Senate Standing Committee on Textile Industry on Wednesday stressed the need for protecting local textile industry to enhance exports volume of the country. The committee gave recommendation for proper execution of “Trade Enhancement Package” amount of Rs.161 billion for the industry, announced by Prime Minister Muhammad Nawaz Sharif for coming 18th month from January 2017 to June 2018.
The meeting was chaired by Chairman of the Committee Senator Mohsin Aziz here on Wednesday. Mohsin Aziz recommended to extend the period of trade enhancement package from 18 months to five years for benefiting the local textile and industrial growth.
While the committee also recommended the appropriate utilization of the package and also stressed for proper time line in execution, protection of local industry for enhancing exports and reduce the energy prices to provided competitiveness for industrial growth. Officials from textile industry informed the committee that the government had decided to give drawback on duties in garments by seven percent, process fabric five percent,madeups six percent for coming 18 months.
The government had also given relaxation on the import of textile machinery for the modernization and to enhance the capacity of the textile sector, he said. The committee was informed that through this package cost of doing business would decrease for enhancing business activities in the country.
The official informed the committee that the country was facing 21 percent short fall in cotton production and 10.7 million cotton bales produced in this production year. He also said that seven new varieties of cotton had also been introduced to enhance the cotton production in this year.