The government of Pakistan has announced its first-ever five-year National Textile Policy, setting the textile and clothing export target at US$25bn by the year 2014.

Federal Minister for Textile Industry Rana Farooq Saeed Khan said that the policy is aimed at restructuring and reorganising the country's textile and clothing industry in the next five years.

Under the policy, textile and clothing exports will be boosted by providing low interest rate loans, duty draw backs and research and development subsidies.

Other key initiatives taken under the policy include the creation of a textile investment support fund (TISF), technology upgradation fund (TUF); infrastructure development, skill development, zero tax on exports, and tax free import of machinery.

The All Pakistan Textile Mills Association (APTMA) has applauded the National Textile Policy and hailed the efforts made by the government.

By Ahmed Abdullah.