With the ongoing $3.5 billion expansion plan for the textile industry, Pakistan’s textile exports are likely to increase by $6bn and cross the $20bn target projected for the fiscal year 2021-22.
In November alone, textile exports were up 36 per cent as compared to the same period last year, data shared by the All Pakistan Textile Mills Association (Aptma) showed.
“With the ongoing expansion plan, our exports are gradually rising and reflecting very positive signs for the industry. [Textile exports will] easily reach $21bn which is one billion more than the actual target of the $20bn set for FY22,” Aptma chairman Abdul Rahim Nasir told.
“The total investment and expansion plan for all sectors for FY22 is worth $4.5bn and includes $3.5bn for textile sector alone. Investments of $1.5bn have been made so far in the textile sector while the rest $2bn would be in place by June 30, 2022,” the Aptma chairman explained. Major investments and expansions have been made for value-addition including from semi-finished to finished goods, raw cloth to dyed cloth to garments for example, he maintained.
“Since things are in the right directions at present, we will surely achieve our targets and even more this year subject to continuation of pro-exports’ policies,” the Aptma chairman believed.
The association has termed textile growth in November and July to November, 2021 a good omen for the textile industry.
