Govt disburses Rs14bln among textile exporters

ISLAMABAD: The government has disbursed Rs 14 billion among the textile exporters against claims for Rs 21 billion through the State Bank of Pakistan under the Prime Minister’s Export Enhancement Package till December 21, an official said on Wednesday.

“The Rs162 billion package was aimed at helping the textile sector gain competitiveness in the international market to improve the country’s exports,” a senior official at Ministry of Commerce and Textiles industry said while talking to Associated Press of Pakistan (APP).

“The government wants to revive confidence of the textile sector through the package, which would later expand to other industrial sectors, including the pharmaceuticals.” The official said the government was committed to providing an enabling business environment to all the industrial sectors.

“In this regard it has also given procedural and tax relaxations on the import of textile machinery for the modernisation of industry and enhancement of the capacity of the sector,” the ministry functionary said.

The official said through this package cost of doing business would come down in the country. Meanwhile, Anis-ul- Haq, general secretary All Pakistan Textile Mills Association (APTMA), told APP that there was a need for providing a competitive business environment to the textile sector to boost exports.

“The government should evolve export-led economy for economic stability and growth,” Haq added.