Pakistani government intends to approve 30 billion rupees textile industry research and development subsidies

by:JIYALI     2021-08-19
The Economic Coordination Committee of the Cabinet of the Pakistani Government intends to approve 30 billion rupees (equivalent to US$440 million) textile research and development subsidies to promote textile exports. Pakistan’s existing subsidies are divided into two levels of 3% and 6%. The new subsidy measures are 3% for enterprises with export value of 25 million US dollars, 4.5% for enterprises with 25-50 million US dollars, and 5% for enterprises with 100 million US dollars. , 8% subsidies for companies over 100 million US dollars. This measure is conducive to the merger of the textile industry. Last year, the Pakistani textile industry subsidized 32 billion rupees, but the export performance was not satisfactory. Since the abolition of textile quotas in 2005, the Pakistani textile industry has required the government to provide three-year Ru0026D subsidies in order to gain a firm foothold in the international market competition. In addition, 5 billion US dollars worth of textile machinery was imported. But in fact, textile exports in the first 11 months of the 2007-08 fiscal year were only 9.837 billion US dollars, a decrease of 2.5% over the same period last year. Only raw cotton exports increased by 35%, and cotton yarn and clothing exports fell by 9.51% and 6.8%, respectively. The reason is that textiles Companies only profit from government subsidies and have not conducted research and development to improve competitiveness and efficiency.
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