The Pakistan government has put value addition in textile sector on top priority to double the exports in the sector for the economic revival of country for which there is a need to formulate a comprehensive and long-term policy. As both the government and industry were committed to fully exploiting the potential of all related sectors of textile aiming at to boost its exports for benefit of the country.
A meeting of Federal Textile Board (FTB), Pakistan will be held soon to discuss the issues being faced by textile industrialists and the ministry to addresses these issues.
The Pakistan Ministry of Textile Industry in order to boost export has planned to get on board all stakeholders to expansively implement the textile policy and re-examine the concern of industries to facilitate them for enhancing their capacity..
For increasing value-added products in the country, along with other measures, the government will also provide training to 120,000 people who will get a handsome stipend during their training period.
The government would also shift focus from exporting raw material to value added products as this approach would not only boost the economy but also help create millions of new employment opportunities in the country.
The textile policy 2014-19 which was approved by the Economic Coordination Committee of the Cabinet (ECC), an amount of Rs 64.15 billion was proposed for next five years against the allocation of Rs 188 billion for the last textile policy 2009-14. He said that only Rs 24 billion out of its total allocation of Rs 188 billion were released during the last five years but now the government was committed to utilize the full allocation.
The volume of exports would be enhanced by $2 billion every year which would help create millions of more employment opportunities in the textile sector. The government was providing gas and electricity to the textile sector as per commitment which would help enhance overall exports in this sector.
The textile sector alone has the potential to steer the country out of its financial crisis and they have started focusing on exporting value-added products instead of raw materials to achieve this objectiveid. After the availability of GSP- Plus exports of our value-added sector had increased by 21 percent to European Union.
He pointed out that cabinet took a bold step to ensuring 12 hours gas supply to the textile sector in winter and 24 hours uninterrupted power supply besides reduction in power tariff.
The value-added textile sector to play a vital role in creation of new employment opportunities therefore the government , besides providing all necessary facilities to the textile sector is also making all-out efforts to remove the hurdles in the growth of this sector.
Ministry of Textile said that the countryâ€™s exports of textile sector would be raised from current volume of US$ 13 billion to $26 billion per year, in next five years through value addition and export led comprehensive strategy of the government.
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