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Pakistan to invest $125 million to enhance capacity of synthetic filament

The filament manufacturing group of the textile division of Pakistan has committed to invest US$125 million to upgrade its existing production capacity.

Pakistan to invest synthetic filament

Adviser to the Prime Minister on Commerce, Textile, Industries & Production and Investment Abdul Razak Dawood held meetings with the representatives of the entire textiles value chain on 9 January 2019 and assured the availability of raw material for the industry as well as fair protection to the domestic industry to attract further investment.

“Internationally cotton is now 30% of the total fiber consumption and manmade fiber and filament is now at 70%, while the situation domestically is quite opposite,” noted Abdul Razak Dawood.

Internationally cotton is now 30% of the total fiber consumption and manmade fiber and filament is now at 70%, while the situation domestically is quite opposite.

Abdul Razak Dawood, Adviser to the PM on Commerce, Textile, Industries & Production and Investment

State Bank of Pakistan (SBP) in a recent report observed that with adequate availability of raw materials in the country, Pakistan could have excelled in global synthetic textiles market such as Vietnam, Bangladesh, and Cambodia, which are leading exporters of synthetic textiles following China.

The central bank also criticized domestic policies and market conditions that have had hindered the country’s foray into this emerging market.

Ibrahim Fiber, ICI Fiber, Rupali, Gatron, Lotte PTA, All Pakistan Textile Mills Association, All Pakistan Cotton Power Loom Association, Pakistan Silk and Rayon Mills Association and Pakistan Yarn Merchant Association have also attended the meeting.

Also Read: Polyester filament sales valued at US$ 87 bn in 2018

Issues related to the tariff, regulatory duties, anti-dumping duties, additional customs duties, smuggling and simplification of temporary import schemes for exports were also discussed.

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