KARACHI -It is heartening to learn that a number of MoUs have been signed at Textile Asia, and a total business of approximately $ 30 million has been negotiated in three days of the exhibition. This was stated by the Federal Advisor on Textile Dr Mirza Ikhtiar Baig in the closing Press conference on the 3rd Day of Textile Asia. He said that the event ended successfully and all in all attracted more than 212 foreign delegates and over 38,465 trade/corporate visitors. The Federal Advisor said that to support investment for upgrading textiles machinery and technology, the Government has issued 'Technology Up-gradation Support Order 2010 and has allocated Rs40 billion towards various incentives allowed in the new Textile Policy 2009-14 including the opening of export marketing offices and warehouses abroad, 50% reimbursement of 3 foreign staff, 50% payment of one year rental and 50% subsidy for the acquisitions of brands & franchises. Sharing the benefits further under the Support, he said, For projects exceeding investment of Rs 10 million in machinery or technology, the Federal Government will pick-up 50% of mark-up subject to a maximum of 5 percentage points p.a., whichever is less; For projects with investment in machinery and technology not exceeding Rs. 10 million, the Federal Government may provide grant up to 20% of the capital cost for new Plant and Machinery only as Investment Support. This support will be available to SMEs as defined under the SBP Prudential Regulations for SMEs; and the repayment period shall not exceed ten years including grace period as may be allowed by the SBP. The investment support shall be provided to existing and new textiles units registered with Ministry of Textile Industry and besides this, several other policies are under development for facilitation of our textile and garment sectors, Dr. Baig added.