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Rs 40 billion export fund created under new textile policy

18
Aug '09
The Advisor to the Ministry of Textiles, Mirza Ikhtiar Baig, announced that, for the first time in the history of the country, a huge amount totaling to Rs 40 billion is being set aside as export development fund, under new textile policy.

He said the National Export Policy (NEP), has targeted to increase revenue from exports to US $25 billion within the next five years and as a first step has reduced the mark-up to 5 percent, in a bid to boost textile exports.

Under the NEP, the government is planning to provide zero rating to exports which could help the exporters price their competitively and is also mulling to provide relief to manufacturer-exporters who are unable to clear their debts.

He said, “State Bank of Pakistan (SBP) has decided to grant textile sector an opportunity to refinance outstanding fixed-term loans taken from banks and DFIs for the import of plant and machinery through loans under the SBP's LTF-EOP scheme.

Fibre2fashion News Desk - India


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