DM Monitoring
BEIJING: The present government of Pakistan has taken special measures to further develop textile industry and recently announced lucrative energy package to help recuperate from the COVID-19 shock was also commendable. These views were expressed by Cheng Xizhong, visiting professor at Southwest University of Political Science and Law said here on Sunday.
Recently announced lucrative energy package to help textile industry with peak electricity rates, offers reduced tariffs on additional power consumption and fixes power price at $ 0.07 a unit and gas tariff at $ 0.065 per MMBtu, Cheng, also a senior fellow of the Charhar Institute said.
He said the present government of Pakistan has taken special measures to gradually improve the business environment. In order to improve the sustainability of the development of the textile industry and have clear direction and objectives, All Pakistan Textile Mills Association (APTMA) is formulating a long-term development strategy for the textile industry. It plans to attract $ 7 billion of investment in the next five years, so as to increase the export volume of textiles and clothing by 100% to $ 26 billion.
Pakistan is the fourth largest cotton producer, the fourth largest textile producer and the twelfth largest textile exporter in the world. The textile industry is the most important pillar industry and the largest export industry in Pakistan. In recent years, Pakistan’s textile industry has been plagued by insecurity, high operating costs, declining competitiveness and sluggish demand in the international market.
