Pakistan textile industrialists are willing to invest $5 billion in the sector as
China is pulling out of textiles, informed Group Leader All Pakistan Textile
Mills Association (APTMA) Gohar Ejaz.
Talking to local media, the textile industrialist said that the only industry
working in Pakistan at the moment is the textile industry. “The domestic
consumption has been curtailed in other sections, however export factories
are working at 100 percent capacity," said Gohar.
The industrialist added that textile industry is competitive in only those
countries where average earnings are less than $100-150. “We have got the
raw material, technology and labor," he said, adding, “we are globally viable
and there is a demand for our product after 10 years".
The Group Leader APTMA urged the government to implement a uniform
policy for the textile industry. Days ago, APTMA Punjab Senior Vice
Chairman Abdul Rahim Nasir urged the government to provide five-year
policy for textiles and clothing to attract long term investment..
Nasir said that Pakistan''s textile and clothing export share in global trade
had dropped from 2.2 percent to 1.7 percent therefore; fresh investment was
an urgent need of the hour. However, he stressed that the textile exports
could increase to $50 billion from existing level of $13 billion provided that
the government ensures long term policy for the textile industry.
Source: Business Recorder, Pakistan Monday, 30 December 2019