federal Cabinet at its meeting held on February 15, 2022.
The adviser said that one of the main objectives of the policy is to give internationally competitive gas and electricity tariff to the textile industry.
The Cabinet has approved the 3rd Textiles and Apparel Policy aiming to consolidate the growth already achieved in the textile sector. The salient features are
•To maintain regionally competitive energy rates throughout the policy period. 1/4— Abdul Razak Dawood (@razak_dawood) February 16, 2022
•Enhance exports of higher value-added with products and geographical diversification.
•Enhancing the Economy of Scales / Production Capacities
•Capacity Building in terms of Infrastructure and Supply Chain Development, Marketing, Compliances, and R&D. 2/4— Abdul Razak Dawood (@razak_dawood) February 16, 2022
•Formulating strategies to promote Made in Pakistan, facilitate international buying houses to establish offices in Pakistan and initiate mass level training programs especially for Women and SMEs for Skill Development. 3/4
— Abdul Razak Dawood (@razak_dawood) February 16, 2022
Ministry of Commerce congratulate all the exporters for the remarkable achievement so far, and we are sure it will be maintained throughout the policy period. 4/4@aliya_hamza @mincompk #Exports #Textile #Diversification #SMEs #skills #Sustainability
— Abdul Razak Dawood (@razak_dawood) February 16, 2022
Razak Dawood said that the government had reduced duties on the import of raw material in the budget and this tariff rationalization has been maintained in the Textile Policy.
Similarly, he said, we will continue to provide financing facility to the textile industry.
Razak Dawood also emphasized for greater value addition and diversification of products to tap the Country’s potential in the textiles.
