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Thursday, September 29, 2022

Pakistan eyes $21 billion textile exports in FY22 after new $5 billion investment in the sector

Textile sector of Pakistan has set an ambitious target of $21 billion exports by the end of this fiscal year, said All Pakistan Textile Mills Association (APTMA) newly-elected Chairman Abdul Rahim Nasir, that is 40 percent higher than last year.

The statement by APTMA chief has emerged after Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood’s recent statement regarding new investment of $5 billion in the textile sector.

“We have been informed that an investment of approximately $5bn is in the pipeline under which 100 new textile units are expected to be established,” Dawood said on his official Twitter account.

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Highlighting the positive outcome of the “Make-in-Pakistan” policy, Dawood wrote on Twitter: “Our Make-in-Pakistan policy is beginning to show results.”

“These are likely to create about 500,000 Jobs. This government has reversed the de-industrialisation and Insha’Allah, we are now on a path of industrial growth in Pakistan,” Dawood wrote on Twitter regarding the investment in textile sector and its effect on jobs and exports.

In response, talking to a private channel on Friday, Nasir said that the State Bank of Pakistan (SBP) recently launched the TERF policy in order to promote the industry, under which loans were provided at discounted rates.

“Taking benefit from this opportunity, the textile sector saw an investment of $5 billion,” said the APTMA chairman.

He said out of the $5 billion investment some $2 to 2.5 billion was invested on machinery, which is under installation, while the remaining would be injected by June next year.

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