The representatives of the textile sectors have praised the government for announcing the textile policy, which envisages $25 billion textile export in the next five years.

Bilal Mulla, Chairman of Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Standing Committee said that value-added textile products called the textile export target of $25 billion ‘unrealistic’. He said that the annual rate of growth of the sector was around 10% for the last 15 years, but the textile policy envisions a target growth rate of 25% for the next 5 years, which is impossible.

Presently, textile exports are at the level of around $10 billion, and are showing a downward trend with each passing day, which implies that textile exports would further decline due to the economic slump.  The drawback at 3% on garments, 2% on home textile and 1% on fabric is a step in the right direction and will impede the downward rally. Federation of Pakistan Chambers of Commerce and Industry also appreciated the textile policy 2009-14 providing incentives of export refinance at lower rates, relief on existing long-term loans, restructuring and reorganization of the textile sector, drawback of local taxes, refund of past R&D claims and monetisation of PTA.

By and large, the textile sector is happy over the textile policy as in a statement Chairman of Council of All Pakistan Textile Associations, Muhammad Zubair Motiwala appreciated the new policy.

President of Karachi Chamber of Commerce & Industry, Anjum Nisar, Central Chairman of Pakistan Hosiery Manufacturers’ Association, Muhammad Jawed Bilwani and Chairman of All Pakistan Textile Processing Mills Association, Nisar Sheikhani also express their satisfaction over textile policy.