ISLAMABAD: Federal Minister for Textile Industry Abbas Khan Afridi on Monday directed to forward the amended draft of textile policy to the Planning Commission (PC) and expressed his desire to see the policy in the next ECC meeting.
He directed this while chairing a consultative meeting with the textile stakeholders to seek input on the textile policy draft. The proposals from the PC were discussed and incorporated in the textile policy.
Representatives from PTEA, APTMA, PHMA, PRGMEA, towel manufacturers association, Pakistan Apparel forum and other textile organizations attended the meeting and accepted the policy draft.
Textile policy 2014-2019 envisages Pakistan as a leading value-added textile exporting country. Textile industry is the most important manufacturing sector of Pakistan and has the longest production chain with inherent potential for value addition at all stages of processing.
Textile sector provides employment to about 40 % of industrial labour force, consumes more than 40% banking credit and accounts for more than 8% of the GDP. Textile policy adopts a five pronged strategy to make the textile sector competitive and sustainable.
Textile policy 2014-2019 aims to double value addition from $ 1 billion per million bales to $2 billion per million bales in next five years, double the textile exports from $13 billion to $ 26 billion and facilitate investment of additional $5 billion in machinery and technology.
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