Pakistan will introduce textile industry rescue policy

According to comprehensive reports from local media in Pakistan, the Minister of Textile of Pakistan recently stated at the 7th International Textile Machinery Exhibition that the government will introduce textile industry policies to strengthen the export of textile products and stimulate the development of the industry. At present, the federal government has invested in the textile industry. R&D subsidy funds are 44 billion rupees (approximately US$550 million). The latest R&D fund totaling 4 billion rupees will be released to textile product manufacturers and exporters at the end of this fiscal year. Pakistan’s textile industry has recently strongly called on the government to introduce a rescue plan as soon as possible. Recently, the Chairman of the Chamber of Commerce and Industry of Faisalabad, Pakistan’s famous textile city, said that the worldwide economic downturn has had a major impact on Pakistan’s textile industry, and the government should introduce relevant rescue plans as soon as possible.