Pakistan Hosiery Manufacturers and Exporters Association (PHMA) zonal chairman Faisal Mehboob Sheikh recently lamented that the previous Textile Policy has failed to achieve its targets, including enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of 3 million jobs in five years.

Sheikh said ad-hoc policies cannot benefit the country’s exports and the time has come to implement the long-term textile policy in letter and spirit.

“It’s good news that after the expiry of last Textile Policy, the government has come up with a new policy, comprising new targets, incentives and recommendations while all stakeholders were also taken on board before the finalization of the new policy, which is a good sign for the economy and industry,” he was quoted as saying by Pakistani media reports.

PHMA chief coordinator Adil Butt said the country can achieve the target of $26 billion in exports in the sector if the local industry is facilitated with regionally competitive energy tariffs and business-friendly environment.

Under the proposed new Textile Policy, the electricity tariff will be at $7.5 cents per unit while duties at the gas, water and others will be reduced to boost the sector.

Fibre2Fashion News Desk (DS)

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