The Minister for Textile Industry (MoTI), Pakistan has taken step to meet the international standards for cotton as well as to higher Pakistan textile exports to other countries.
The MoTI has instructed provincial governments to implement the cotton control Act to ensure standardization and grading of cotton according to international standards adopted by the Pakistan Cotton Standards Institute (PCST).
The MoTI had taken numerous initiatives to ensure development, production and preservation of finer quality cotton in the country. Pakistan Central Cotton Committee (PCCC) and other cotton research institutes have developed some varieties with over 30 mm staple length, like CIM-573, MNH 990, CEMB-33, Alsaleemi H-61.
PCCC had also acquired over 4000 germ plasm from the USA, and was utilizing these resources in developing long and extra long staple varieties through breeding for quality traits. The source said that PCCC tested the long varieties, already developed, at coastal areas of Thatta (Sindh) and Winder (Baluchistan), but unfortunately, these long varieties were not getting popularize because buyer not ready to pay premium price.
The Government has approved Textiles Package in Budget 2014-15, comprising of several important initiatives like Drawback for local taxes and levies would be given to exporters of textile products on values of their enhanced exports on an incremental basis if increased beyond 10% over previous yearâ€˜s exports. Also, duty free import of textile machinery for the period of two years.
Textile industry units in the value added sector would be provided Long Term Financing facility (LTFF) for up gradation of technology from State Bank of Pakistan at the rate of 9% for 3-10 years duration.
Easy Finance Mark up rate for Export Refinance Scheme of State Bank of Pakistan has been reduced from 9.4% to 7.5% from of July 2014.
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