Islamabad, May 14, 2014 (PPI-OT): Finance Minister Senator Ishaq Dar chaired a meeting to discuss economic issues related to textile industry at the Finance Ministry today. Ms, Rukhsana Shah, Secretary Ministry of Textile Industry in a detailed presentation highlighted importance of the textile sector for economy of Pakistan.
The Finance Minister was informed that textile sector has a share of 54% in the total exports and 8% share in the overall GDP. He was informed that due to poor seed technology and low investment in value addition, there is stagnant cotton production in the country.
The Secretary informed that Pakistan is exporting semi processed raw materials to the competitors who add value and re-export consumers’ products. It was further informed that Pakistan needs to have access to the latest seed technology and certified seeds in order to increase per hectare cotton production.
The Finance Minister was further informed that due to stuck up liquidity on refunds, non-availability of energy and high interest rates the country is losing ground to other competitors. He was informed that stitching is a sector in which with small investment huge job employment targets can be achieved.
The Finance Minister said that the aim of the PML-N government is to make Pakistan a vibrant economy of the world and in this regard all necessary steps will be taken to ensure export led growth pattern. He directed Secretary Textile Industry to hold a meeting with Governor State Bank, Chairman FBR and officials of the Finance Ministry for recommending steps and measures to be included in the budget for the next financial year 2014-15.
He added that necessary measures will be taken in the financial bill to overcome the challenges being found by the textile industry. Federal Minister for Textile Industry, Mr. Abbas Khan Afridi, Secretary Finance and senior officials of the Ministries of Finance and Textile Industry also attended the meeting.
For more information, contact:
Director General (Media)
Ministry of Finance
Government of Pakistan
Room # 514, Block-’Q’, Finance Division,
Pak. Sectt. Islamabad
Phone: 92 51 9206382, 9211707