Minister for Textile Industry Rana Muhammad Farooq Saeed Khan on Wednesday admitted that few textile units have been shifted to Bangladesh, but incentives introduced through new textile policy would boost this industry in Pakistan. He informed the National Assembly during question-answer session that the duty free import of textile machinery and equipment has also been notified by the Federal Board of Revenue.

Under Rules of Business 1973, trade falls in the preview of the Ministry of Commerce. However, Ministry of Textile Industry has always kept itself associated with the trade of the textile products. MINTEX has taken several measures to stabilise and enhance exports of textile industry during 2009-10.

First ever Textile Policy 2009-14 was approved by the Cabinet. The Policy entails short-terms and long-terms measures to enhance competitiveness of the textile sector. Secondly, the payment of the outstanding claims of RandD Support Scheme is also underway. Thirdly, grant of interest rate subsidy to spinning sector on bank loans and its extension for one year. Other incentives included continuation of Long Terms Export Financing (LTEF) Scheme by State Bank of Pakistan (SBP).

More incentives included the initiation and continuation of Stitching Machine Operator Training (SMOT) Scheme and establishment of Garment Cities in Karachi, Lahore and Faisalabad and Textile City at Karachi. Minister for Textile Industry further said that it is not a fact that most of the textile factories and power looms/sizing sectors in Faisalabad have stopped working. Due to seasonal fluctuations, power outages and falling demands some of the units may not be operating at maximum potential. But, it cannot be concluded that the entire textile industry in Faisalabad has stopped functioning.

Source: Business Recorder