With the textile expansion plan, Pakistan's textile exports are likely to grow by $6 billion and it is possible they will hit their target of $20 billion in 2022. In November Textile exports went up 36% as compared to the same period last year. APTMA released data highlighting that there was a rise in textile exports of 36% last month.
This is thanks to help from government policies and the new export strategy which focuses on boosting textile exports. In recent talks with industry stakeholders, APTMA Chairperson Syed Wasim Raza Ibrahim said that 'the ongoing expansion plan of industries will result in more employment and outperforming the $ 20 billion target by app. $1 billion extra.
The whole investment and expansion plan for FY22 in all sectors is worth $4.5 Billion, with $3.5 Billion set aside to go towards the textile sector alone. So far, $1.5bn in investments has been made in the textile industry and the extra $2bn will be invested by June 30, 2022 according to the APTMA chairman. The companies are investing heavily to offer additional value-addition services. These include taking semi-finished goods to the finished stage of the production process. For example, raw cotton is turned into dyed fabrics or ready made clothes. Levels of textile production are up, exports are expanding this year compared to last year, and the 3-year IMF Program is progressing well.
In comparison: The country’s total exports - including textile, agricultural & non-agricultural - remained at $25.3 billion last year. The nation's target annual revenue for the coming year is somewhere between $31.2 billion to $34 billion, with continued export-led growth in the economy being one of the key objectives of the government. It means Pakistan's export economy relies hugely on textiles as the country's major export item for over two decades now with cotton fabrics being its highest sales-generating category.
Where else you want to get your hometextiles produced if not in Pakistan? The numbers speaking for themselves and it's success vs. China & India i.e.
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