Saturday, February 22, 2020

Pakistan’s garment exports slightly rise by 0.5 percent despite GSP+ status: Zahid

Featured

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to...

China: Corona virus death toll rises to 2239, and 75,567 infections

China’s National Health Committee announced on Friday that it has received reports of 889 new confirmed cases of the...

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain said that textile sector plays vital role in Country’s economy; having 8.5 percent share in GDP, 40 percent share in industrial workforce, 25 percent share in industrial value addition and 21 percent share in large scale manufacturing.

Readymade garment is the most important subsector of textile and plays an important role in exports and women employment. The Veteran Business Leader while talking to the business community said that despite the importance of garments sector in Pakistan’s economy, the sector has not been able to attain its potential in terms of the underlying capacity of Pakistan’s textile sector; main reasons include lack of product and market diversification, low value addition and low export competitive.

Despite having GSP+ Pakistan’s share of EU imports increased by roughly 0.5 percent in both categories of knitted and woven garments over 2013-2017. However, in the same time share of Bangladesh, Cambodia and Vietnam increased by roughly 6, 2, and 1.1 percent respectively. It shows that the great opportunity of GSP+ has been missed and the leftover market has been captured by competitors.

Mian Zahid Hussain said that exports of garments sector stood at around $ 5 billion in 2017 and Pakistan’s share in the global market was around 1.1 percent. Govt. can increase exports further by considering the recommendations of Pakistan Readymade Garments Manufacturers and Exporters Association, which is working for improvement of this sector.

Mian Zahid  said that GSP+ status is valid till 2023, meanwhile Government should form GSP export authority with collaboration of experienced and leading manufacturers and traders of export oriented products / services.

The authority should be held responsible for providing all requisite facilities to the export oriented sectors like branding, value addition, research, certification, easy financing and quality control in order to get maximum of GSP+ status and boost Country’s exports to a next level.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

Trump adviser Roger Stone sentenced to 3 years in prison for lying

A federal judge issued a ruling on Thursday against Roger Stone, a longtime adviser to US President Donald Trump,...

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to purchase more US goods under...

Voting begins in Iran’s parliamentary elections

The Iranians began voting on Friday in a parliamentary election that is unlikely to change Tehran's troubled relations with the United States, after excluding...

Austrian Parliament: There is no place for ISIS operatives in the country

Herbert Kickel, head of the Parliamentary Bloc of the Freedom Party (the third largest Austrian party), confirmed that anyone who joined the terrorist group...

Reports of Russian intervention supporting Trump in the US 2020 elections

Informed sources reported that Shelby Pearson, the chief election security official in US intelligence, had warned lawmakers that Russian intelligence was taking steps to...

Related News