New textile projects worth Rs800 bln to start production in January

According to Gohar Ijaz, Chairman of the All Pakistan Textile Mills Association (APTMA), new projects worth Rs 800 billion are in pipeline, and they will start production from January, 2022. The projects would generate millions of jobs for the locals.

“If the textile sector achieves its target, we are about to touch $50 billion exports (including services) in 2023 from $23 billion in 2018”, he added.

Ijaz gave all credit to the government for providing low cost gas & electricity on top priority, implementing the Temporary Economic Refinance Facility (TERF) for easy financing, and mobilising Pakistani ambassadors to expand new markets.

As per the latest figures of the Pakistan Bureau of Statistics & APTMA, Pakistan's textile exports surged to an all-time high of $6.04 billion in the first 4 months (July-October) of this fiscal year (2021-22) led by the value-added sector.

The country’s textile exports stood at $4.76 billion in July-October of the last fiscal year, according to a report published.

The export of textile products registered a 25.6% growth in October in the current fiscal year as compared to the corresponding month of last fiscal year. Whereas export of textile goods posted a growth of almost 9% against the $1.49 billion export in the preceding month of September of the current financial year.

ATPMA, the largest representative body of textile mills in the country, attributed the phenomenal growth in the export of textile goods to subsidized energy tariffs, which provided a big relief to the textile sector.

Asif Inam, Chairman of APTMA (South Zone) said, “The concessions on energy tariff helped textile sector post high growth in exports”.