ISLAMABAD: The Ministry of Commerce and Textile Industry has released Rs25.5billion to the textile sector under the first phase of Prime Minister’s Trade Enhancement Package by June 30, 2018.
Under Phase II of the package, Rs2.6bn has already been released to the textile sector in the last two months, said a senior official of the Ministry of Commerce and Textile Industry.
In order to enhance exports, Ministry of Commerce and Textile had assured payments through the trade enhancement package to the textile sector by February 2019.
He said the government had planned to expand areas covered under the package to remaining industrial sectors including pharmaceuticals.
The commerce ministry official said the government had also given relaxation on import of textile machinery to modernise the industry and enhance sector’s capacity.
He emphasised the need to attain structural balance and enhance viability of textile industry in order to compete with regional competitors such as India, Bangladesh and Vietnam.
Meanwhile, General Secretary All Pakistan Textile Manufacturers’ Association said that pragmatic export policies are required to boost industrial growth and increase country’s exports.
Published in Dawn, August 12th, 2018