January 06, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said Pakistan is losing yarn market to Vietnam.
Pakistan has already lost a big share on international clothing market to rivals with Bangladesh on the top and now cheaper yarn form Vietnam has emerged as another threat to the spinning industry, he said.
Mian Zahid Hussain said that Vietnam’s yarn industry has grown threefold in the last four years while its yarn exports are growing by 40 percent per annum which is a threat to Pakistan as the textile sector is largest urban employment provider and largest foreign exchange earner.
He said that industrialists in many countries are relocating their units to Vietnam while China continue to invest heavily in the textile sector of that country which is expanding the capacity with a fast pace.
Mian Zahid Hussain said on the other hands Pakistani textile exports continue to fall since 2009-10 which has gained momentum in the last three years. Seventy percent heavy textile industry is located in Punjab of which 30 percent has been closed while remaining are struggling for energy.
He noted that promises with the textile sector should be kept, energy prices should be brought down to bring cost of production down and refunds should be paid to lure international buyers who have decided to business with Bangladesh, India, China and our other rivals.
The business leader noted that the facility of GSP Plus has helped Pakistan to remain in the international marked otherwise rival nations would have totally wiped out our products.