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Environment conducive for investment in textile sector – Baig

Apr '10
Recently, the seventh 'Textile Asia 2010', the International textile and garment machinery show was organized at the Expo Centre at Pakistan. Dr. Mirza Ikhtiar Baig, Federal Advisor on Textile, graced the occasion with his presence.

Delivering his speech as Chief Guest at the inaugural session of the event, he said that, the Pakistani government, in its new five year Textile Policy 2009-2014 has set an ambitious export target of US $25 billion with twice the value addition achievable by 2014.

He stated that, the new Textile Policy, with a view to boost up capital investment in the value added textile sector, provides for various incentives like concessional financing (LTF).

Dr. Baig informed that, as the present government has recognized textile as a key priority area, it is putting in all its efforts to devise accurate policies and incentives, aimed to achieve increased private sector investment in value addition and development, so as to gain wider access to markets worldwide.

The government has done away with the customs duty on manufacturing industries for importing plant and machinery and is also endeavouring to gain duty free access for its textile goods in EU and US markets, he said and added that the country's textile industry has invested around US $6 billion during 1999 to 2003.

He further said that, as they endeavour to broaden their share of value added textiles in overseas markets, and that he finds pleasure in inviting the participants at the event to explore and undertake joint ventures, so as to gain from the investment- friendly environment in Pakistan, thus unleashing the unexploited potential of the textile sector.

He assured that their government will spare no effort to provide an environment conducive to development.

Fibre2fashion News Desk - India

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