Formation of industrial, textile policy underway: Dawood

FAISALABAD: Prime Minister’s Adviser for Trade Abdul Razzaq Dawood on Wednesday visited the National Textile University Faisalabad and inaugurated a DICE- textile innovation event, ARY News repored.

Addressing the opening ceremony of two-day event, he said Pakistan will tax-free access to export goods to China.

He said Pakistan would also sign a Free Trade Agreement with China during PM Imran Khan’s next visit to Beijing.

Read: ‘Business-friendly policies’: Japan decides to increase investment in Pakistan

Dawood said only option to promote industry in academia linkages and need to move steadily towards modernization of textile sector to maintain our presence in the international textile markets.

He said government is working on a comprehensive strategy based on value addition in invigorate the entire cotton chain in order to double the textile exports.

He said the strategy formation was afoot to reduce industrial production cost.

“The government has no funds, hence the policy for granting subsidies has been done away with.”

Recently, Dawood said decreasing imports have saved the country an amount of two billion dollars. The trade deficit also goes down by two billion dollars in comparison to the previous year, the adviser said.

He said imposition of import duty on non essential items have benefited the economy. A ban on the import of furnace oil has also added strength to the economy.

He said the government’s economic decisions have positively affected the economy.