As Pakistan has increased exports in quantity; therefore, it is need of the hour to utilize existing production capacity to the optimal level and operationalise the closed units on competitive basis, he emphasised.
During the meeting, it was mentioned that as a result of business friendly policies of the incumbent government, the exports of readymade garment have increased 32.77 percent in 2018-19 while exports of knitwear witnessed an increase of 15.52 percent in the same period.
The meeting was informed that due to positive steps taken by the government regarding business facilitation these sick units have a chance to regain their past glory. Moreover, US-China trade war has positively impacted textile exports from Pakistan.
The Global Value Chains (GVCs), especially in textile sector, are realigning in the US market due to high tariff against Chinese imports. This realignment is providing immense opportunity to Pakistan's textile industry to integrate it into GVCs which will exponentially contribute in enhancing exports of the country.
The advisor to PM underlined, "It is imperative to enhance industrial base for the revitalization of economy and industrial growth." He further emphasized that expansion of industrial base is the need of the hour for industrial growth, competitive import substitution, export enhancement, employment generation and revenue generation.
The government is working out on a policy paradigm for upward growth of manufacturing sector in general and LSM in particular. For this, the government is developing an Industrial Policy while focusing on areas which will assist the industrial sector in improving its growth by effective allocation of resources, the advisor added.