Pakistan’s textile industrialists are willing to invest $5 billion in the sector.
This was revealed by the group leader of All Pakistan Textile Mills Association (APTMA) Gohar Ejaz, as China is pulling out of the textile industry in Pakistan.
While talking to the media, Gohar stated that the textile industry is focused on exports primarily. “The domestic consumption has been curtailed in other sections, however export factories are working at 100 percent capacity,” said Gohar.
The industrialist added that the textile industry is competitive in countries where average earnings are less than $100-150. “We have 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 urged the government to implement a uniform policy for the textile industry.
Previously, APTMA Punjab’s Senior Vice Chairman Abdul Rahim Nasir had requested the government to form a five-year policy for textiles and clothing to attract long term investment.
He said that the textile industry is planning to establish as many as 1000 plants near major textile producing cities, including Lahore, Sheikhupura, Faisalabad, Kasur, Multan, Sialkot, Rawalpindi, Karachi, and Peshawar.
Nasir said that Pakistan’s textile and clothing export share in global trade has dropped from 2.2 percent to 1.7 percent therefore, new investment is needed urgently. However, he stressed that the textile exports could increase to $50 billion from the existing level of $13 billion if the government ensures a long term policy for the textile industry.