Federal govt to disburse Rs 162b for boosting textile exports

ISLAMABAD: The Federal Government will disburse huge amount of Rs 162 billion to textile sector on priority through Prime Minister “Trade Enhancement Package” in order to boost exports.

Chairman United Business Group,Vice President SAARC Chamber and Iftikhar Ali Malik expressed these views while chairing core committee meeting of the group.

They said that commerce ministry had assured for introducing viable package of incentives to boost exports after taking stakeholders into confidence, said an statement issued by SAARC Chamber here on Friday.

He said that “we have also been assured by the Minister of commerce Mohammad Perviaz Malik for timely payments to textile exporters”.

Iftikhar said the government has accorded top priority to textile sector and helping it to gain competitiveness in order to enhance export.

He said the government under leadership of Prime Minister Shahid Khaqan Abbasi was fully committed to restore the confidence of business community and exporters with special focus on textile exports.

He said that through PM package, cost of doing business in textile sector could come down in the country and help boost export after competing in global markets.

Malik said that the minister further informed that government is also actively considering a proposal to extend its package to other industrial sectors including pharmaceuticals.

He said that minister also assured that stakeholders will always be taken on board in his ministry while framing future policies and share their expertise to make to policies a success for strengthening the national economy on sound footings.

Iftikhar Ali Malik said that in the prevailing scenario, survival of any country now exclusively depended on its sound economy.

He informed the committee that the actual exports in the three years from 2012-2015 total $75 billion, against the target of $95 billion averaging $25 billion a year.

He said in order to achieve the export target the government and the industry will have to do a great deal in several spheres.