Textile sector gets Rs14bn in seven months under PM’s export package

ISLAMABAD: The textile industry received Rs14 billion during the first seven months of the current fiscal year under the prime minister’s exports enhancement package.

“The sector would get an additional Rs115 billion through the package in the next five years,” said Textile and Industry Secretary Iftikhar Babar on Tuesday. “For the promotion of textile sector and textile-led exports, the government has rationalized the price of energy, including electricity and gas, so as to help the industry grow.”

He said that it was among the top priorities of the government to create a conducive business environment for the textile sector which would subsequently enhance external trade and earn foreign exchange reserves.

Iftikhar, replying to a question, said the government had planned to expand coverage areas under the Export Enhancement Package to other industrial sectors including pharmaceuticals.

He said that the government had also given relaxation on the import of textile machinery in order to bring about modernization and to enhance the production capacity of this particular industry.

Through this package, he added, the cost of doing business would come down which would benefit industrialists, exporters as well as the common people.