‘$5bn investment in pipeline, 100 new textile units to be established’

Textile sector - ‘$5bn investment in pipeline, 100 new textile units to be established’

Apart from enhancing export capacity, new investment is likely to create about 0.5 million jobs: Dawood

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has announced on Thursday that investment worth $5 billion is in the pipeline for the establishment of new textile units.

Highlighting the positive outcome of the “Make-in-Pakistan” policy, Dawood said in a tweet, “Our Make-in-Pakistan policy is beginning to show results. We have been informed that an investment of approximately $5 billion is in the pipeline under which 100 new textile units are expected to be established.”

Sharing further details regarding the investment, he said that apart from enhancing export capacity, these are likely to create about 0.5 million jobs.

“This government has reversed the de-industrialisation and InshaAllah, we are now on a path of industrial growth in the country,” the PM’s aide added.

Earlier on October 01, All Pakistan Textile Mills Association (APTMA) Patron-in-Chief Gohar Ejaz announced that the textile industry is going to invest $5 billion by adding 100 new textile plants which will provide 0.5 million new jobs and increase textile exports.

Addressing the annual general meeting of the association at the APTMA House, Gohar hoped to achieve the current year’s textile export target of $21 billion.

He mentioned that exports of the value-added sector have shown remarkable growth during FY 2020-21, registering 32 percent in towels, 19 percent in garments, 37 percent in knitwear, and 29 percent in bed wear exports.

He added that textile exports increased by 23 percent in last fiscal year, while registering 29 percent growth in the first 2 months of the current fiscal year. In August 2021, textile exports registered a growth of 45 percent over the same period last year.

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