Islamabad, 17 February 2022 (TDI): Pakistan approves textile policy for sustainable export growth. The government accepted a textile policy that is expected to boost the exports of Pakistan to $42 billion in the span of two years.
The Advisor for Commerce, Textile, Industry, and Production, and Investment of Pakistan, Abdul Razak Dawood said while addressing a conference in the capital that the Federal Cabinet has approved this certain policy yesterday.
Dawood stated that the main goal of this policy is to provide the textile industry of Pakistan with internationally competitive gas and electricity tariffs. This will encourage the local industry which will be helpful in increasing the production of textile products in the country.
The Advisor for Textile and Industry mentioned that the current government has reduced the taxes and duties on the import of the rail material and this new policy will be fitting with the tariff rationalization. This will eventually keep continuing to finance the textile industry.
Abdul Razak Dawood said that the local textile sector is growing unexpectedly at a phenomenal rate, and the exports of the textile industry are expected to reach $21 billion by the end of this economically challenging year, in contrast to the $15 billion in the previous year.
The growth rate expected at the end of this year is 26 percent of the concerned sector. Furthermore, he said that the target for export in the upcoming year is &$38.2 billion, and for the later two years of 2024-25, the exports are expected to touch $42 billion.
Pakistan is a country rich in the textile industry. It is one of the biggest producers of textiles around the world. Policies like the one passed yesterday are beneficial to the sector and are essential for the growth of the textile industry. Such policies which prioritize the local industries can prove to be beneficial and contribute to national growth.
