Interviews
Govt formulates new cotton policy
27 May '10
2 min read
The government of Pakistan is formulating a new comprehensive cotton policy in a bid to protect the interests of all the stakeholders, revealed Rana Muhammad Farooq Saeed Khan, Federal Minister for Textile Industry, during his speech at a seminar on 'Compliance Issues in Textile Industry' at The University of Faisalabad (TUF) campus.
Textile industry offers key support to the national economy. Improving this sector is on the government's priority list, he added.
More so, the government has decided to safeguard its cotton farmers from the market manipulators and for this it intends to procure the total production of cotton from the market and will provide it to the spinning mill, as per the demand.
The government is also devising policies for further growth of the sector and to improve its annual potential of earning $25 billion by enhancing its productivity. Thus, to assist the textile sector for attaining this target, the government will provide every possible support to the stakeholders, added the Minister.
He further said that, the current government is taking all the feasible efforts to protect the stakeholder's rights in the spinning sector, value-added textile sector and cotton fabrics. In order to save the value-added textile sector from vanishing, 15 percent regulatory duty is also imposed on the exports of yarn. This sector is currently facing difficulties to achieve its international export commitments.
The value-added textile sector of the country has a potential of earning loads of foreign exchange, hence, government's intervention is necessary to save the sector from a complete collapse.
Textile industry offers key support to the national economy. Improving this sector is on the government's priority list, he added.
More so, the government has decided to safeguard its cotton farmers from the market manipulators and for this it intends to procure the total production of cotton from the market and will provide it to the spinning mill, as per the demand.
The government is also devising policies for further growth of the sector and to improve its annual potential of earning $25 billion by enhancing its productivity. Thus, to assist the textile sector for attaining this target, the government will provide every possible support to the stakeholders, added the Minister.
He further said that, the current government is taking all the feasible efforts to protect the stakeholder's rights in the spinning sector, value-added textile sector and cotton fabrics. In order to save the value-added textile sector from vanishing, 15 percent regulatory duty is also imposed on the exports of yarn. This sector is currently facing difficulties to achieve its international export commitments.
The value-added textile sector of the country has a potential of earning loads of foreign exchange, hence, government's intervention is necessary to save the sector from a complete collapse.
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