The All Pakistan Textile Mills Association (APTMA) has announced that it will spend $5 billion to build 100 new textile units.
In a meeting held last week, Gohar Ijaz, Patron General of Aptma, said that he expects the construction of most of the plants to be completed by February 2022.
He said, and he also expected that with the help of this initiative. Pakistan would achieve the target of $21 billion in textile exports this year.
Abdul Razzaq Dawood, trade and investment adviser to Prime Minister Imran Khan, confirmed the deal via his Twitter account.
The trade adviser tweeted that about $55 billion has been invested in the pipeline. Which is expected to build 100 new textile units.
“In addition to enhancing trading potential, they’re expected to create about 500,000 jobs,” Dawood said.
The adviser attributed the victory to the government’s unique “Make in Pakistan” policy. Which encourages local production and domestic manufacturing.
Under the program, the government aims to formulate long-term policies to encourage investment in Pakistani manufacturing. So the aim is to combat heavy reliance on imports. Reduce external account pressure and allow the country to export higher value.
In addition, it is expected to generate jobs, increase human resources and increase productivity.
According to data released by the Pakistan Bureau of Statistics. Pakistan’s textile and textile exports grew 28.67 percent to $2.93 billion in the July-August period.
During the COVID-19 epidemic, the State Bank of Pakistan provided financial assistance to the textile sector through the Temporary Economic Refinance Facility (TERF) and the Long Term Financing Facility (LTFF).
APTMA is a trade association that expresses Pakistan’s main textile industry and represents more than 400 textile companies.