ISLAMABAD: Pakistan Businessmen and Intellectuals Forum (PBIF) President Mian Zahid Hussain has said that textile sector is not picking up despite best efforts of the government. The present government has invested billions in the textile sector to boost exports as this sector is the largest foreign exchange earner and second largest job provider but to no avail, he said.
Hussain said that on the other hand, Bangladesh which imports 95 percent of the cotton has become world’s leading exporter of garments outside China. He said that exports have reduced by 20 percent during the tenure of incumbent government which is disturbing and calls for out of the box solutions. The cotton production has dwindled from fifteen million bales to ten million bales necessitating imports which increase cost of doing business, he added. The business leader said that those who links reduced exchange rate with increased exports are wrong as it is a temporary solution.
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He said that cost labour continue to increase in China which has $80 billion garments export market therefore many Chinese companies have moved to Bangladesh and Vietnam.
