Technology and globalisation have created lucrative opportunities for the fashion and textile industry of Pakistan and they should be tapped by concentrating on branding and marketing, said Lahore Chamber of Commerce and Industry (LCCI) President Mian Tariq Misbah.
Chairing a seminar titled “Latest Trends and Collaboration in Fashion and Textile Industry” on Tuesday, he said that the textile sector was the backbone of Pakistan’s economy and held great significance.
“Pakistan is the eighth largest exporter of textile products in Asia, fourth largest producer and third largest consumer of cotton,” he said. “Pakistan’s textile sector covers 46% of the total manufacturing sector of the country and provides employment to 40% of the total labour force.”
He pointed out that the sector also held 60% share in total exports and contributed 8.5% to the gross domestic product (GDP).
Misbah remarked that Pakistan’s fashion designing and textile industry had emerged as important components of national trade because of their export potential. He was of the view that the two segments had tremendous potential to secure a mammoth share in the international fashion market, which was worth billions of dollars.
“Pakistani entrepreneurs have successfully earned good name in the local fashion industry and developed various prominent brands with the passage of time,” he said. “Some of them have been able to establish their brands in the international arena as well.”
He appreciated local women entrepreneurs, saying they were lifting the textile sector to new heights.
“Pakistan can grab a significant share in fashion industry exports if it succeeds in attracting the attention of foreign buyers,” Misbah added.
He stressed the need for focusing on value addition because it would help enhance profit margins in the export market.
He was of the opinion that by enhancing collaboration and liaison between the textile sector and the fashion industry, Pakistan could get the desired results.
The LCCI president also talked about the importance of forecasting trends in apparel business and said certain techniques were required to safely anticipate the future.
LCCI Vice President Tahir Manzoor Chaudhry said that Pakistani entrepreneurs associated with the fashion industry should remain up to date with modern requirements and be aware of the changing trends in the global market.
Published in The Express Tribune, July 7th, 2021.