According to Pakistan’s “Daily Times” report on June 6, Pakistan’s Finance Minister Dar said at the 2015-2016 fiscal year budget conference that the textile industry is the pillar of Pakistan’s economy, accounting for more than 50% of total exports, and also provides employment The manufacturing sector with the most jobs. Considering the importance of the textile industry, the government introduced a package of policy measures to promote the textile industry from 2014 to 2019 last year, and these measures will continue to be effective in the next fiscal year.
The main measures include: first, investing 64.15 billion rupees (approximately US$600 million) to achieve the goal of doubling textile exports in 2019 and creating 3 million new jobs; second, reorganizing the Federal Textile Council, with most of the members coming from The private textile sector; third, enjoys the export tax rebate policy; fourth, some imported textile machinery is exempt from tariffs; fifth, enjoys preferential loan policies. The loan interest rates for textile exporters by export financing institutions and long-term financing institutions are both historically low, 4.5% and 6% respectively. %; the sixth is to establish a technology upgrading fund to promote the upgrading and renovation of textile industry plants and equipment; the seventh is to invest 4.4 billion rupees this fiscal year to train 120,000 unskilled workers within five years; the eighth is to promote the application of new cotton seed technology. Pakistan will maintain a number of textile industry promotion policy measures
