With quota regime ending in January 2005 and the on-going expansion in textile business in the country. Pakistani textile industry is better prepared to compete with its Asian rivals. 'At the current pace of expansion, the industry expects investments of around $2 billion before January 2005, putting Pakistan in a strong position to compete with Asian giants," the industry experts observed.
According to the experts, in a quota-free world where exporters would lose the protection of quota system designed to help developing countries get a share of two big markets.
The US and the European Union businessmen say Pakistan is better prepared to compete against its Asian rivals India, China and Bangladesh.
Industrialists say that sharp reductions in interest rates which currently hover around 6.9 percent compared with 18-20 percent two years ago, are also encouraging the expansion ahead of January 2005.
The expansion plans have been further helped by Pakistan's growing exports which were recorded at around $12.3 billion during the fiscal year 2003-04 against the target of 12.1 billion. Analysts say, more than half the rise was due to higher textile exports.
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