Page 14 - TEXtalks March/April 2022

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LSM grows by 7.6% during the first seven

months of the current fiscal year: PBS GSP+ Insights Report

Large Scale Manufacturing Industries (LSMI) Statistics (BOS), followed by a 6.9% increase in
production grew by 7.6 percent during the first indices monitored by Ministry of Industries and 0.5 highlights Pakistan’s initiatives
seven months of the current fiscal year com- percent increase in the products monitored by the
pared to last year's corresponding period, Oil Companies Advisory Committee (OCAC).
Pakistan Bureau of Statistics (PBS). The LSMI
Quantum Index Number (QIM) was recorded at The major sectors that showed positive growth to promote textiles
120 points during July-January (2021-22) against during July-January (2021-22) included textile
111.5 points during July-January (2020-21), (2.9%), food (3.4%), beverages (2.5%), tobacco
showing a growth of 7.6%, according to the (21.9%), wearing apparel (18.3%), leather
latest PBS data. On a year-on-year basis (YoY), products (4.5%), wood products (172.2%), paper
the industry rose by 8.2% during January 2022 and board (8.2%), coke and petroleum products
compared to January 2021. (0.5%), chemicals (5.4), Chemical products
(15.5%), automobiles (63.5%), iron and steel
The highest increase of 9.7% was witnessed in products (17.52%), furniture (553.%),automobiles Pakistan is all set to launch the Better Work Program preventing travel to the country and holding
the indices monitored by the Provincial Board of (63.5%) and other manufacturing (22.2%). (BWP) soon, which will enable the country to face-to-face consultations slowed progress, but the
achieve decent work standards, especially in the program is now staffed and commencing
export-oriented Textiles and Apparel sector, as operations.
highlighted in the report GSP+ Insights Pakistan.
The report “GSP+ Insights Pakistan” further While Pakistan’s imports from the EU member
revealed that the country is co-funding ILO BWP states have also increased from 3.31 billion Euros in
through Export Development Fund, with support 2013 to 5.59 billion Euros in 2021, representing an
from European Commission. According to the increase of 69%. EU GSP Plus is a mutually
statistics mentioned in a report, Pakistan’s exports beneficial arrangement leading to exports increase
for both Pakistan and the EU. GSP Plus has played
Global Recycling Day 2022 promotes 2013 to 6.64 billion Euros in 2021, registering an an important role in the expansion of bilateral trade.
to the EU have increased from 3.56 billion Euros in
Meanwhile, this increased bilateral trade led to more
increase of 86%.
sustainable waste management The Better Work Programme is a unique partnership jobs, better working conditions, promotion of
sustainable policies overall improvement of
between the International Labour Organization (ILO)
macroeconomic indicators for Pakistan.
and the International Finance Corporation (IFC). It
was launched in August 2006 to improve labor EU’s exports to Pakistan, since 2013, have
Global Recycling Day is held annually on 18 March to help recognize and celebrate the importance standards and competitiveness in global supply increased substantially in many sectors, including
recycling plays in securing the future of our planet. The day strives to urge world leaders that recycling chains. Better Work focuses on labor-intensive machinery (49%), Iron & Steel (114%),
must be a global issue and encourage people to think resourcefully and not waste when it comes to industries with many vulnerable workers in Pharmaceuticals (143%), Plastics (79 %), and
the goods around us. The day encourages people to think again about what we throw away while developing countries, such as agribusiness, medical measuring instruments (45%). In terms of
highlighting how important recycling is to our environment, including polyester and other plastics. apparel, construction, and light manufacturing. The country-wise exports to EU member states, there
The GRF highlights the six essential resources: Water, air, oil, natural gas, coal, and minerals. These program is developing both global tools and are 12 EU Member states in which Pakistan’s
are the resources that provide everything required to live in the modern world, including the food we country-level projects. Pakistan has a long history in exports have increased by more than 100%,
consume. Furthermore, each year, the ‘Seventh Resource’ (recyclables) saves over 700 million tonnes the textile and garment industry, and it is considered including Poland, Hungary, Bulgaria, Denmark,
in CO2 emissions, projected to increase to one billion tons by 2030. one of the most important manufacturing sectors in Ireland, Cyprus, Spain, Netherlands, and others.
the economy. The sector employs nearly half of the GSP+ has played a crucial role in Pakistan’s green
Global Recycling Day reminds us that recycling is on the front line in the war to save the future of our national labor force, and the ILO has a robust future trajectory, and it led to devising legislative
planet and humanity. The reduction of around 700 million tonnes of carbon emissions per year, offsets presence in the country. Despite the challenges of instruments and taking policy actions for a greener
of carbon emissions produced by the aviation industry, preservation of all six natural resources that the the COVID-19 pandemic, a three-year Better Work and cleaner Pakistan. The report stated that the
earth depends on, and the supply of 40% of raw materials using recycling. pilot program was launched in 2021 after several country had achieved SDG 13 ‘Climate Action’
years of consultations between Better Work and the target ten years ahead of time, and the
tripartite constituents in Pakistan. The barriers environmental protection bill has been passed.

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