PRGMEA has called for the final approval of new textile policy 2020-25 by the Economic Coordination Committee (ECC) of the Cabinet as it is vital for new investment and marketing plan in this major export-oriented sector.

As per Daily Times, AdeebIqbal Sheikh, Vice Chairman, PRGMEA, said that Prime Minister Imran Khan has already approved the five-year textile policy for onward submission to the ECC. However, the ministry was unable to oblige due to undisclosed reasons.

He said the government announced several schemes including settlement of outstanding refund claims, rationalization of refund regime, establishment of Exim bank, duty-free import of textile machinery and reduction of mark up rate for export refinance in past but the sector was not getting benefits yet.

Textile sector contributed about 60 percent to the country’s total exports, besides providing direct and indirect millions of jobs which required a proper policy, he added.

He urged the government to redress the problems of the industry by taking comprehensive and innovative solutions in the new textile policy.

AdeebIqbal added that a clear long-term policy will provide investors a clear vision that the government of Pakistan is ready to support the apparel sector of Pakistan on long-term basis.

He was of the view that further delay in textile policy would result in delay or even backing out of investors from future local and foreign investment in the industry. Presently, we are in short production capacity and several exporters are refusing export orders because there is not enough capacity available in the country.