Business

Pak Govt. Reaches All Out To Boost Textile Sector

The Export Enhancement Package floated by the Pakistan government has granted a boon of Rs. 14 billion to the nation’s textile industry. The scheme was envisaged by the Pakistan Prime Minister. Pakistan’s textile and industry secretary Ifthikar Babar informed the media that in the next five years, the textile sector is slated to receive a bonanza of Rs.115 billion. He gave a press statement stating, “For the promotion of textile sector and textile-led exports, the government has rationalized the price of energy, including electricity and gas, so as to help the industry grow.” The secretary talked about prioritizing the creation of a conducive business environment for the textile sector. Subsequently, this move will boost external trade and also Pakistan’s foreign exchange earnings. He also elaborated the government’s scheme to relax import duty on textile machinery in order to modernize the production techniques and boost the capacity the textile industry. He concluded that this package will ensure that cost of doing business will come down. “It will benefit industrialists, exporters as well as the common man.”