ISLAMABAD, Sep 5 (APP):Adviser to Prime Minister on Commerce, Textile, Industries and Production, and Investment ,Razak Dawood on Thursday said the government was taking all steps to attract foreign and domestic investment for new plants and operationalization of sick units of textile sector on competitive basis.
He said this in calls on meeting to a textile exporters’ delegation to discuss issues pertaining to textile industry in order to enhance export of the country,said a press release issued by Ministry of Textile here.
The Adviser to PM stressed upon the need to increase existing installed capacity of the manufacturing sector to increase the industrial base economy.
As Pakistan has increased exports in quantity therefore, it is the need of the time to utilize existing production capacity to the optimal level and operationalize the closed units on competitive basis, the Adviser emphasized.
It was mentioned that as a result of business friendly policies of the incumbent government exports of ready-made garments have increased 32.77% in 2018-19 while exports of knitwear witnessed an increase of 15.52% in the same period.
The meeting was informed that owing to the positive steps taken by the government regarding business facilitation these sick units have a chance to reconnect to their past glory. Moreover, US-China trade war has positively impacted textile exports from Pakistan.
The Global Value Chains (GVCs), especially in textile sector, are realigning in US market due to high tariff against Chinese imports This realignment was providing immense opportunity to Pakistan’s textile industry to integrate it into GVCs which will exponentially contribute in enhancing exports of the country,he said.
Adviser to PM underlined “it was imperative to enhance industrial base for the revitalization of economy and industrial growth.
He further emphasized that expansion of industrial base was the need of the hour for industrial growth, competitive import substitution, export enhancement, employment generation and revenue generation.
The government was working out a policy paradigm for upward growth of manufacturing sector in general and LSM in particular.
For this, government was developing an Industrial Policy while focusing on areas which will assist the industrial sector in improving its growth by effective allocation of resources, the Adviser added.