Pakistan's top three textile groups seeing the availability of Re-gasified Liquid Natural Gas (RLNG) from the month of March onward have invested heavily on setting up denim units. Fresh investment has started holding ground in the value added textile industry with a substantial drop in energy cost, which is likely to reduce further in next three months.
The new units would be operational soon after the Punjab government develops the infrastructure with the help of Chinese contractors. The Punjab government has acquired land on the Motorway near Sheikhupura for setting up the apparel park and ground levelling is underway at present.
The textile industry would grow fast in the years to come provided the government keeps it competitiveness and regional level playing field besides issuing a policy guideline.
According to the value-added sector sources, a good number of entrepreneurs have already applied for allocation of land in the Quaid-e-Azam Apparel Park on the Motorway for setting up new units.
The industry sources claimed that the investment data is sufficient enough to impress upon the Brussels for continuity of Generalised System of Preferences (GSP) plus status to Pakistan. They said that a meeting has recently taken place between the All Pakistan Textile Mills Association (APTMA) leadership and the European Union (EU) representatives to review the situation. The Association presentation has shown the possibility of $5 billion investment in the textile industry by 2020.
Earlier a meeting held in Islamabad where both sides hoped that a reduction in cost of doing business would improve trade to the EU ahead. It is worth noting that the Association is also pursuing the government for protection of the domestic commerce from the invading of smuggled and under invoiced goods.
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