Pakistan textile industry to get Rs 200 billion bailout package
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ISLAMABAD (APP): A Rs200 billion package will be infused in country's current exports including textiles to raise the export ratio.
Pakistan seeks preferential access to US textile market
Commerce Minister Khurrum Dastgir said that the government will shortly unveil a Rs180 billion to Rs200 billion package after the discussion with Prime Minister Nawaz Sharif who has given his go-ahead, Khaleej Times reported.
He said in order to raise exports, the government will also reduce the cost of doing business and make the export-oriented industries competitive with regional countries.
Explaining the purpose of the package he said it aims at fast-tracking the introduction of new technology and infrastructural modernisation of textiles and other industries.
Federal government robust plan for enhancing textile sector exports
He said new package includes "in lieu of steps to reduce the cost of doing business, including gas, power tariff, sales tax and the Pakistan rupee exchange rate, the government will offer a duty draw back [DDB] facility to all export sectors.
The DDB is a facility which permits industry players to receive refund of taxes while buying inputs to produce goods which are exported.
