ISLAMABAD: In an unprecedented development, Pakistan government targets $50billions textile exports by 2030 under new textile policy draft.
The draft of Pakistan Textile Policy for 2020-25 with four tier strategyand 21 recommendations is all set to be pitched any time before the ECC(Economic Coordination Committee) for approval. It will try to increase thecountry’s textile exports target by 2025 to $25.3 billion and $50 billionby 2030. It was $13.33 billion in 2018.
The Pakistan Textile Policy draft narrates a clear roadmap to achieve thetextile export targets along with vision to fully utilize the potential ofhome-grown cotton augmented by Manmade Fibre/Filament to boost value addedexports and become a major player in the global textiles supply chain.
The draft of Textile Policy also spells out its the objectives whichinclude 1) Restoring profitability of cotton farmers by increasing cottonyield, improving quality of cotton and decreasing cost of production forthe farmers; 2) Strengthening manmade fiber/filament sector to make thischain internationally competitive and export oriented;
3) Regionally competitive energy pricing fixed for five years; 4) PromptSales Tax Refund System; 5) Abolition of Zero- Rating has created seriousliquidity crisis for exporting sectors as the current refund system issoaking up market liquidity and is not working; 6) Long Term FinancingFacility for the entire textile value chain; 7) Revival of impaired textilecapacity and introduction of bankruptcy law. 8) Establishment of Textileclusters and Export Processing Zones with plug and play facilities.
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It says that the global textile trade that stands at $837 billion had anaverage growth rate of 0.1% over the last decade. When it comes to theglobal market for textile sector exports, it is dominated by China, whichaccounts for over 32pc of textile sector exports, valued at $266 billion.
Presently, Pakistan’s share is 1.6pc in the world textile trade, which willbe increased to 3 percent by 2025. The world textile export that stands at$837 billion will reach $843.35.
