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Pakistan Ministry of textile industry has put forward financial package over Rs89bn to strengthen the sector

YarnsandFibers News Bureau 2014-11-11 10:00:00 – Islamabad

The Pakistan Ministry of Textile Industry during a meeting with the Economic Coordination Committee (ECC) held on October 30 on the new proposed five year textile policy 2014-19 has put forward a strong case for a financial package of over Rs80 billion give a 100% boost to exports and strengthen the overall economy.

Under the policy for 2014-19, the ministry intends to develop the skills of workers, achieve higher per capita productivity and help create 3 million jobs. It is also seeking to encourage the adoption of modern management practices for improving efficiency and reducing wastage.

The textile sector will be made compliant especially with labour and environmental standards domestically and internationally, and it will be encouraged to double value addition from $1 billion per million bales to $2 billion, This would help double textile exports from $13 billion to $26 billion.

The ministry said that it would facilitate an additional investment of $5 billion in machinery 0and technology and improve the fibre and product mix, especially in the garment industry.

To achieve these goals, a comprehensive draft of the textile policy for 2014-19 had been prepared including key proposals to meet the targets.

It was also suggested in the ECC meeting that liabilities of around Rs47 billion in the previous textile policy that covered the period from 2009 to 2014 may also be paid in the next policy.

The Ministry of Textile Industry has adopted a multi-pronged strategy to push up exports and fully utilise the sector’s potential.

The main features of the new policy is to lessen dependence on factor endowments that give comparative advantage, strengthen the ministry as a forward-looking organisation and increase the use of technologies for better competitiveness of the entire textile value chain.

The ministry is also in the process of reviewing the legislative framework that governs some segments of the textile value chain including laws required to ensure compliance with international protocols and labour conventions.

After detailed discussions, the ECC constituted a committee that would submit a revised draft of the textile policy by November 21.

According to the ministry, the textile policy will be based on actionable plans to make the industry competitive and sustainable. The government will ensure that benefits of the policy are enjoyed across the country.

As textile is the most important manufacturing sector of the country and has the longest production chain with the potential of value addition at each stage of processing from cotton ginning and spinning to fabric-making, dyeing, finishing and production of garments and other products.

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