ISLAMABAD: Federal Trade Minister Naveed Qamar said on Wednesday that the government is committed to ensuring a level playing field and lowering the cost of doing business for export-oriented sectors, including textiles, to stimulate exports and reduce the current account deficit.
He expressed these views during a virtual session organized by the South Punjab Investment Forum in collaboration with USAID.
“I am pleased to report that textile exports in fiscal year 2021-22 reached an all-time high of $19.3 billion despite the fallout from Covid-19 and severe economic challenges,” said The Minister.
He said it was time to promote value-added products, “I assure you that our incentives would only be available for value-added products.”
Qamar highlighted the measures taken by the current government, including; supply of power at competitive rates, disbursement of about Rs 42 billion from April to June 2022 to alleviate liquidity problems due to severe economic difficulties, duty free importation of cotton and reduction of customs duties on import of dyes and chemicals. He added that the duty-free importation of textile machinery and garments was also continuing.
He said the Ministry of Commerce has formulated a Textiles and Clothing Policy, 2020-25, which would address issues such as value addition, product diversification, skills development, productivity and ease of making. business, etc.
“We need to attract investment in the textile and apparel sector to improve our manufacturing capabilities. I would also like to remind that SMEs all over the world are the engine of growth for any country,” the Minister remarked, while urging to encourage “Made in Pakistan” products.
He said that in global textiles, Pakistan’s share was less than 2%, which needed to be bolstered by practical measures so that the country’s exports could be boosted.