LAHORE: The present government has put the country’s economy on the right track by introducing industry-friendly policies, said Federal Minister for Information and Broadcasting Senator Pervaiz Rashid.
“The incumbent government is developing the country via democracy as other countries did; we have initiated and are completing some key infrastructure projects on top-priority basis,” he said while addressing the inaugural ceremony of the 16th Textile Asia 2016 Exhibition on Saturday.
The fair was organised by the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) in collaboration with the Ecommerce Gateway.
“Pakistan’s textile industry has tremendous ability to create employment at the grass root level. I congratulate PRGMEA and Ecommerce Gateway Pakistan for organising this exhibition and sending out a soft and peaceful image of Pakistan to the world,” Rashid said, adding that such fairs are important as they facilitate trade and bring in investment.
According to him, the exports of Pakistani readymade garments had increased in the international market and more of such events would benefit the local textile industry. “For the development of this sector, Prime Minister Nawaz Sharif has announced reduction in power tariff besides granting zero-rated regime to the five exporting sectors.”
PRGMEA Chief Coordinator Ijaz A Khokhar, while addressing the ceremony, said that PRGMEA took the initiative with the collaboration of Ecommerce Gateway and brought textile machinery fair in Pakistan to increase productivity of the local industry. “This event fully reflects the investment potential Pakistan offers for modernisation of the textile sector.”
“Last year the event provided an effective podium for joint-ventures and collaborations among the local textile industry and entrepreneurs where 315 exhibitors from 27 countries displayed over 310 brands,” he informed.
“Textile is the only sector which contributed $12.6 billion (60%) in exports for the year 2015-16 and $13.5 billion (57%) in exports for the year 2014-15”.
He said despite being the fourth largest cotton producing country in the world, the country had failed in converting this local produce into value-added products. It fetches only $1.17 billion per million bales compared to Bangladesh that gets $6 billion and India that gets about $1.79 billion.
Ecommerce Gateway President Dr Khursheed Nizam said this year’s trade fair was expected to attract 50,000 people from trade and the corporate sector as well as over 550 foreign delegates.
Courtesy : Express Tribune