The textile sector of Pakistan will soon witness the pumping of an investment worth $5 billion (around ₨. 1.7 kharab) to establish new textile units.
This news was revealed by the Advisor to the Prime Minister on Commerce, Industries and Production and Investment, Abdul Razak Dawood, in a statement on Thursday.
According to details, an investment worth a whopping $5 billion is in the pipeline, under which around a hundred new textile mills are set to be established.
The new textile mills would play a vital role in bolstering Pakistan’s export capacity and jointly decreasing the unemployment rate by paving the way for 50,000 new jobs.
Abdul Razak remarked that these recent developments represent the bearing of fruit of the government’s “Make-In-Pakistan” policy.
Our Make-in-Pakistan policy is beginning to show results. We have been informed that an investment of approximately USD 5 Billion is in the pipeline under which 100 new textile units are expected to be established. Apart from enhancing export capacity,
— Abdul Razak Dawood (@razak_dawood) October 7, 2021
these are likely to create about 500,000 Jobs. This government has reversed the de-industrialisation and Insha’Allah, we are now on a path of industrial growth in Pakistan.
?? @aliya_hamza @mincompk @investinpak #Pakistan #PakistanMovingForward #textiles #industry
— Abdul Razak Dawood (@razak_dawood) October 7, 2021
Last year in August, the Prime Minister, Imran Khan, declared that the government is pursuing the “Make-In-Pakistan” policy to encourage local production and boost domestic manufacturing.
This healthy and sustainable policy counters bulky reliance on imports, eases the pressure on the country’s external account, and paves a way for the country to manufacture high-quality and high-value products for exporting.
According to the Pakistan Bureau of Statistics (PBS) report earlier this year, the South Asian country’s textile exports are expected to reach a “historic high” by the end of this year.
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