Textile exports to touch US$ 21 billion by FY 2021-22 end: Razak Dawood

BusinessTextile exports to touch US$ 21 billion by FY 2021-22 end: Razak...

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.

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.

Must read

Recent News

Pakistan-Mexico Bilateral Political Consultations held

ISLAMABAD, Pakistan: The 6th round of Pakistan-Mexico Bilateral Political Consultations was held at the Ministry of Foreign Affairs in Islamabad on Tuesday.The Pakistani delegation...

Ministry denies closure of industries in Karachi, Sindh & Balochistan

ISLAMABAD, Pakistan: The Ministry of Industries and Production has denied the recent claims of industrial closures reported by certain quarters.“Contrary to the assertions made...

PM concerned over unwarranted delays in completion of PIMS project

ISLAMABAD, Pakistan: The Caretaker Prime Minister Anwaar Ul Haq Kakar has expressed deep concern over the unwarranted delays in completion of project titled "Replace...

Interbank Dollar Rate Today in Pakistan – 5 December 2023

Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for December 05,...

Finance Division releases Rs 27.4 billion to ECP for holding general elections

ISLAMABAD, Pakistan: The Finance Division has released Rs 17.4 billion to the Election Commission of Pakistan (ECP) in addition to Rs 10.0 billion released...