Pakistan’s Textile Sector is operating at its full capacity of production.
- The Textile sector of Pakistan is the largest contributor to the exports
- The production in the Textile is now at its full capacity.
- It happens after the Govt of Pakistan withdrew the duties and taxes.
The Textile Sector of Pakistan is now at its full capacity after the relaxation in duties and taxes.
Duties and taxes on the textile sectors were relaxed in Jan 2020. The exports have also been a major player in increasing production. Asif Inaam, Chairman All Pakistan Textile Mills Association says:
“Pakistan’s Textile Sector is working on full capacity”
He continues talking by saying; “If all goes well, the developments in the textile industry support.. the government to achieve the set export target of $24-25 billion this year”
According to him, there is a 26% volumetric growth in textile exports. “This was the capacity in surplus until recent months. The government has fully utilized that”
Comment from the governor state bank Raza Baqir:
The governor of State Bank of Pakistan had also said that there was up to 40% growth in the textile exports. There has been a difference between the exports of raw material and finished goods.
The exports of finished goods have been increasing while the exports of raw materials were decreased. These are considered to be positive developments for Pakistan at the moment.
Pakistan’s industry has been receiving more and more orders in recent months.
The role of Coronavirus:
Since China has faced a huge disruption in production due to the Coronavirus dilemma, Pakistan has started to receive more orders.
More from the officials:
Officials have claimed that the exports can be doubled over the course of 5 years if the Govt overcomes the following:
- Energy prices.
- Gas connections.
- Tac refund issues.
Allama Iqbal Industrial City is going to play a huge role in the textile industry. It was recently inaugurated by the Prime Minister Imran Khan and CM Punjab Usman Buzdar.
You can read more about Allama Iqbal Industrial City HERE
Source: Express Tribune