ISLAMABAD: The Ministry of Textile Industry has embarked upon a plan to get on board all stakeholders to comprehensively execute the textile policy and revisit the concern of industries to facilitate them for enhancing their capacity in order to boost exports.
The meeting of Federal Textile Board (FTB) will be held soon to discuss the issues being faced by industrialists and the ministry to addresses these issues, an official of Ministry of Textile Industry said while talking to the APP here on Thursday.
“Value addition is top priority of the government in textile sector to double the exports in the sector for the economic revival of Pakistan,” he said.
He stressed the need for formulating a comprehensive and long-term policy adding that 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.
He said the country’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.
He stated that the government would 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.
“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,” he added.
He said for 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 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.
He said 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.
He said 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 we have started focusing on exporting value-added products instead of raw materials to achieve this objective,” he said.
He said that 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 could play a vital role in creation of new employment opportunities therefore the government was making all-out efforts to remove the hurdles in the growth of this sector, besides providing all necessary facilities to textile sector, he said.
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The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
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