Pakistan Hosiery Manufacturers and Exporters Association (PHMA) zonal chairman Faisal Mehboob Sheikh recently lamented that the previous Textile Policy has failed to achieve its targets, including enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of 3 million jobs in five years.
Sheikh said ad-hoc policies cannot benefit the country’s exports and the time has come to implement the long-term textile policy in letter and spirit.Pakistan Hosiery Manufacturers and Exporters Association zonal chairman Faisal Mehboob Sheikh has lamented that the previous Textile Policy has failed to achieve its targets, including enhancing exports from $13 billion to $26 billion, doubling value-addition from $1 billion per million cotton bales to $2 billion and creation of 3 million jobs in five years.#
“It’s good news that after the expiry of last Textile Policy, the government has come up with a new policy, comprising new targets, incentives and recommendations while all stakeholders were also taken on board before the finalization of the new policy, which is a good sign for the economy and industry,” he was quoted as saying by Pakistani media reports.
PHMA chief coordinator Adil Butt said the country can achieve the target of $26 billion in exports in the sector if the local industry is facilitated with regionally competitive energy tariffs and business-friendly environment.
Under the proposed new Textile Policy, the electricity tariff will be at $7.5 cents per unit while duties at the gas, water and others will be reduced to boost the sector.
Fibre2Fashion News Desk (DS)
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