The Pakistan Prime Minister in his meeting with all the textile industry stakeholders in September had very wisely desired the Textile Ministry and the textile industry to come up with a long-term policy for the revival and growth of the textile industry. All Pakistan Textile Mills Association (APTMA) has urged the government to announce and lay down the implementation mechanism for the agreed long-term policy. APTMA Chairman Aamir Fayyaz stressed that an early announcement of the policy will help reverse trade account deficit and thereby contribute to the country’s progress and prosperity.
Fayyaz said that the policy has been devised for the restoration of the international competitiveness of Pakistan’s textiles whereby 1,000 garment and stitching plants are expected to materialise to make the best of the opportunity. The Federal Textile Board, in its follow-up meeting with all stakeholders, had unanimously proposed various initiatives as a long-term policy to be announced at the earliest. It enabled requisite investment to generate exportable surplus and achieve additional $20 bn exports in the shortest timeframe to overcome the menace of growing trade deficit, the biggest economic challenge for the government.