Prospects for the Textile and Clothing Industry in Pakistan
Released on = June 5, 2007, 3:57 am
Press Release Author = Bharat Book Bureau
Industry = Marketing
Press Release Summary = The textile and clothing industry is the backbone of Pakistan's economy. In addition to being the country's largest industrial sector, it accounted for no less than 68% of export earnings in 2003/04. As such it enjoys strong support from the government which is keen to foster
Press Release Body = Prospects for the Textile and Clothing Industry in Pakistan
The textile and clothing industry is the backbone of Pakistan's economy. In addition to being the country's largest industrial sector, it accounted for no less than 68% of export earnings in 2003/04. As such it enjoys strong support from the government which is keen to foster the sector's growth. The government's Textile Vision 2005 study has provided much of the thinking behind future development. The aim is to make Pakistan one of Asia's top five textile and clothing exporting nations. At present it ranks eighth. Pakistan's role as one of the world's leading cotton producers has provided the basis for the textile and clothing industry's development, although there has been a move towards the use of man-made fibres in line with evolving consumer preferences in world markets. Much of the sector has serious weaknesses-including outdated technology, poor quality and low productivity-although significant gains in output have been made over the last ten years. A high proportion of operations are in small and medium sized companies which tend to be inefficient and lack the resources to effect an improvement. Foreign investment is rising, but from a very low level. However, the biggest challenge over the short to medium term stems from the ending of the global quota system on December 31, 2004. This will present new opportunities but the threat of Chinese competition and dominance looms large.
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