Pakistani President Arif Alvi recently said the textile sector is the economy’s lynchpin, contributing 60 per cent of the country’s exports and 40 per cent of industrial employment. He told this to a delegation of the All Pakistan Textile Processing Mills Association (APTPMA) in Faisalabad. Despite tough economic conditions, he assured measures to improve the economy.
The government is trying its best to reduce trade deficit by curbing import of non-essential and luxury items and by reducing the cost of doing business, he said.
The government is formulating a Strategic Trade Policy Framework (STPF) for the next five years with focus on reducing cost of production and encouraging investment in export-oriented sectors, Pakistani media reports quoted the president as saying.
To fully utilise the potential of the textile value chain, a textile policy is being drafted for 2019-24, he said.