Pakistan is one of the leading cotton producing countries in the region, but Bangladesh is leading garment exporter in the world due to its understanding and close liaison with the European Union. When Pakistan could export apparels worth $4.2 billion to European Union with a market share of only 1.2 percent in fiscal year 2014-15, Bangladeshi exports to the European Union stood at $17.04 billion, 90 percent of which were garment items. Statics show that Bangladeshi garment exports to the European countries could cross $22 billion mark in coming years. Bangladeshi prime minister is a staunch enemy of Pakistan and her hate is still growing after 45 years of separation, but what she is doing for the economic uplift of her country is unprecedented and a lesson for the developing nations to follow her footsteps. Pakistan could not compete the tiny nation of Sri Lanka which exported $4.4 billion worth of garments to the European Union during 2014-15.
According to experts, the growing cost of production in China is lending an opportunity to boost textile sector of the country. Pakistan has raw material, a developed textile industry and cheap labour to grasp not only the European, but also North American markets. The competitors are ready to get their share of the market and it is the time for the policymakers at home to take prompt action. Instead of witch-hunting of the business community on one pretext or the other, incessant electricity supply, tax relief and a simplified procedure of doing business are necessary components to stimulate industrial growth in the country. The government agencies need to maintain a soft corner for the genuine business concerns, business laws should be relaxed, tariff structure needs to be simplified to create conducive environment for the investors. Tough laws only breed corruption in developing countries where the official cadre needs capacity building measures otherwise the officials use the strict government laws for their own benefits.
The country’s population is growing at a fast rate and it needs housing, cloths and jobs to maintain an order in society. The country is already facing terrorism mostly due to unemployment in youth and lack for of opportunities for the young generation to lead a respectable life. The problem is in leadership and not in general public as no youth want to adopt dark side of life. They need jobs. The prudent economic policies will not only attract local, but also foreign direct investment and that is the point where the government lacks capacity to implement its policies. It is often said that Pakistan is on the verge of takeoff. If this is true, the momentum of progress must not be stopped.
