ISLAMABAD: Prime Minister Shehbaz Sharif on Friday welcomed more than 400 delegates from 60 countries who are currently visiting the country’s southern port city of Karachi to attend the 4th International Textile Exhibition (TEXPO), a statement from the Prime Minister’s Office said.
Pakistan’s textile and clothing industry plays a vital role in sustaining its economy since it accounts for more than 60 percent of the country’s total exports. According to Statista, a market and consumer data platform, the South Asian country was among the top 10 global textile exporters in 2021 with a value of about $9 billion.
Owing to an ongoing economic turmoil amid energy shortages and a major balance of payments crisis, however, the country has witnessed a gradual decline in its textile exports since last October, according to the Pakistan Textile Mills Association (APTMA).
The government has arranged several international exhibitions in this context to once again boost the textile exports, including TEXPO 2023, which is taking place in southern Karachi port city from May 26 to May 28.
Pakistan also hosted the Textile Asia Exhibition in March, which witnessed the participation of eight countries.
“Prime Minister Shehbaz Sharif on Friday stressed the country’s exporters to come up with innovative and unique ideas to boost exports which would ultimately help the country earn valuable foreign exchanges,” said the PM Office in the statement.
“Welcoming the foreign delegates, the PM said he was happy to learn that over 400 foreign delegates from 60 countries were visiting on the occasion, [showing that] Pakistan was a valuable destination for foreign guests, buyers, and traders.”
Addressing a ceremony at the TEXPO, the premier pointed out that despite financial challenges and other difficulties, the government was committed to providing genuine support to all the export sectors, including textile, leather and sports, to help increase the country’s commercial potential.
“I have no doubt in mind that we can still recover from these setbacks and … excel in our exports,” he said.
The PM also appreciated local industrialists, exporters and experts, saying they had contributed immensely to promoting Pakistan’s textile and leather exports.
Over 400 delegates from 60 countries visit Pakistan for international textile exhibition
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Over 400 delegates from 60 countries visit Pakistan for international textile exhibition
- PM Sharif asks exporters to come up with innovative and unique ideas to enhance Pakistan’s commercial potential
- Pakistan was among the top 10 global textile exporters until 2021, but the sector witnessed slowdown more recently
Pakistan’s deputy PM discusses ways to boost economic, trade ties with Iran
- Both countries agreed in August to increase bilateral trade to $10 billion by 2028
- Pakistan and Iran have been working to stabilize relations after strained security ties
ISLAMABAD: Pakistan’s Deputy Prime Minister Ishaq Dar presided over a meeting to discuss economic and trade cooperation with Iran, the foreign office said on Friday, as the neighboring countries seek to expand ties.
The development took place during an inter-ministerial meeting on Pakistan-Iran bilateral relations chaired by Dar in Islamabad. Pakistan and Iran have been working to stabilize ties following a period of strained security relations.
Both countries have been working to enhance bilateral trade, setting up border markets and exploring barter trade to circumvent banking and currency restrictions. Sanctions and foreign exchange shortages remain key hurdles for Iran, making these alternative systems central to its trade strategy with Pakistan.
“The meeting reviewed ongoing cooperation across a range of sectors and discussed ways to further enhance economic and trade ties,” the foreign office said in a statement.
“The DPM/FM reaffirmed Pakistan’s commitment to deepening engagement with Iran in key priority areas.”
In December, the foreign ministers of Iran and Pakistan vowed to strengthen bilateral cooperation in trade and connectivity while working for regional peace.
Iranian President Dr. Masoud Pezeshkian also visited Pakistan in August, during which both countries signed agreements to increase bilateral trade to $10 billion by 2028.
