ISLAMABAD   -  Adviser to Prime Minister on Commerce and Textile Razak Dawood, on Thursday said that government is taking all steps to attract foreign and domestic investment for new plants and operationalisation of sick units of textile sector on competitive basis. He made these remarks in a meeting with textile exporters’ delegation. The meeting discussed issues pertaining to textile industry in order to enhance export of the country. The Adviser stressed upon the need to increase existing installed capacity of the manufacturing sector to increase the industrial base of the economy.

As Pakistan has increased exports in quantity therefore, it is the need of the time to utilise existing production capacity to the optimal level and operationalise the closed units on competitive basis, the Adviser emphasised. It was mentioned that as a result of business friendly policies of the incumbent government, exports of readymade garment have increased 32.77percent in 2018-19 while exports of knitwear witnessed an increase of 15.52percent in the same period.

The meeting was informed that owing to the positive steps taken by the Government regarding business facilitation these sick units have a chance to reconnect to their past glory. Moreover, US-China trade war has positively impacted textile exports from Pakistan. The Global Value Chains (GVCs), especially in textile sector, are realigning in US market due to high tariff against Chinese imports. This realignment is providing immense opportunity to Pakistan’s textile industry to integrate it into GVCs which will exponentially contribute in enhancing exports of the country.

Adviser to PM underlined “it is imperative to enhance industrial base for the revitalisation of economy and industrial growth. He further emphasised that expansion of industrial base is the need of the hour for industrial growth, competitive import substitution, export enhancement, employment generation and revenue generation.  The government is working out a policy paradigm for upward growth of manufacturing sector in general and LSM in particular. For this, government is developing an Industrial Policy while focusing on areas which will assist the industrial sector in improving its growth by effective allocation of resources, the Adviser added.