Federal Minister for Commerce, Syed Naveed Qamar on Wednesday said that the government was committed to provide level playing field and reduce cost of doing business for export-oriented sectors including textiles to boost exports and reduce current account deficit.
He expressed these views while addressing a virtual session organized by South Punjab Investment Forum in collaboration with USAID.
“I am glad to inform that textile exports during FY 2021-22 reached historical high level of US$ 19.3 billion despite the fallout of COVID-19 and severe economic challenges”, said the minister.
He said that it is time to promote the value-added products, “I assure you that our incentives would only be available to value added products”.
Syed Naveed Qamar highlighted steps taken by the present government which included; supply of energy at competitive tariffs, disbursement of around Rs. 42 billion from April to June 2022 to mitigate prevailing liquidity issues due to severe economic challenges, duty free import of Cotton and reduction of custom duties on import of dyes and chemicals, adding that duty free import of textiles and apparel machinery has been continued.
Syed Naveed Qamar informed that the Ministry of Commerce has formulated Textiles and Apparel Policy, 2020-25 which would address matters including value addition, product diversification, skill development, productivity and ease of doing business etc.
“We need to attract investment in textiles and apparel sector to enhance our manufacturing capacities. I would also like to remind that SMEs across the world are engine of growth for any country”, Commerce Minister remarked.
He urged to encourage “Make in Pakistan” products and said that in the global textile Pakistan has less than 2% share which needs to be enhanced with practical steps.