Pakistan has announced a $35.5 million financial package aimed at supporting its textile and apparel industry, as well as other export sectors, to enhance competitiveness and improve cash flows for manufacturers. The decision was made by the commerce ministry, according to local media. The textile sector remains a key pillar of Pakistan’s economy, contributing 59.6 percent of total exports during the July-March period of the last fiscal year, with shipments reaching $13.5 billion.
The move comes as the government seeks to modernize manufacturing processes and increase the efficiency of export industries. The funding is intended to help companies upgrade technology and remain competitive in international markets. This initiative is part of broader efforts to strengthen Pakistan’s position in global trade.
The government has emphasized the importance of export diversification and innovation to sustain economic growth. While the textile industry remains dominant, the support extends to other export sectors as well. The ministry has not yet provided details on how the funds will be distributed or which specific companies will benefit.
The decision follows growing concerns about the country’s economic challenges and the need for structural reforms to support key industries. (arabnews.pk)
