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Textile industry growing even in economic, energy crisis: APTMA

Textile industry growing even in economic, energy crisis: APTMA

LAHORE: Amir Fayyaz, head of All Pakistan Textile Mills Association (APTMA) committee on international trade, has said that the textile industry has shown its resilience through 30 per cent export growth even in economic and energy crisis.

Addressing an APTMA luncheon, Fayyaz pointed out that Pakistan is the most efficient value-added textile chain supplier in the world after China. “More opportunities including the expected GSP-Plus status from the European Union are knocking at the door,” he added.

The APTMA official claimed that Pakistan is nearing to get the GSP-Plus status as the European Commission’s technical team has given a positive assessment on Pakistan’s application. Pakistan is going to double its textile exports in the next four years from $13.1 billion to $26 billion and it is an achievable target, he said.

Fayyaz maintained that the rising cost of production in China is making it difficult for the Chinese to produce textile stuff. He informed the audience that the Chinese textile exports declined by $30 billion last year as most of the lost shares were captured by Bangladesh, Vietnam, Sri Lanka and Cambodia. He said, “The major reason for this transfer of market is that these countries are enjoying zero-rated facility on their exports.”