Pakistan aims to double its textile exports by 2023
Pakistan has committed to subsidising its textile industry with one billion dollars per year in the aim of doubling its exports in nine years.
The fixed goal is thus to reach 26 billion dollars in textile imports by 2023. Along the way, the government hopes to create new jobs, with the local press currently reporting a figure of 10 million new jobs.
It is an ambitious goal but answers to an unprecedented agreement that took place in the energy sector. Insufficiently equipped in electricity, the country was increasingly suffering power blackouts which were notably interrupting textile production, and thus jeopardising the trust of those placing orders.
So, Pakistan signed an agreement at the beginning of December with Kirghizistan and Tadjikistan to alleviate this lack of energy. The challenge was all the greater since the International Monetary Fund had recently refused a fifth loan for the country, asking it to first regulate its energy problems.
Pakistan is the 9th biggest clothing supplier for the European Union, with 466 million euros of goods delivered in 2013. The country thus saw a strong 29% increase, notably benefitting from the transfer of orders that had until then been placed in China.
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