Foreign Investment to Produce 0.5 M Jobs in Textile Sector
Pakistan Bureau of Statistics say the textile group exports crossed $15 billion which is one of the highest-ever in the first 2 months of FY21
Glad tidings for the textile sector as Abdul Razak Dawood, Adviser to Prime Minister on Commerce, announced that an investment of around $5 billion will be received soon for booming the industry.
The investment is going to set up 100 new textile units and it is expected to generate 500,000 jobs.
The adviser reached out to his Twitter handle to share the latest development
Our Make-in-Pakistan policy is beginning to show results. We have been informed that an investment of approximately USD 5 Billion is in the pipeline under which 100 new textile units are expected to be established. Apart from enhancing export capacity,
— Abdul Razak Dawood (@razak_dawood) October 7, 2021
“This government has reversed the de-industrialization and Insha’Allah, we are now on a path of industrial growth in Pakistan”, he said in another tweet.
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All Pakistan Textile Mills Association (APTMA) Executive Director (ED) Shahid Sattar said the textile sector had opened a $3 billion letters of credit for importing machinery after getting a facility under Temporary Economic Refinance Facility (TERF) by State Bank of Pakistan (SBP).
There is a financing facility of 60% under the TERF provisions and the textile units were asked to finance a further 40%.
“If a textile unit generates 5,000 jobs, a hundred units would certainly create 500,000 new jobs”, he added.
According to the Pakistan Bureau of Statistics (PBS), textile group exports crossed $15 billion which is considered as the highest-ever in the first 2 months of FY21.
