ISLAMABAD
Minister for Planning and Development Asad Umar on Monday claimed that the textile industry in the country is booming because of the Pakistan Tehreek-e-Insaf (PTI) government’s prudent economic policy.
According to details, Federal Minister Asad Umar in his statement on social networking site Twitter said that according to a Bloomberg report Pakistan’s textile industry is growing rapidly and after many years the textile industry is lagging behind other countries in the region.
Asad Umar said that this industry was going down during the PML-N regime. With the closure of units, it is now expanding on a large scale.
On the other hand, Federal Minister Murad Saeed in his statement said that if anyone has forgotten, let him be reminded that this industry was also closing down during the PML-N era. “Today, despite the global epidemic, the textile industry under the leadership of Prime Minister Imran Khan is also on the path of development,” he added.
On January 20, 2022, addressing the members of Pakistan Textile Exporters Association (PTEA), Asad Umar said the real target for the country is to achieve sustainable growth in exports as sustainability in exports is the only recipe to cope with the economic miseries of Pakistan.
He congratulated the exporters on achieving the highest ever 18.28% surge in FY 2020-21 despite adverse impacts of Covid-19 pandemic. World’s major economies shrunk mainly due to the deadliest Covid-19 waves, but it is Pakistan that showed tremendous performance in increasing the exports; whereas the regional competing economies of India and Bangladesh remained in the negative zone. “All credit goes to our valued exporters who performed extremely well even in challenging times of pandemic,” he added.
Responding to a question, he assured to take up the issue of insufficient allocation of ERF with the finance ministry and SBP. The minister stressed the need to focus on diversification and SME promotion as these two segments would lead Pakistan towards economic heights. He considered the textile industry as the backbone of the economy; whereas textile exporters are key players in the economic development of the country.
