Pakistan will continue to increase financial support for the textile industry
According to Pakistan’s “Express Forum” report on July 27, the Ministry of Textile Industry of Pakistan held a meeting on Wednesday to discuss the current development status of Pakistan’s textile industry and provide suggestions for increasing the added value of Pakistan’s textile industry and promoting the facilitation of garment exports.
Officials attending the meeting said that Pakistan’s exports dropped from US$24 billion last year to US$200, with the textile industry as the source of exports bearing the brunt. Pakistan’s Commerce Minister Dast Gill said the government is committed to solving the power and tax problems faced by the textile industry. He disclosed that the government decided to allocate 15 billion rupees from the Prime Minister’s Trade Promotion Incentive Program before August 14 to once again support the development of the textile field. The government hopes to revive confidence in Pakistan’s textile industry through a trade promotion incentive program worth a total of 162 billion rupees.
Rashid, Chairman of the All Pakistan Textile Association, emphasized the importance of government support for the textile industry, pointed out that today’s expanding trade deficit is a huge challenge to Pakistan, and requested the government to provide more preferential and convenient measures for the textile industry to solve the problems faced by the industry. High business costs, high power burdens, and high tax pressures have raised the level and ability to compete with neighboring countries in the region. Pakistan will continue to increase financial support for the textile industry
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