I am happy to learn that Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) is organising the 6th Export Excellence Award Ceremony 2004 to acknowledge services rendered by our garment exporters.
It is a matter of satisfaction that the textile sector has invested in three years around US $3 billion for updating the industry and expansion of textile industry to meet international quality standards and to increase their export share in the world market.
The investment would also enable our textile sector to reprofile its products to diversify exports and to benefit from challenges being offered by the globalisation.
However, the textile industry needs to continue its up gradation programme to harness more export potentials and to stay in competition with their international partners.
The industry in collaboration with their foreign counterparts has also to make Pakistan a cost effective production base to tap market potentials of Central Asia, the Gulf and the Middle East.
Improved economic performance of Pakistan, its entry with confidence into international capital markets through launching of Eurobond, comfortable foreign exchange reserves, stable exchange rate, low inflation, respectable performance of capital markets and low interest rates could be leveraged to increase industrial activity by setting up new textile units in the country.
The government on its part continue to provide even better hassle free atmosphere to private sector to play its role in the economic development of the country.
The government is in the process of launching second-generation reforms to provide vast canvass in financial and capital markets for investment.
It is also endeavouring to introduce good corporate governance to induct transparency in the corporate culture.
Early retirement of expensive debts have enabled the government to create fiscal space for increasing public sector spending in infrastructure, water and power, health and education to generate economic activity which in turn would create employment and result in financial empowerment of people.
The private sector, therefore, has to play a catalyst role and match endeavours of the government in transforming Pakistan into a regional hub of economic activity.
In the end, I congratulate Chairman, Zonal Chairman and the Zonal Managing Committee members of PRGMEA for holding this ceremony which will go a long way in encouraging and recognising the services of the exporters.