Pakistan is close to achieving the textile export target of $20 billion, thanks to the export-oriented policies of the government, said Minister for Information and Broadcasting Chaudhry Fawad Hussain on Tuesday.
The minister made the claims in a tweet, adding that the food inflation was continuously declining without receiving any media coverage. He further said the country had achieved over 9 million tons of bumper crop rice during the current season owing to policy interventions and various incentives for local farming communities. The record rice production of this year has helped the country in earning 4.75 billion dollars from its exports.
Textile and Apparel Policy 2020-25
The Ministry of Commerce is all set to present the Textile and Apparel Policy 2020-25 in the cabinet’s Economic Coordination Committee (ECC) for approval.
Following are the aims and objectives of the policy:
- Utilizing the potential of home-grown cotton augmented by Manmade Fiber/Filament to boost value-added exports
- Becoming one of the major players in global textile supply chain
- Provision of a conductive business environment by the textile sector
- Leveraging the advantage of a complete textiles and apparel supply chainby encouraging value-addition at each stage of processes, especially in the finished products
- Restoration of the profitability of cotton farmers by increasing yield, improving quality and decreasing cost of production.
China keen to strengthen investment cooperation with Pakistan in textile sector:
As per the China Chamber of Commerce for Import and Export of Textiles (CCCT), China is interested in firming up investment cooperation with Pakistan in the textile and garment industry.
“China is willing to strengthen investment cooperation with Pakistan in the textile and garment industry,” CCCT Vice President Zhang Xian said while talking to a news channel, adding that collaboration and competition go side by side for the textile industry in both countries.
According to Pakistan Customs statistics, imports of textiles and apparel from China account for 62pc of total imports, making China the country’s largest source of textile and garment imports. Additionally, the General Administration of Customs of China’s statistics tells that Pakistan ranks third among China’s import sources of cotton yarn.