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Tuesday, June 25, 2024

Pakistan and India eye for $50 billion and $100 billion textile exports ahead

The All Pakistan Textile Mills Association (APTMA) has set a target of achieving $50 billion in textile exports in the next four years. The global apparel market is expected to grow to $843.13 billion in 2026 at a compound annual growth rate (CAGR) of 8.6%, and both the South Asian textile giants are expecting growth opportunities ahead.

According to its patron-in-chief Dr Gohar Ejaz, adequate supply of energy at regionally competitive tariffs, availability of working capital, 500 new entrepreneurs, TERF-like facility for Rs 500 billion ($ 2 billion) to facilitate investment, and a debt-equity ratio of 80:20 which includes building & infrastructure as 50 % of the cost of garment factories is on these items are fundamental requirements to achieve the target.

Meanwhile, the Indian authorities believe that the textile industry will be able to achieve exports of $100 billion if the industry focuses on innovation, sustainability, digitization, newer products, and utilization of Free Trade Agreements (FTAs), it can expand its size to $250 billion in the next 5-6 years.

The Indian textile industry is seriously discussing innovation for productivity and expansion. To optimize its resources for demand by innovating its system. It is also planning to utilize innovative ideas and digitization in the supply side too to handle stiff competition more effectively. Also, sustainability is the prime focus of the two counties which can reduce the pressure on the environment by using reusable resources. The industry can also reduce production costs through sustainability.

It is generally believed that both Pakistan and India would be the next destination for garment products, therefore, the Customs authorities of the two countries are bullish in ensuring facilities to their respective industries by adopting innovative approaches.

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