The Pakistan Tehreek-e-Insaf (PTI) government is committed to creating a business-friendly policy for the textile sector, said Adviser to Prime Minister on Commerce Abdul Razak Dawood.
Addressing the first meeting of the task force, formed to formulate the third textile policy for 2019-2024 on Saturday, he reaffirmed that the government would support and facilitate the textile sector, which was vital for the country’s economy.
Lamenting that the sector faced several challenges, including cost of electricity and gas coupled with outdated machinery, the adviser apprised that effective decisions would be taken by the government to make the sector progressive, competitive and viable.
He emphasized focus on value-added factors to deal with challenges for revival of textile sector adding that a meaningful textile policy was needed to boost exports.
Dawood was of the view that the industry should take advantage of the GSP Plus status. He pointed out that textile sector was the first step towards industrialization, which should be consolidated by resolving issues of the sector.
“The sector possesses vast potential to resolve the challenges of unemployment and poverty,” he declared and directed the task force to formulate a textile policy targeting new markets especially Japan, Canada and the UK.
Task Force Chairman Salman Shah briefed the meeting regarding the importance of textile sector in total GDP. During the meeting, various committees were formed to address the issues whereas it was also decided that the textile policy 2019-24 would be formulated on recommendations of these committees.
On a separate occasion, Dawood pointed out that the government was prioritizing innovation and promotion of entrepreneurship in the country.
He shared that Prime Minister Imran Khan was keen to encourage entrepreneurship and initiated steps in that regard.
“Pakistan needs more entrepreneurs to enhance business activities,” he outlined. “China and the United States became great nations due to massive contribution from entrepreneurs.” The adviser emphasized young entrepreneurs to adopt a long-term strategy in a bid to be successful in their respective fields instead of looking for overnight success.
Later, talking to the media persons, he said that the country’s economy was moving towards the right direction, however, more efforts were needed for further improvement.