‘Govt making all-out efforts to revive textile sector’

PM aide says steps are being taken to attract foreign, domestic investment

ISLAMABAD: The government is taking all steps to attract foreign and domestic investment for new plants and operationalisation of sick units of the textile sector on a competitive basis, said Adviser to Prime Minister on Commerce, Textile, Industries, and Production Abdul Razak Dawood.

In a meeting with textile exporters on Thursday, the adviser stressed upon the need to increase the existing installed capacity of the manufacturing sector to enhance the industrial base of the country.

The meeting was aimed at discussing issues pertaining to the textile industry in order to enhance exports of the country, stated a press release.

He underlined that Pakistan had increased exports in quantity, therefore, it was the need of the hour to optimally utilise existing production capacity and operationalise closed units on a competitive basis.

It was highlighted during the meeting that as a result of business-friendly policies initiated by the current government, exports of ready-made garments increased 32.77% in 2018-19 while export of knitwear witnessed a rise of 15.52% in the same period.

Participants were informed that sick textile units had a chance to reconnect to their past glory owing to the positive steps taken by the government regarding business facilitation.

“Moreover, US-China trade war has positively impacted textile exports from Pakistan,” the adviser said. “The global value chains (GVCs), especially in the textile sector, are realigning in the US market due to high tariff against Chinese imports.”

He lauded that this realignment was providing immense opportunity to Pakistan’s textile industry to integrate into GVCs, which would contribute exponentially in enhancing exports of the country.

Dawood was of the view that it was imperative to enhance industrial base for the revitalisation of the economy and industrial growth.

He further emphasised that expansion of industrial base was vital for industrial growth, competitive import substitution, export enhancement, employment generation, and revenue generation.

“The government is working out a policy paradigm for the upward growth of the manufacturing sector in general and large scale manufacturing in particular,” he said. “For this, we are developing an industrial policy while focusing on areas which will assist the industrial sector in improving its growth by the effective allocation of resources.”

Published in The Express Tribune, September 6^th, 2019.

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