I am delighted that FAKT Exhibitions PVT Ltd is organizing the 11th edition of International Exhibition and Conference for Garment and Textile Industry-IGATEX which will take place on 26-29 April 2018 at Lahore Expo Centre. In recognition and appreciation for the services of bringing Pakistani Textile and Commerce Industry on one dais is an Accomplishment.
Textile sector occupies a pivotal position in Pakistan economy. Textile sector contributes nearly 8% of country GDP, produces 21% of industrial value-added, employees 40% of industrial work force, consumes 36% of bank credit to manufacturing and accounts of nearly 60% or our exports. Pakistan has an international standing in this sector, as we are the 4th largest producer of cotton and 3rd largest consumers of cotton. In addition, we are 2nd largest cotton yarn exporter and 3rd largest cotton cloth manufacturer and export. Unlike some other Textiles and Clothing producing countries, Pakistan is unique in the sense that we on the whole have a self-reliant production chain. From cotton to Ginning, Manmade Fibers specially Polyester, Filaments, Weaving, Knitting, Processing, Finishing, and from fabrics to home textiles and apparel, are all links in the Textile and Clothing value chain which are and have been developed by our own industry, and we are proud of this achievement.
The global textiles and clothing trade has increased substantially in post quota regime, however, competition has increased among textiles and clothing producing countries. In global textiles supply chain, countries having efficient processes and latest technology would survive.
The Government of Pakistan has approved Textile Policy 2014-19 and technology up-gradation is one of the prime focus.
The Government has reduced mark-up rate on long term financing facility for 3-10 years duration from around 11.4% to 5% to allow export sector industries to make investments on competitive basis. Further, Technology Up-gradation Fund Scheme has been notified for FY 2016-19
It is very pleasant to know that international textiles machinery and accessories manufacturers would be visiting Pakistan and introducing latest technology to our textile manufacturing sector. We extend every support to make this exhibition successful.
Pakistan provides a very conducive environment for investment I would request that textiles machinery manufacturing may be initiated in Pakistan. We are one of the largest textiles manufacturers in the world and provide a very large market for consumption of any machinery in Pakistan. Further, we may become a hub for Asian region for supply of machinery due to our strategic location including Central Asian, South East, Middle East and Far East countries. In this regard we will provide maximum support to facilitate such investment.
On this occasion, I congratulate FAKT Exhibitions for their devotion and sincere efforts to introduce new textile machinery and technologies in Pakistan. I also felicitate the visitors and participants and hope that the business community within available resources will continue its efforts for export led growth of the country and prosperity of the country.