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Pakistan to introduce new textile policy to maintain current growth tempo


As per Asad Umar, Federal Minister for Planning, Development and Special Initiatives, Pakistan aims to introduce a new textile policy that will help the country maintain its current growth tempo. He said the textile boom, being witnessed in Faisalabad, clearly indicates the city was the main beneficiary of government's policies.

He dismissed allegations that the previous textile policy was not implemented in true letter and spirit and added that its positive results were reflected in the textile boom. He said, the government’s new textile policy aims to stabilize the gains of present policy. The government is focusing on strengthening the manufacturing sector with Chinese cooperation in the second phase of China-Pakistan Economic Corridor (CPEC).

He said government’s subsidy would benefit the textile sector immensely. He requested FCCI President Hafiz Ihtasham Javed to prepare a comprehensive report on the problems faced by the business community along with their solutions so that they could be incorporated into the budget for next fiscal year.

Javed said that if electricity and gas subsidies were withdrawn, industrialists would lose their competitive edge in the international market. He urged the government to take immediate remedial steps or else Pakistan would lose its hard-earned foreign markets.