Textile exports to be bolstered by the EU

Textile exports to be bolstered by the EU

LAHORE: The European Union will assist the local textile industry to work towards ensuring sustainable growth of the country’s textile sector.

“Pakistan needs to prepare itself to meet the challenges of sustaining the Generalised System of Preference Plus (GSP+) status so as to avail the opportunities of increasing exports to the EU,” the union’s Ambassador-Designate to Pakistan Ms Androulla Kaminara said while speaking at a meeting with the All Pakistan Textile Mills Association (APTMA) on Tuesday.

With the grant of GSP+ status in 2014, exports to the EU grew by 62%, with significant growth in the early years, but for the last three years, it has stagnated at €5.514 billion.

The main reason was the relocation of buying houses of major retailers and brands to other competing countries and the high cost of manufacturing in Pakistan. However, the present government has implemented special measures to boost industrialisation and exports to revitalise the business scenario in the country.

Kaminara said the global consumer outlook had seen a significant shift and has become socially responsible. “There is no doubt that Pakistan has a vast potential to double its exports. However, perception management is the key for the government and industry to maintain and sustain,” she maintained.

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