November 24, 2020 (MLN): Federal government has approved progressive and innovative Textile Policy 2020-25.
Taking to its Twitter handle, All Pakistan Textile Mills Association (APTMA) acknowledged Prime Minister Mr. Imran Khan and congratulated Finance Advisor, Dr. Abdul Hafeez Shaikh and Advisor for Commerce & Investment, Mr. Abdul Razak Dawood on approval of the 5-year textile policy. The association also thanked the State Bank of Pakistan (SBP) for its support i.e. TERF, Refinancing Scheme for Wages, etc. during the pandemic.
'Govt has supported Export-led growth through a regionally competitive energy tariff of $6.5 per mmBtu for gas and 7.5 cents d/kwh for electricity over the last 18 months', the association said.
As a consequence, the Textile Sector is operating at full capacity and going through an expansion, up-gradation with new factories being constructed to cater for additional demand. This has created approx. 200,000 and 5 million jobs shall be created if the policy is implemented in letter and spirit, the ATMA said further.
In its tweet, ATMA said that the textile industry assures the government that implementation of the policy will ensure the doubling of textile exports from $ 13 billion to $ 26 billion in five years.
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