ISLAMABAD: Ministry of Commerce and Textile is committed to increasing value addition through Prime Minister “Trade Enhancement Package” amounting to Rs 162 billion for the textile industry, announced by the government.
“We want to revive the confidence of the textile sector through PM ‘Trade Enhancement Package’ amounting to Rs 162 billion for the textile industry, a senior official of Ministry of Commerce and textiles told APP here on Wednesday.
Ministry of commerce and textiles would execute the textile policy, 2014-19 on priority to facilitate and provide ease of doing business for the growth of textile industry in the country.
In revised Prime Minister Package of incentives for exporters approved by Economic Coordination Committee (ECC) of the cabinet in order to provide duty drawback of taxes collected exporter units and extends to whole Exports Processing Zones (EPZs) in the country.
A senior official said that 50 per cent of the rate of drawback shall be provided without the condition of increment and remaining 50 per cent of the drawback rates shall be provided if the exporter achieves an increase of 10 per cent in export during the fiscal year 2017-18.
He added that an additional 2 per cent drawback shall be allowed for exporters to non-traditional markets including Africa, Latin America, non-European Union countries, Commonwealth of independent and Oceania.
Replying to another question, he said Project development and innovation wing of the Ministry, has initiated the different projects of innovations, in this regard 1000 stitching units to be established in all district of the country.
He said the government has provided uninterrupted electricity and gas to the textile sector, which proved to be a huge support for textile sector growth in the country.
Replying to a question, he said that now uninterrupted energy supplies to the textile sector provided and no complaints received from any side.
A senior official informed that Rs 946 million was allocated in Public Sector Development Programme (PSDP) 2017-18 for three different projects in the textile sector.
He said that small incubator industry was also proposed for coming years Public Sector Development Programme (PSDP) persuade the young entrepreneur like Malaysia and Vietnam.
