Pakistan govt to ready new textile policy by June 30

14 May '14

2 min read

Pakistan’s Ministry of Textile Industry is currently revising and redesigning the textile policy and the new policy would be ready by June 30 this year, the National Assembly was informed.

Speaking during question hour in the lower house, Minister of Textile Industry Abbas Khan Afridi said the new textile policy would be implemented for the next five financial years, 2014-19.

He said the emphasis in the new policy would be on value-addition and giving boost to exports. The implementation of the technology upgradation scheme would also be one of the prime objectives of the policy, as the scheme would encourage investment in shuttle less looms and in apparel sector.

The Textiles Policy 2009-14 had a plan to spend Pk Rs. 188.6 billion, but the Finance Division released only Rs. 28.75 billion so far, the Minister said.

In the first three quarters of Pakistani fiscal year 2013-14 that began on July 1, the exports of textiles and apparel increased by 7.99 percent year-on-year to US$ 10.384 billion, with the US, the UK, China, Germany and Bangladesh being the top five destinations.

During last fiscal year which ended on June 30, 2013, textile and clothing exports from Pakistan grew by 5.9 percent to $13.06 billion from $12.34 billion in 2011-12.

Fibre2fashion News Desk - India

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