By Raza Khan ISLAMABAD, Feb. 28 (INP-WealthPK): The government and textile industry in Pakistan are optimistic about achieving the target of $21 billion textile exports by the end of current fiscal year. The optimism is based on huge investment in textile sector and increasing exports during the current fiscal year. Textile exports in each month of 2021-22 are showing growth against exports in corresponding months of last fiscal year. According to Pakistan Bureau of Statistics (PBS), textile exports recorded $10.933 billion in July-January (2021-22) against the exports of $8.765 billion during the same period of 2020-21, with an increase of 24.73%. Textile exports rose to $1.552 billion in January 2022 from $1.323 billion in January 2021, showing increase of 17.30%. Shahid Sattar, Secretary General of All Pakistan Textile Mills Associations (APTMA), told WealthPK that industry exports of $21 billion in current fiscal year can be achieved with the support of government. “If industry receives full support of the government, uninterrupted energy supply at competitive tariffs and raw material, the export target is achievable,” Sattar said. He stated that $5 billion investment was made in the textile sector last year due to higher profitability, increasing orders, Regionally Competitive Energy Tariff (RCET) and Temporary Economic Relief Facility (TERF). “Investment in textile sector will enable the sector to expand and diversify, while increasing employment in the country and moving towards sustainable growth and economic prosperity,” the APTMA secretary general maintained. However, he was of the view that export target would be hard to achieve if the energy tariffs for the industry are not regionally competitive. Sattar stated that textile industry in Pakistan contributed more than 60% to the country’s exports and was a major source of employment. He said growth in domestic market and Free Trade Agreement with China attracted investment in textile sector. He also mentioned that China-Pakistan Economic Corridor (CPEC) also provided incentives for investors. “The CPEC in particular provides a unique opportunity for Pakistan to boost its strategic and economic position,” Sattar said, adding that CPEC has the potential to transform Pakistan into a regional hub for trade and investment. Sattar emphasised the need to continue RCET, which would consolidate the increasing export trend while reducing dependence on foreign loans. Abdul Razak Dawood, Prime Minister’s Advisor on Commerce and Textile, said in a recent statement that textile exports were on their way to achieve the record $21 billion target this fiscal year, with an increase of 36% over the last year. Dawood also predicted textile exports worth $26 billion in the next fiscal year. He said that textile sector has improved during last three years. “We have been informed that an investment of approximately $5 billion is in the pipeline under which 100 new textile units are expected to be established,” Dawood said. The advisor said that the textile sector is importing machinery worth $435 million this year, and 50% has already been imported. “It means that textile sector would increase its capacity,” he added. According to the Board of Investment, Pakistan is the eighth largest exporter of textile products in Asia. It is also the fourth largest producer and third largest consumer of cotton. Textile industry of Pakistan accounts for 46% of the total manufacturing sector and provides 40% of total employment.