Pakistan prepares for new textile policy

It was learned from the National Assembly that the Ministry of Textile Industry of Pakistan is currently revising and redesigning the textile policy, and the new policy will be ready by June 30 this year.
Textile Industry Minister Abbas Khan Afridi said that the new textile policy will be implemented in the next five financial years (2014-19).
He said that the new policy will focus on added value and boosting exports. Implementing a technology upgrading plan that will encourage investment in shuttleless looms and the garment industry will also be one of the policy’s primary objectives.
The minister said that the textile policy plan will cost 188.6 billion Pakistani rupees in the 2009-14 fiscal year, but the data released by the Finance Ministry so far is only 28.75 billion rupees.
In the first three quarters of the 2013-14 fiscal year (which started on July 1), Pakistan’s textile and clothing exports increased by 7.99% year-on-year, reaching US$10.384 billion, of which the United States, the United Kingdom, China, Germany, and Bangladesh were the five major destinations.