Pakistan announced withdrawal of custom duties and taxes on machineries in 2009

Under National Textile Strategy 2009-2014, Pakistan announced withdrawal of custom duties and taxes on machineries in 2009. The government announced financial support at low interest rate and LTFF too. After these steps, new investments in the textile sector have started coming in. The country has witnessed 40% increase in the import of textile machineries last year. Pakistan imported textile machineries worth $297 million in 2009-10 compared to $211 million in the previous year, said Prime Minister’s advisor on textile affairs, Mirza Ikhtiar Baig during the Inaugurating the Italian Textile Technology Seminar, organized by Italian Trade Commission – Pakistan.