New Textile Policy Likely To Increase Textile Exports to $25.3bn
This new plan for the Pakistan Textile Policy additionally exhibits a patent guide to accomplish the target of textile export.
The latest textile policy labeled ‘Pakistan Textile Policy for 2020-25’ is fit to be displayed before the Economic Coordination Committee for endorsement at any point in the near future.
The aim of this new approach is to expand the nation’s textile export to $25.3 billion by 2025 and $50 billion by 2030, which was $13.33 billion in the year 2018.
This new plan for the Pakistan Textile Policy additionally exhibits a patent guide to accomplish the target of textile export. It also contributes to the vision to completely use the home-developed cotton increased by Manmade Fiber. This will be done so to increase exports and become a worldwide competitor in the textile industry.
The growth rate comparison of the textile export of Pakistan and other provincial nations shows that its territorial rivals have surpassed the country. In the past, Pakistan was one of the main competitors in the textile field.
However, due to some policy restrictions and the absence of the favorable conditions necessary for businesses to prosper, our textile growth rate has gone downwards drastically.
Pakistan was ahead of its competitors like Bangladesh, Vietnam, and Cambodia only 2 decades prior. In 2003, Pakistan’s textile exports were $8.3 billion, Bangladesh’s were at $5.5 billion, and Vietnam’s textile exports were $3.87 billion. Presently Bangladesh is at $40.96 billion and Vietnam is $36.68 billion.
If these countries can make export records in a short time, then Pakistan can also regain their position and reach $50 billion of textile exports in only 10 years. It can be done so by sticking to the new strategy strictly.
The All Pakistan Textile Mills Association (APTMA) has shown genuine worries over the unnecessary billing by Power Division against the informed duty of 7.5 cents per unit to the export-oriented sector.
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