Prime Minister Shaukat Aziz has informed that country's textile industry has the capacity to reach $10 billion mark by June 2006.
Pakistan's textile exports account for about 3 percent of total textile trade, estimated at $300 billion.
According to industry experts, western countries will close their manufacturing units and shut them or outsource from cost effective regions in Asia, by 2014.
Prime Minister also stated that textiles is prime sector for country's industrial growth and Government is also supporting private enterprises in improving products quality and competitiveness to compete global players.
Textile sector has been growing due to effective Government policies, positive macroeconomic indicators, rationalized tariff, removal of sales tax on textile, lower interest rates and friendly environment.
Renowned industrialist and economist, Zubair Motiwala presented that the country's textile industry has been growing following positive Government policies.
He also elaborated on post-quota figures of textile exports. Total textile exports increased to $7.4 billion in 2005-06 from $6.4 billion in 2004-05.
He also informed that during 2005-06, exports of bed wear grew 58 percent, ready made garment 31 percent fabrics 16 percent, towel 12 percent yarn 11 percent and knitwear 4 percent, accordingly.
Prime Minister assured that Government will take all positive steps for further development of textile industry.
marketing@alchempro.com
