According to Prime Minister Shaukat Aziz, textiles are the premier industry and core business for Pakistan.
Government is therefore eager to prepare a long-term strategy to focus on the competitiveness, productivity of textile industry and in order to increase exports; a task force has been set up.
A Task Force will review the quota free scenario, draw a comparison of Pakistan's policies with those of competitor countries, study the best international practices and come up with a comprehensive strategy to increase exports.
Strategies in the textile sector in view of the regional and global changes will be submitted within three months and will be subjected to quarterly review.
Members of the committee will comprise personalities from public, private sector and academia. Textile sector contributes nearly 66 percent to the exports, 40 percent to employment and 8.5 percent to the GDP growth, and is the backbone of the country's economy.
Government ensures and will take all the steps required to not only help the industry sustain its present position in the global trade, but also help increase its share to avail the opportunities of quota free scenario.
For a significant growth in textile sector, government will initiate various steps such as tariff rationalization, long-term policy approach, conducive trade finance & fiscal policies, removal of sales tax on textile value chain, reduction in import duty on polyester chain, and availability of development finance & export refinance at low markup rate and a hassle free environment.
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