The Ministry of Commerce and Textile has revealed that Rs 25.5 billion has been given to the textile sector in first phase under the prime minister’s trade enhancement package by June 30, 2018.
Rs2.6 billion was disbursed to the textile sector in first two months during Phase II from July 1 to August 07 2018, a senior official of Ministry of Commerce and Textile told APP on Saturday. The Ministry of Commerce and Textile had assured payments through Prime Minister “Trade Enhancement Package” to the textile sector by February 2019 to enhance the country’s exports.
Replying to a question, he said the government had planned to expand coverage areas under the Trade Enhancement Package” to remaining industrial sectors including pharmaceuticals. “We are committed to providing an enabling environment for the industrial sector,” he said.
The government, he said, had also given relaxation on the import of textile machinery for the modernization of industry and to enhance the capacity of the sector. The official said that through this package cost of doing business would come down in the country. He said the government gave priority to facilitating the textile sector and helping it gain competitiveness in order to enhance the country’s exports. “We want to revive confidence of the textile sector through the trade enhancement package.”, he remarked. While talking to APP, General Secretary of All Pakistan Textile Mills Association (APTMA) Anis-ul- Haq stressed the need for providing competitive business environment for textile sector to boost the country’s trade.
He emphasized on structural balance and viability of industry to compete with regional competitors including India, Bangladesh and Vietnam. General Secretary APTMA said that pragmatic and export led policies were required for industrial growth and increase in the country’s exports.