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Wednesday, May 22, 2024

AlKaram Textile signs 6 year export agreement with US clothing brand Gap Inc.

Pakistani textile brand, AlKaram Textile Limited, has received supply orders from the renowned American brand Gap Inc. for six years.

Pakistani textile brand, AlKaram Textile Limited, has received an order from the renowned American brand Gap Inc. for six years.

The Managing Director of AlKaram Textiles, Fawad Anwar said that the company has signed the contract of home textiles for six years from Gap Inc. for the whole of North America and Mexico. The company will be Pakistan’s first home textile company to enter brand licensing space in international markets. The project is likely to open doors for other textile and retail brands to enter the international markets.

Read more: Pakistan’s exports growing faster than India, Bangladesh post-COVID-19 first wave: Bloomberg

The international venture is expected to increase employment and promote local businesses in Pakistan. The mills of the textile brand are located in Karachi. The company has 10,000 employees across all of its branches and earns a revenue of $337.26 million in sales annually.

Shahbaz Gill said that power looms were being sold at Rs 40 per kilo in the PMLN era, now 30,000 new power looms are being installed, which require two lakh, new employees.

The Textile industry has seen significant improvements as a result of the Prime Minister’s industrial reforms. According to sources within the Textile industry, the stakeholders are relieved by the reforms as export orders have seen an unprecedented rise. Orders from Bangladesh and India have been diverted to the Pakistani industry, said the report.

Read more: How PTI helped Pakistan’s industrial sector reach full potential

The federal government has finalized it’s Textile Policy 2020-25.’ The Textile industry is one of the most important export industries that Pakistan has.

The new policy contains subsidies and lower tax rates for an ailing industry. The textile industry in Pakistan is one of great significance for its contribution to employment and exports. The production of cotton textiles predominates, despite a large jute industry, increasingly important carpet industry, and synthetic textiles.

The proposed package carries special duty-drawback rates, rationalization of duty on the textile value chain, and subsidy on long-term loans and development subsidies.