The incentives announced in first ever textiles policy has resulted in boost to knitwear exports that have reached US $ 2.03 billion from US $ 1.73 billion.
The ministry of textile industry adopted measures to facilitate the sector to enhance exports while under the policy (2009-14). Various short- to medium-term schemes were notified including SRO of duty-free import of textiles machinery by the Federal Board of Revenue (FBR).
Under textiles policy initiatives Rs 28.75 billion have been disbursed by State Bank of Pakistan (SBP) till date. The ministry on Sunday announced that there were 973 knitwear exporting units registered with Pakistan Hosiery Manufacturers Association. These include 392 in Karachi, 159 in Lahore, 275 in Faisalabad and 147 in Sialkot.
Meanwhile, Pakistan Hosiery Association said their membership has decreased since 2005. However, the total numbers of new textile companies registered with Securities and Exchange Commission of Pakistan (SECP) were 485 against 265 companies that were dissolved during 2008 to 2012. Importantly since 2005, the knitwear exports have increased from $ 1.73 billion to $ 2.03 billion.