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Easing import rules on machinery boosts textile sector
16
Mar '11
Prime Minister's advisor on textile affairs, Mirza Ikhtiar Baig, lauded foreign investor's role in the development of its textile industry.

Inaugurating the Italian Textile Technology Seminar, organized by Italian Trade Commission - Pakistan, he said that the Italian textile machineries were contributing in a very big way. Italy is the 5th largest exporter of textile machineries to Pakistan with 10.11 percent share after China (22.7%), Japan (19.55%), Germany (18.22%) and Switzerland (14.9%).

Pakistan government's decision to withdraw duties on imported textile machineries under National Textile Strategy 2009-2014, has proved to be a big boost for its textile industry. After this decision, the country has registered a thumping growth rate of 25 percent in textile exports. It also helped to attract higher foreign investments in the country, he informed.

Introduction of BMR brought in investments of US $5 billion in to the textile sector, while IGATEX and Textile Asia were successful events. All these initiatives have been proved fruitful and equally rewarding to the industry, he added by saying.

Pakistan has become the 4th largest producer of raw cotton with the most modern textile technology, experienced and skilled workers due to these initiatives. It has set a target to enhance its textile exports to $25 billion by the year 2014.

Under National Textile Strategy 2009-2014, Pakistan announced withdrawal of custom duties and taxes on machineries in 2009. The Government announced financial support at low interest rate and LTFF too. After these steps, new investments in the textile sector have started coming in.

The country has witnessed 40 percent increase in the import of textile machineries last year. Pakistan imported textile machineries worth $297 million in 2009-10 compared to $211 million in the previous year.

Fibre2fashion News Desk - India

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