Vice Chancellor Pakistan Institute of Fashion and Design Professor Hina Tayaba Khalil said that textile export industry in Pakistan particularly in Punjab have the infrastructure, potential and opportunities to increase exports and generate thousands of new jobs if an enabling environment is provided.
While talking to Daily Business Recorder Hina Tayyaba underlined the need for serious and well-planned efforts for increase in value-addition especially in textile sector for capturing more share in the regional and international markets.
She also said that economic growth is key to generate employment opportunities, counter the inflation and bring economic prosperity. Government must set a road map for next five years to generate robust economic activity, especially to increase exports of textile sector and to fulfill the Premier's vision of economic prosperity through exports.
She said that government should also focus on the development of SME sector in the country. At present level playing field is not available for SME sector. Looking at future size of country's economy, it is high time to establish ourselves in the emerging markets in order to reap economic benefits in the future.
She was of the view that we also need to reform our product mix within our industry to compete with the world. A decade or two back, share of cotton products trade was more than 70 percent when Pakistan had its name internationally, which has now declined to 30 percent. Now World trade has started moving away from cotton products, preferences have shifted to Man Made Fibers (MMF) and yarns globally due to their affordability and durability, whereas, Pakistan's export mix has stayed the same leaving us out of the arena. In order to produce exportable surplus, raw materials should be made available at affordable prices.
Looking at the current dismal situation of once leading export sector and future opportunities, a two-pronged strategy shall be developed to restructure and revive textile industry. Those textiles units, which are suffering from the general market slump but are otherwise technically viable should be helped through transitional support in the form of loan restructuring, interest rate relief, relaxation of prudential regulations, additional financing, investment tax credit etc. Others that lack technical viability shall be encouraged to merge with sounder units.
Hina further said that textile sector is one of the most important industrial sectors of Pakistan as it is not only the highest foreign exchange earner but also employed 40 percent of the country's industrial workforce. She appreciated the government for taking measures to develop the textile sector through various support schemes, policy interventions and capacity building.
Being a pioneer institute of its kind in the country Hina said PIFD has opened doors to new career opportunities for its graduates which were not available here before, thus paving the way for cultural and industrial development.
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