(Views expressed in this article are the personal opinion of the authors.)
Textile Industry of Pakistan has been playing an important role in increasing exports and reducing wide spread unemployment. This has a contribution of 8.5% in GDP of Pakistan and has provided people of industrial manpower with 38% of employment. An investment of US $ 7 billion has been invested in past 6 years. US $ 9.8 billion has been invested during the last one fiscal year.
Pakistan is the 4th big country in the production of cotton and the 3rd big country in the world in its use of cotton. During the period from July 2007 to June 2008 the exports of our textile industry has been US $ 10.5 billion approximately whereas in comparison with total exports of Pakistan, the share of this sector has been 55% (South Asia Investor Review: Pakistan Textile Industry Hits Rough Pitch).
Pakistan Textile Industry has made the world believe its solid position in the global market for the last 4 decades. The Pakistan Textile Sector has been growing independently and rapidly particularly after the lifting of trade restrictions and sanctions of the World Trade Organization (WTO) and the Multi Fiber Agreement (MFA) (Farah et. al., 2011). Although some global and indigenous factors are causing changes and unfortunately these changes have been snatching Pakistans superiority comparatively in the hallmark of the sector.
About the Authors:
Muhammad Tahir & Dr Khalid Mughal are associated with the Preston University at Islamabad, Pakistan.
This article was originally published in the New Cloth Market magazine, November, 2012.