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Govt. fixed Rs14b for textile sector

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Textile in Pakistan
Textile in Pakistan

The government has disbursed Rs 14 billion among the textile sector against claims for Rs 21 billion through the State Bank of Pakistan under the Prime Minister’s Export Enhancement Package till December 21.

The Rs 162 billion Export Enhancement Package was aimed at helping the textile sector to gain competitiveness in the international market in order to enhance the country’s exports, a senior official of Ministry of Commerce and textiles industry told media on December 27, 2017. “The government wants to revive confidence of the textile sector through the package,” he said, adding the package would expand to other industrial sectors, including the pharmaceuticals.

“We are committed to providing an enabling business environment to all the industrial sectors,” he added. The government, the official said, had also given procedural and tax relaxations on the import of textile machinery for the modernization of industry and to enhance the capacity of the sector. The official said that through this package cost of doing business would come down in the country.

Talking to news source, All Pakistan Textile Mills Association (APTMA) General Secretary Anis-ul- Haq stressed on the need for providing a competitive business environment to the textile sector to enhance exports. He said the government would evolve export-led economy for economic stability and growth.