MINTEX to pay Rs15bn for textile sector by August 15

ISLAMABAD: Ministry of textile industry has said that Rs.15 billion would be paid to the textile sector through Prime Minister "Trade Enhancement Package" by August 15,2017.

Ministry of Textile through implementation of the package will provide incentives worth Rs 162 billion for the modernization and development of textile sector,a senior official of Ministry of Textile told APP here on Thursday.

"Textile sector will get Rs 162 billion out of the Rs 180 billion "Trade Enhancement Package" announced by Prime Minister Muhammad Nawaz Sharif."

The package is for a duration of 18 months starting from January 2017 to June 2018.

He said that "We are committed for the revival of textile industry and to providing enabling environment for the sector".

The government had given relaxation on the import of textile machinery to enhance the capacity of the textile sector, he added.

The official said that through this package cost of doing business would come down leading to further boost in business activities.

The government is working to implement the textile policy 2014-15 on priority in its true spirit and for maximum benefit of the industrial sector.

Replying to a question, he said, that the MINTEX had introduced 16 new varieties for cotton for better production.

He said the Ministry had started a training programme for cotton growers to help them control pest and better manage crops.