PM Shehbaz inaugurates Texpo Pakistan in Karachi
- Pitches country as a destination for foreign investors
Prime Minister Shehbaz Sharif on Friday inaugurated Texpo Pakistan, the country’s largest textile exhibition, at the Karachi Expo Centre.
“Four hundred delegates are visiting Pakistan on this occasion from 60 countries. This is a remarkable achievement, which shows that Pakistan is a destination for foreign guests, buyers and traders,” said PM Shehbaz while addressing the international delegates.
“Textile has been the backbone of not only our industry but our exports, alongside leather.
“I commend and appreciate the industrialists, exporters and experts who have contributed immensely in promoting Pakistan textile and leather exports despite various challenges,” he said.
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The prime minister said the textile sector has been converted into a “transformed industry”.
“Textile constitutes 60% of our total exports, and 40% of our labour force is absorbed in this sector. Despite financial challenges and other difficulties, the government is all for providing whatever support needed to boost our exports,” he said.
“But for that, we must come forward with innovative ideas,” he said.
Pakistan’s textile sector experienced a substantial decline during the first 10 months of the current fiscal year.
The decline can be attributed to a notable reduction in production, which was largely driven by the surging cost of production, data released by the Pakistan Bureau of Statistics (PBS) showed.
Meanwhile, the prime minister assured the delegates that the government will put in place and implement all requirements by International Labour Organizations (ILO) and other international outfits.
Shehbaz said the government will hold pre-budget meetings next week.
Texpo is Pakistan’s largest textile exhibition, presenting a common platform for meeting industry specialists dealing in raw materials to finished products with globally competitive prices and premium quality.
The 4th International Textile Exhibition (TEXPO) will be held from May 26 to May 28, and is aimed at showcasing the industry from all across Pakistan.
It will bring together textile units reflecting offerings from sectors such as leather garments, gloves, footwear, cotton, embroidery & lace, readymade garments, home linen, towel, hosiery art silk, sportswear & functional fabrics, lace & accessories, denim, knitwear etc.