ISLAMABAD – Federal Textile Industry Minister Rana Muhammad Farooq Saeed Khan has said that that textile exports picked up to and increased by 22.37 percent during the period from July to December 2010 compared to the same period in the last financial year.
Rana Farooq said that the prompt implementation of the textile policy chalked out in 2009 was steering the textile industry in right direction as can be seen in the sustained growth in textile exports in the last two years.
The minister said that since the announcement of the policy, the ministry has undertaken effective measures. Rana Farooq stated that the export of raw cotton increased by 11.91 percent and added that export of cotton yarn exhibited an increase of 17.80 percent with export of yarn other than cotton yarn rising by 15.43 percent.
The minister said that export of cotton cloth registered an increase of 27.87 percent, towels, 7.32 percent, while hosiery and knitwear export also grow by 20.67 percent. The export of ready made garments rose by 33.09 percent, while export of synthetic fabrics increased by 76.43 percent, he stressed.
Saeed claimed that the substantial growth in textile exports was made possible only due to various initiatives launched by ministry of textile industry. He also said that an amount of Rs 4.82 billion has been allocated in various support schemes with an additional allocation of Rs 200 million for the ‘Export Finance Mark-up Rate Facility’ scheme.
Moreover, a request has been sent to State Bank of Pakistan (SBP) to immediately disburse the amount of funds against claims, he added. He said that instructions for the remaining amount of Rs 2.675 billion will be issued later on.
