Pakistan approves implementation of modernization plan for textile machinery

The Ministry of Textiles of Pakistan recently approved the Technical Reform Programme (TUF), which may take effect from the next fiscal year, which will take effect from July 2012.

As part of the revamp plan, the Central Bank of Pakistan will support small-scale and large-scale textile units nationwide that increase production capacity and upgrade textile machinery.

According to the Technological Innovation Program, large-scale textile projects can obtain a 5% discount on updating the technology of their units, while small-scale units can receive a 20% discount on bank loans and up to Rs 10 million on investments. assistance.

During the presentation of the Technological Innovation Project, Shahzad, the Pakistani Association of Dressed Goods Manufacturers and Exporters (PRGMEA). Salim said: "For large-scale manufacturing units, the plan will be applied to specific projects, the purpose of these projects is to modernize and expand their units. In this way, they can get initial subsidies from the government and reach the maximum limit. Small-scale manufacturing units can achieve one-time concessions on investment in realizing their modernization plans."

Regarding the implementation of the technical reform program, Salem said: "The plan and its characteristics have been discussed many times, are acceptable and satisfactory. At present, the plan is approved so that textile manufacturers can use it as soon as possible. With this favorable condition, the technical reform plan will be implemented from the next fiscal year starting from July 2012."

Exploring the interests of the clothing sector, Salem said: “The revamp plan will also help small exporters balance and modernize themselves, expand sewing, sewing and other fields. Apparel manufacturers can use the revamp plan to wash Equipment updates and modernization."