Pakistan : Textile Sector Prepared To Survive Challenges

Governer of State Bank of Pakistan Dr Ishrat Husain, said that the textile industry is preparing itself to survive the challenges of new textile market in 2005 with focus on value-addition, pricing and quality. With the huge investment of $ 2 billion on balancing, modernisation and replacement, the textile sector has positioned itself to survive after 2005.

The SBP Governor, who was in New Delhi to attend an Asian Clearing Union (ACU) conference, said the textile industry is not only old type of yarn and cloth, but "we have one billion dollars exports of bedwear, knitwear and readymade garments. We are also increasing synthetic textiles exports, so it is value-added where are going in." He said: "The textile industry must be complimented for the foresight they have shown by completely re-hauling and positioning themselves for 2005," he said, adding that other major sectors where a lot of investment is taking place as a result of the government's aggressive economic policies are oil and gas and financial sectors.

With the turnaround of economy in a short span of over three years, Dr Ishrat said the dynamic economic approach and deep-rooted structural reforms have put the Pak economy on the rails from completing macro economic stability towards high growth rate. He said that the central banks Governors of the seven Asian countries were very much impressed by the turnaround of the economy and indicators showing positive results. He said he also briefed the Indian print and electronic media in threadbare fashion as the news about Pakistan's economy was almost non-existent here.