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Pakistan textile industry eyes US $ 30 billion in exports

The All Pakistan Textile Mills Association (APTMA) has said the industry is committed to attain US $ 30 billion in exports.

The body said the immediate focus of the Government should be on augment in cotton manufacturing by doubling cotton yield to 1200 kg per hectare from existing 660 kg.

The industry is reliant on import of 3.5 million bales to meet its consumption by spending precious foreign exchange worth US $ 1.1 billion dollar per annum.

An enhancement in the cotton yield can take manufacture to over 20 million bales that will save foreign exchange.

It added that there is a need to amplify credit allocation to the industrial sector and release of liquidity lying pending on account of sales tax.

The Pak textile industry has envisaged to reach 20 million bales of cotton production, 1 million tonne polyester fibre, US $ 28 billion textile and garment exports, increase in share in global exports by 3.5 percent of textile and 2.7 percent of garment and US $ 1.4 billion new investment per annum by 2023-24.

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