Page 20 - May-June-2020

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Textile sector gets Rs 14

billion in duty draw backs

under PM export package

Under the Prime Minister’s export enhancement machinery for bringing about modernization and
package in duty draw backs and exports of modern enhance production capacity of this particular
machinery for growth of textile sector, the textile industry.
industry has received Rs 14 billion in the first seven
months of the current fiscal year. According to Mr Iftikhar, through this package the
cost of doing business would come down that would
During the next five years, the textiles sector would benefit both industrialists, exporters as well as the
get additional Rs115 billion through the package for common people. He said that the package was
increasing the textile exports, Mr Iftikhar Babar, aimed at enhancing confidence of the business
Secretary Textiles and industry told. He said that for community. He remarked, “We want to revive
the promotion of textile sector and textile led exports, confidence of the textile sector through this trade
the government has rationalized price of energy enhancement package”.
including electricity and gas to help the industry
grow in the country. He also said that it was among Meanwhile, All Pakistan Textile Mills Association
top priorities of the government to create conducive (APTMA) General Secretary stressed the need for
business environment for textiles sector to enhance providing a competitive business environment for
external trade and earn foreign exchange reserves. the textile sector to boost country’s trade. He
emphasized on striking structural balance and
Mr Iftikhar further informed that the government had enhancing viability of industry to compete with
planned to expand coverage areas under the Export regional competitors, including India, Bangladesh,
Enhancement Package to other industrial sectors and Vietnam. He said pragmatic and export-led
including pharmaceuticals. The government had policies were required for industrial growth and
also given relaxation on the import of textile increases the country’s exports.

May/June 2020