Pakistan : Pakistan releases Rs 1.5bn for textile sector in H1 FY'14

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Pakistan releases Rs 1.5bn for textile sector in H1 FY'14

08
Feb '14

The Finance Division of the Government of Pakistan has released Pk Rs. 1.5 billion for supporting the textile sector during the first six months of the current fiscal year, Parliamentary Secretary for Cabinet Secretariat Raja Javed Ikhlas told the National Assembly, Radio Pakistan reported.

During a question hour, Mr. Ikhlas informed the house that Pakistan Textile City and Karachi Garment City are being set up to boost the country’s textile and apparel exports.

The House was additionally informed that land for constructing the Pakistan Textile City has been acquired in Karachi.

Mr. Ikhlas said the Government is giving top priority to resolve energy crisis and see to it that the industries get uninterrupted power and gas supply. He also informed that the Government would soon bring out new trade and agriculture policies.

Textile and Commerce Minister Khurram Dastgir Khan told the House that one of the top most priorities of the Nawaz Sharif Government is to improve trade ties with neighbouring countries. In addition, the Government is currently negotiating a Free Trade Agreement with Iran and Preferential Trade Agreements with Turkey‚ Turkmenistan, and Uzbekistan.

Last month, Mr. Khan said the trade related talks with neighbouring India are now focused on ‘Non discriminatory market access on reciprocal basis’, instead of the earlier focus on Most Favoured Nation (MFN) status.

Fibre2fashion News Desk - India

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