The government of Pakistan has approved textile policy to increase the capacity of textile industry to ensure sustainable growth in textile exports.
While taking to media in Islamabad on Wednesday, Adviser on Commerce Razak Dawood said the policy was approved by the federal cabinet at its meeting yesterday.
The Adviser claimed 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 the government had reduced duties on the import of raw material in the budget and this tariff rationalization has been maintained in the policy. Similarly, he said, we will continue to provide financing facility to the textile industry.
The Adviser said a phenomenal growth is currently being witnessed in the textile sector. He said the textile exports are expected to touch twenty one billion dollars by the end of this fiscal year as compared to the fifteen billion dollars last year. He said this is a twenty six percent growth in the textile sector.
Razak Dawood also emphasized for greater value addition and diversification of products to tap the country’s potential in the textiles.