Minister for Commerce Syed Naveed Qamar said the government is committed to cutting the business cost of export-oriented sectors, including textiles, to reduce the current account deficit by boosting the country’s exports.

“I assure you that our incentives would only be available to value-added products,” he said while addressing a virtual session organized by South Punjab Investment Forum in collaboration with USAID. It is time to promote the value-added products, he stressed.

The minister said that the textile exports during the fiscal year 2021-22 reached a historic high level of US$ 19.3 billion “despite the fallout of COVID-19 and severe economic challenges.”

He mentioned the steps taken by the government for the textile sector, including energy supply at competitive tariffs, disbursement of about Rs 42 billion from April to June 2022 to mitigate prevailing liquidity issues due to severe economic challenges, duty-free import of cotton, and reduction of customs duties on import of dyes and chemicals. The duty-free import of textiles and apparel machinery will continue, he added.

Naveed Qamar added that the ministry had formulated the Textiles and Apparel Policy, 2020-25 that would address different matters including value addition, product diversification, skill development, productivity and ease of doing business.

“We need to attract investment in the textiles and apparel sector to enhance our manufacturing capacities. I would also like to remind (you) that SMEs (small and medium enterprises) across the world are engines of growth for any country,” the minister said.

Encouraging “Made in Pakistan” products, he said that in the global textile market, Pakistan has less than 2% share that needs to be enhanced with practical steps, according to a press release received by WealthPK.

Credit : Independent News Pakistan-WealthPk