Pakistan plans investment of Rs. 100 million to proliferate textile sector

Pakistan has planned to proliferate its textile sector. For this, it has devised to manufacture textile machinery and agriculture implements. About Rs. 100 million are to be invested in this plan. It includes setting up a Common Facility Centre (CFC). The Small and Medium Enterprise Development Authority (SMEDA) has taken an initiative in this context.

SMEDA Chief Executive Officer (CEO) Alamgir Chaudhry has approached the Faisalabad Chamber of Commerce and Industry (FCCI) to facilitate the establishment of the centre. He said that Small and Medium Enterprises (SMEs) are baseline for industrial development and establishment of major units.

SMEDA is helping small and medium enterprises to invest and start their own business in many different sectors including textile machinery manufacturing, agricultural implements and foundry etc. The government is fully aware of their importance and is extending support for the segment’s development.

Alamgir also stated in reference to the Youth Loan Scheme introduced by the PM that the youth is the key to drag Pakistan out from the economic quagmire. We are trying our best to harness the mental faculties of our youth and encourage them to start their own initiatives of small units. This will lessen the dependency on government jobs and create more employment opportunities in Pakistan.

He added that SMEDA has conducted studies for various products in different sectors and the youth can select any of them to initiate their own business. SMEs have already introduced different centres for numerous sectors in parts of the country and the textile-related CFC at Faisalabad will reorganize the sector.

The efforts of SMEDA for the SME’s were valued by Suhail Bin Rashid, FCCI President. He said that we are fully aware of the activities of SMEDA and the Office of Research Innovation and Commercialization, University of Agriculture in Faisalabad, is also working along the same lines.

This innovation could be introduced in the industrial and manufacturing sector as well.