Scope of cooperation of Gherzi for fibre recycling, renewable energy highlighted

LAHORE: Central Chairman All Pakistan Textile Mills Association (APTMA) Kamran Arshad on Saturday highlighted a wider scope of cooperation of Gherzi for fiber recycling and renewable energy.

He was speaking to a Gherzi delegation at APTMA Lahore office. The delegation included Giuseppe Gherzi, Managing Partner Gherzi, Navdeep Sodhi, Partner Gherzi, Usman Malik, CEO, PITCO, and Rahim Khimani, Senior Associate, Karachi.

Earlier, Kamran Arshad welcomed the delegation along with Abdul Rahim Nasir, former Chairman APTMA, Bilal Monnoo, Hussain Monnoo, Mohammad Raza Baqir, Secretary General APTMA, and Tahir Basharat Cheema, Energy Advisor APTMA.

He expressed the hope that this strategic partnership aims to boost Pakistan's textile exports, create jobs, and contribute to the country's economic growth.

Chairman APTMA said the member mills have already achieved significant milestones in sustainability, complying with international and local standards. He said Pakistan's textile industry plans to establish 1,000 garment plants, investing $7 billion to increase exports to $50 billion, generate employment for 700,000 workers, and produce garments worth $20 million per annum per plant.

In his presentation, Giuseppe Gherzi said global textile market is expected to witness a slowdown in garment production growth. He said the industry leaders are advised to stay agile and adapt to these new trends to remain competitive in the ever-changing garment landscape.

He identified 34 major trends transforming the textile industry, from production to consumption. He advised that as the textile industry evolves, companies must adapt to these trends to remain competitive and sustainable.

He said textile industry would undergo significant transformation by 2030, driven by technological advancements, sustainability concerns, and shifting market demands. He highlighted the growing importance of recycling in connecting brands to Man-Made Fiber (MMF) producers, saying that multiple companies investing in recycling technologies.

Speaking about the changing trends, he said, Galy Co., a biotech firm pioneering sustainable cotton production, has secured $33 million in oversubscribed Series B funding.

Galy's innovative approach isolates cell populations from various cotton plant varieties, cultivates them in labs, and transforms them into stem cells using bioreactors. This method eliminates the need for conventional farming practices.

He stressed the need for brands to adapt to the new market reality and innovate to drive growth. He said the evolving landscape of US textile and apparel imports, with emerging markets, are gaining prominence. He further warned that as ultra-fast fashion gains ground, traditional fast fashion leaders must innovate to stay competitive. He said the global apparel resale market is experiencing rapid growth, as apparel resale market is projected to reach $350 billion by 2028.

Copyright Business Recorder, 2024