Technology and globalization have created lucrative opportunities for Pakistan’s fashion and textile industry and they should be exploited by focusing on branding and marketing, said Mian Tariq Misbah, Speaker of the Chamber. of Commerce and Industry of Lahore (LCCI).
Chairing a seminar on Tuesday entitled “Latest trends and collaboration in the fashion and textile industry“, he said the textile sector is the backbone of Pakistan’s economy and is of great importance.
“Pakistan is the eighth largest exporter of textile products in Asia, the fourth largest producer and the third largest consumer of cotton,” he said. “Pakistan’s textile sector covers 46% of the country’s total manufacturing sector and provides jobs for 40% of the total labor force.”
He pointed out that the sector also held 60% of total exports and contributed 8.5% to gross domestic product (GDP).
Misbah pointed out that Pakistan’s fashion and textile industry has become an important component of national trade due to its export potential. He believed that both segments had enormous potential to secure a gigantic share of the international fashion market, which was worth billions of dollars.
“Pakistani entrepreneurs have successfully established themselves in the local fashion industry and have developed various prominent brands over time,” he said. “Some of them have also succeeded in establishing their brands on the international stage.”
He appreciated the local women entrepreneurs, saying they were taking the textile sector to new heights.
“Pakistan can grab a significant share of the fashion industry‘s exports if it manages to catch the attention of foreign buyers,” Misbah added.
He stressed the need to focus on added value as this would help improve profit margins in the export market.
He believed that by improving the collaboration and liaison between the textile sector and the fashion industry, Pakistan could achieve the desired results.
The President of LCCI also spoke about the importance of forecasting trends in the clothing industry and said that certain techniques were needed to anticipate the future safely.
LCCI Vice President Tahir Manzoor Chaudhry said Pakistani entrepreneurs associated with the fashion industry should stay abreast of modern demands and be aware of changing global market trends.
Posted in The Express Tribune, July 7e, 2021.
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