The textile industry is the backbone of Pakistan’s GDP.
The textile industry has been the focus of every Government.
Textile Sector employs about 45% of the total Labor force in the country. The revival of the textile industry in the era of the current Government is exceptional. The stakeholders are curious about the upcoming textile policy, which could have a considerable impact on exports.
Mr. Asad Umar, Minister for Planning and Development, said at a briefing of business people and industrialists in Faisalabad that a new textile policy is being formulated, which will be finalized soon. The textile policy will undoubtedly help the country maintain the current tempo, is nearing completion.
Talking about his meeting with Faisalabad Industrial Estate Development and Management Company (FIEDMC) officials earlier in the day, he said it centered on issues hampering work in the Allama Iqbal Industrial Estate. He underlined that the Government was focusing on strengthening the manufacturing sector with Chinese cooperation in the second phase of the China-Pakistan Economic Corridor (CPEC).
Umar requested FCCI President Hafiz Ihtasham Javed to prepare a comprehensive report on the business community’s problems and their solutions to be incorporated into the budget for the next fiscal year.
Speaking on occasion, Javed said that if electricity and gas subsidies were withdrawn, the industrialists would lose their competitive edge in the international market.
FCCI president said, “Our textile exports are increasing every month due to encouraging government policies coupled with textile sector stakeholders’ hard work. However, over the past two months, the shortage and hike in cotton prices and yarn have disturbed the entire textile chain.
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