Home / Knowledge / News / Textiles / Pakistan to get LDC status in 2014: Textile Minister
Pakistan to get LDC status in 2014: Textile Minister
09
Feb '13
Mr. Makhdoom Shahabuddin
Mr. Makhdoom Shahabuddin
The Government of Pakistan would apply for Least Developed Country (LDC) status, which it would get by 2014, Minister of Textile Industry Makhdoom Shahabuddin has told the National Assembly.
 
In response to a question, the Minister said Bangladesh benefits from its LDC status, which attracts entrepreneurs to invest in that country.
 
He said the Government had allowed Pakistani citizens and companies to invest in foreign firms by taking prior approval from the State Bank of Pakistan (SBP).
 
He informed the Assembly that some Pakistani textile firms have set up branch offices in Bangladesh to improve their exports. He clarified that such companies have not shutdown their operations in Pakistan and have only diversified their operation to meet export orders.
 
To another question, the Minister said no Pakistani textile firm had shifted its operations to Sri Lanka.
 
Mr. Shahabuddin said the Government had introduced several measures to support the domestic textile industry and prevent textile firms from shifting abroad. These include the drawback of local taxes and levies (DLTL) scheme, duty-free import of textile related machinery, EOBI contribution re-imbursement scheme, export finance mark-up rate support scheme and mark-up rate support scheme for textile sector, he added.
 
In addition, there are some other measures like the establishment of Pakistan Textile City at Karachi, garment cities at Faisalabad and Lahore, Pak-Korea Garment Technology Training Institute at Karachi, and refund of past R&D support claims.
 
Moreover, there are several other initiatives in the pipeline, which include skills development programme for the textile industry, and establishment of Karachi Garment City as well as Cotton Ginning Research and Training Institutes.
 
The Minister said the Government had disbursed Pk Rs. 23.25 billion in past three years under its Textiles Policy Initiatives. 
 
He said the Government was supporting exports through proper implementation of the textile policy.

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Nine West

Fashion | On 17th Jun 2018

ABG wins bid in Nine West Holdings auction

Authentic Brands Group (ABG), owner of a global portfolio of...

Courtesy: Kreussler

Textiles | On 17th Jun 2018

USDA certifies Kreussler's solvent as biobased

The US Department of Agriculture (USDA) has certified Kreussler's...

Courtesy: ITUC

Textiles | On 17th Jun 2018

Democratic space shrink & corporate greed are rising: ITUC

Shrinking democratic space for working people and unchecked corporate ...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search