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'Textiles is a priority sector for govt' – Pak official

13
Mar '12
The Government of Pakistan has identified textiles as a priority sector and is supporting the country's textile sector to achieve an ambitious export target mentioned in the 2009-14 Textile Policy, an official has said.

The country aims to attain a US$ 25 billion mark in textile exports by 2014, Advisor to the Prime Minister on Textile, Dr. Mirza Ikhtiar Baig, said while speaking at the inaugural ceremony of the Ninth Textile Asia 2012 International Exhibition.

The Government has identified textiles as a key priority sector, and is taking all necessary steps to introduce apt policies and incentives that can spur expansion and draw more private sector investment in the value added sector, which would in turn boost the country's exports, he added.

He mentioned that provision of subsidised financing to boost capital investment in value added textile industry and roll back of customs and sales tax on plant and machinery imports by manufacturing industries are among the initiatives introduced by the Government.

The country has also set out on an extensive plan to enhance its appeal to the overseas investors associated with the textile industry, he said.

The domestic industry has also witnessed some new developments in recent times which includes launch of an Industrial Park in Karachi, setting up of Garment Cities in Lahore, Karachi and Faisalabad and a Textile City Project with state-of-the-art facilities in Karachi, Dr. Baig said.

During 1999-03, Pakistan's textile industry invested US$ 6 billion for Balancing, Modernisation and Replacement (BMR), and with present healthy gains, the industry still adheres to this trend, he said.

Fibre2fashion News Desk - India


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