TEXTILE MINISTER CHAIRS A MEETING OF STAKEHOLDERS ON TEXTILE POLICY
A consultative meeting of the Federal Minister for Textile Industry Abbas Khan Afridi with the textile stakeholders was held today to seek input on the textile policy draft. The proposals from the planning commission were discussed and incorporated in the textile policy. Federal minister directed to forward the amended draft to planning commission and expressed his desire to see the policy in the next ECC meeting.
Textile policy 2014-2019 envisages Pakistan as a leading value-added textile exporting country. Textile industry is the most important manufacturing sector of Pakistan and has the longest production chain with inherent potential for value addition at all stages of processing. Textile sector provides employment to about 40 % of industrial labour force, consumes more than 40% banking credit and accounts for more than 8% of the GDP.
Textile policy adopts a five pronged strategy to make the textile sector competitive and sustainable. Budgetary support, drawback of local taxes and levies, easy finance, sales tax regime, duty free import of machinery, policy interventions, tariff rationalization, fiber diversification, product diversification, SME development, enactment of domestic labour laws, revival of sick units, marketing strategies, technology up gradation, establishment of world textile centre & model cotton trading houses, revitalization of projects like Pakistan Textile City, garment cities and capacity building of the ministry and related organizations are the salient features of the textile policy.
Textile policy 2014-2019 aims to double value addition from $ 1 billion per million bales to $2 billion per million bales in next five years, double the textile exports from $13 billion to $ 26 billion and facilitate investment of additional $5 billion in machinery and technology. Representatives from PTEA, APTMA, PHMA, PRGMEA, towel manufacturers association, Pakistan Apparel forum and other textile organizations attended the meeting and accepted the policy draft.