Import of shuttle-less textile
Pakistan will try to attract global manufacturers of shuttleless textile
machines through the proposed 10 year tax holiday to encourage them to set-up
manufacturing units in Pakistan. The proposed initiatives of the Government
would result in increase in textile exports by enhancing the production capacity
of the textile sector.
In this regard, the Textile Ministry will approach global manufacturers of
shuttleless machines for assessing their requirement in establishing their
manufacturing units in Pakistan and their continued technological upgradation.
The proposed tax holidays for encouraging foreign investment in textile
machinery manufacturing in the country are sugested as the textile machine
manufacturers are relocating in China and it is the right time to attract
machine manufacturing in Pakistan. Till now the import of textile machinery
shares a big part of foreign currency outflow in annul trade bill.
To attract foreign investment in textile machinery manufacturing incentives,
like zero rating for import of plant and equipment, tax holidays for initial 10
years, inclusion of their end-product in any future scheme designed to subsidize
the import of textile machinery are being discussed.