Chairman Task Force on Textile Policy Dr Salaman Shah said on Saturday that new textile policy will be announced before the budget 2019-20. Salman Shah said this while addressing a seminar on industrial and textile policies for growth under Punjab spatial strategy organized by urban unit at TEXPO, 2019.
The seminar was addressed by Dr Shahid Najam, Vice Chairman SJB Institute of Public Policy, CEO Urban Unit Khalid Sherdil, Thias R.V. Lobo Trade Development Officer Brazil and Dr Azam Chaudhry, Professor & Dean Lahore School of Economics. He said the government has constituted three committees for finalization of the textile policy which will present its report from manufacturing to exports till next month. He said the government is formulating the policy for the next five years.
He also said that textile is the backbone of the country. Keeping in mind the importance of export of textile in economy of the country, the government is formulating a policy to increase the Pakistan's share in world export from 1.7 percent to 10 percent. He said Pakistan is a cotton producing country and it should take benefit of this.
Shah said the textile sector in Pakistan has an overwhelming impact on the economy, contributing 57% to the country's exports. In today's highly competitive global environment, the textile sector needs to upgrade its supply chain, improve productivity, and maximize value-addition to be able to survive.