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A notification in this regard released immediately.
Afridi, who originates from Fata, had independently competed in the general elections.
He was also the second highest tax payer in the country last year.
Previously, textile had been with federal minister Engr Khurram Dastagir Khan who also held the portfolio of commerce.
With Afridi being awarded textile industry, only Akram Khan Durrani remains without a portfolio in Nawaz's 20 member cabinet.
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