The Ministry of Textiles of the Pakistan Government has issued a notification stating that in pursuance of entry 7 of item 39 of Schedule II of the Rules of Business, 1973, the Prime Minister package of incentives for exporters was approved by Economic Coordination Committee (ECC) of the Cabinet.
The Pakistan Federal Minister for Textile and Industries Abbas Khan Afridi in his keynote address at the First Pakistan Textile Summit on Thursday stressing the need to formulate a comprehensive and long-term textile policy said that on incorporating the recommendations of stakeholders in the draft of the first textile policy, it would be forwarded to the Economic Coordination Committee (ECC) in next three weeks for approval.
Pakistan exporters disappointed with the decision of the Economic Coordination Committee to delay the approval of the second five-year Pakistan textile policy 2014-19 for another couple of weeks, as they were eagerly awaiting cash incentives for their future exports and investments.
The textile policy was originally due in September. The sooner the policy is finalised, the better for the industry and textile exports, as the Heimtextil fair [in Germany] is fast approaching.
The Secretary Ministry of Textile Industry (MINTEX) at the first meeting of Federal Textile Board held on Monday after its reconstitution in July 2014 chairing by Minister for Textile Industry Abbas Khan Afridi announced that the Pakistan’s textile policy would be presented in the next Economic Coordination Committee (ECC) of the Cabinet meeting also restructuring of Pakistan Central Cotton Committee (PCCC) was also on cards.
The Trading Corporation of Pakistan (TCP) has not been in the business of cotton purchase since 2005-06, but this year after a decision taken by the Economic Coordination Committee (ECC) the corporation revived its centres in Sindh and Punjab for the procurement drive.
The TCP will start buying one million bales of cotton from farmers in the first week of November and achieve the goal in one and a half month.
