Pakistan Textile exports to double to $26 billions: Report
ISLAMABAD - The All Pakistan Textile Mills Association (APTMA) has demanded the government to introduce long term textile policy soon.
APTMA Chairman Amanullah Machera said that Pakistani exporters are facing stiff competition from Bangladesh and Vietnam. The chairman was of the view that Pakistan can counter the competition only after exporters get a five year textile policy at hand, so they know what will be the rates of taxes and energy prices.
Meanwhile, APTMA Punjab Chairman Adil Bashir has said that the government needs to announce a long term and comprehensive textile policy if it wants to see a return of capital investment. The industrialist added that if the government accepts this demand, they are capable of doubling textile exports in the next five years.
APTMA officials informed that 70 percent of the textile industry is in Punjab, where more than 100 mills have been closed due to poor energy policies of previous governments.
The previous textile policies have not been much of a success story, as the Textile Policy 2014-19 failed to achieve all its targets including doubling value addition from $1 billion per million cotton bales to $2 billion per million cotton bales, increasing textile exports from $13.1 billion to $26 billion as well as creation of 3 million jobs in five years.