The Economic Coordination Committee (ECC) of the Cabinet Islamabad in Pakistan after detailed discussions and deliberations considered and approved the proposed ´Textiles Policy 2014-19′ subject to deletion of section 12.3 of the policy related to textile development fund out of export development fund. Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Committee here at the Prime Minister’s Office. The issue of deletion of section 12.3 of the policy related to textile development fund out of export development fund would be decided by a committee under the chairmanship of Minister of Planning with Minister of Commerce and Minister of Textiles as members.
Among others, the key features of the policy approved by the ECC included: to double value addition from $1billion per million bales to $2 billion, to double textile exports from $13 billion to $26 billion, to facilitate additional investment of $5 billion in technology and machinery, to improve fibre mixes in favour of non-cotton, i.e., 14 per cent to 30 per cent, to improve product mix especially in the garment sector from 28 per cent to 45 per cent, to facilitate creation of 3 million new jobs and to strengthen textile firms with focus of SME sector by improving their level of compliance with international standards in respect of labour and to enable them to adopt modern management practices.