Pakistan is looking to increase its textile exports over the next nine years, with aims to double figures by 2023.
This decision comes after Pakistan signed an agreement with Tadjikistan and Kirghizistan at the beginning of December to work on enhancing the country’s energy supply. Pakistan had been experiencing power blackouts, causing problems in the textile industry. With the improvements underway, Pakistan hopes to increase 2013’s €466m profit further with predictions for $26bn profit in textile exports by 2023.
Attention to textile exports is vital for Pakistan’s growth, as the country is ranked as the 4th largest producer of cotton in the world. Backing is being provided by the International Monetary Fund, which is urging the country to make improving its energy supply a priority. Developments in the industry will pave the way for proposals to create 10m new jobs.
Plans have been underway to improve the textile industry for some time. In 2013 the government aimed to increase the country’s profit from exports by $1bn. This turned out to be successful, as the first nine months of 2014 saw exports to the European Union reach $900m, a welcomed increase with 2013 profiting an increase of 29% from 2012.
Improvements were rife over the first five months of 2014. According to Pakistan Bureau of Statistics, January and May’s export profits increased by 12.89%. Knitwear exports and readymade garments rose by 11.68% and 9.74%.
Pakistan is aware that the country needs to focus on its textile exports in order to improve the country’s finances. Commerce Minister Khurram Dastgir Khan told The International New York Times, “The growth in exports to the EU is supporting the overall exports. Otherwise, we are all aware of its dismal state”.
With plans now set in place to focus on the country’s energy supply and textile exports, Pakistan is hopeful that 2014’s success will be mirrored – a powerful start to the New Year.