Gov’t approves textile policy to further uplift textile industry

Main objectives of the policy to give internationally competitive gas, electricity tariff to the textile industry: Razak Dawood

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Islamabad: The government has approved a textile policy to boost the capacity of the textile industry with the aim to ensure sustainable growth in textile exports.

Addressing a news conference in Islamabad on Wednesday, Adviser on Commerce Razak Dawood said the policy was approved by the federal cabinet at its meeting yesterday.

The Adviser said one of the main objectives of the policy is to give internationally competitive gas and electricity tariffs to the textile industry.

Razak Dawood said the government had reduced duties on the import of raw material in the budget and this tariff rationalization has been maintained in the policy. Similarly, he said, we will continue to provide financing facilities to the textile industry.

The Adviser said phenomenal growth is currently being witnessed in the textile sector. He said the textile exports are expected to touch twenty-one billion dollars by the end of this fiscal year as compared to the fifteen billion dollars last year. He said this is a twenty-six percent growth in the textile sector.

Razak Dawood also emphasized greater value addition and diversification of products to tap the country’s potential in textiles. Earlier to this, Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood has called for focusing on services-based exports to stabilize the national economy.

Addressing the 50th anniversary of State Life Insurance of Pakistan in Karachi on Friday, he said in past, required focus was not attached to the expert particularly the export of services but now the situation has changed. He said only in the Information technology sector alone, the export has increased by 47 percent to 2.1 billion dollars.

He expressed satisfaction over the performance of State Life Insurance and hoped that the team that was leading the organization would further perform well in days to come.

On the occasion, he also commended the idea of using digital technology to compete with competitors in the field.

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