Pakistan is looking to increase its textile exports over the next nine years, with aims to double figures by 2023.
The decision comes after Pakistan signed an agreement with Tadjikistan and Kirghizistan to work on enhancing the country’s energy supply.
Pakistan had been experiencing power blackouts, causing problems in the textile industry. With the improvements underway, Pakistan hopes to increase the textile exports to bn by 2023.
Attention to textile exports is vital for Pakistan’s growth, as the country is ranked as the 4th largest producer of cotton in the world. Backing is being provided by the International Monetary Fund, which is urging the country to make improving its energy supply a priority. Developments in the industry will pave the way for proposals to create 10m new jobs.
Plans have been underway to improve the textile industry for some time.
In 2013 the government aimed to increase the country’s profit from exports by $1bn. This turned out to be successful, as the first nine months of 2014 saw exports to the European Union reach $900m, a welcomed increase with 2013 profiting an increase of 29% from 2012.
