ISLAMABAD: The subcommittee of the Senate Standing Committee on Textile Industry on Monday directed the Ministry of Textile Industry (MinTex) for submitting a detailed report on the issues and challenges faced by the local textile industry.
Speaking in the meeting Senator Osman Saifullah Khan said “We should be educated on the issues of textile industry, in such way the legislation should be done to resolve the issues of sector.”
Briefing the meeting, joint secretary MinTex said that the sector was playing a pivotal role in the economic development and absorbing the skilled and unskilled labour force in the country. He said that the textile export, comprising 57% of the total exports, was providing employment opportunities for 39% labour force in the country.
Out of the total financing made by the local banks for manufacturing sector, the share of the textile sector was 41%, adding that the exports of cotton witnessed a rise of 37.27% during July-May 2011-12 over the same period of the last year.
He said that Pakistan was the 15th largest cotton producer in the world while it was contributing only 2% in global cotton exports due to inadequate funding for textile sector. A total of Rs24.75 billion were allocated against the approved financing plan of Rs123 billion for 2009-12 which was around 20% only, the committee was told. The officials of the MinTex suggested introduction of a crop insurance policy to boost the agro-sector and to increase the crop output in the country.
Published in The Express Tribune, October 16th, 2012.
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