Business

Pakistan To Pump US$ 5 Bln Into 100 New Textile Units

A US$ 5 billion investment is being made into creating 100 textile units in Pakistan which will generate around 500,000 jobs. This is part of the government’s ‘Make-in-Pakistan’ policy, a plan to grow industrial activity in the country. Shahid Sattar, secretary-general and executive director of the All Pakistan Textile Mills Association, said the investment would be used to enhance the value-added offering of Pakistan’s textile industry and would boost productivity in sectors from spinning to stitching. The capacity utilisation and price increase in international markets would help increase textile exports. “We are hoping textile exports will be increased from US$ 15.5 billion in last fiscal to US$ 21 billion during the current fiscal year,” he added. In its most recent set of import data, the US Department of Commerce’s Office of Textiles and Apparel (OTEXA) revealed of its top ten supplier countries, Pakistan had booked the largest increase in shipment volumes of apparel during August.