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Aptma for revival of long-term textile industry policy

Aptma for revival of long-term textile industry policy

LAHORE: The government should announce and lay down the implementation mechanism for the agreed long-term policy for the revival and growth of the textile industry.

An early announcement of the policy will help reverse trade account deficit and thereby contribute to the country’s progress and prosperity, said APTMA chairman Amir Fayaz.

It may be noted that the Prime Minister, in his meeting with all textile industry stakeholders in September, had very wisely desired the Federal Textile Ministry and the textile industry to come up with a long-term policy for the revival and growth of the textile industry.

The Federal Textile Board, in its follow up meeting with all stakeholders, had unanimously proposed various initiatives as a long-term policy to be announced at the earliest enabling requisite investment to generate exportable surplus and achieve additional $20 billion exports in the shortest time-frame to overcome the menace of growing trade deficit, the biggest economic challenge for the government.

Chairman APTMA said the policy has been devised for the restoration of the international competitiveness of Pakistan’s textiles whereby 1000 garment and stitching plants are expected to materialize to make the best of the opportunity.

“The expected outcome of the policy is an exportable surplus of $20 billion; development of a skill workforce of 0.7 million ; gender balance; achievement of Social Standards and GSP plus prescriptions; $9 billion new investment; revival of backward & forward linkages in the supply chain; which all will help reverse trade account deficit.”