The British retail company, Marks & Spencer Group, wants to increase its imports of textile products from Pakistan. They plan to bring in items like woven garments, denim, socks, towels, graphic design T-shirts, and polo shirts. To make this happen, experts from Marks & Spencer will visit Pakistan in September to meet with textile mills.
Does this mean that Pakistan’s economy will start benefitting again? Pakistan’s economy has been stuck in the worst downward spiral ever since the pandemic and the political tension that followed. Now it’s high time that Pakistan starts gaining investments.
During a meeting with the All Pakistan Textile Mills Association (APTMA), the Marks & Spencer Group country manager for Turkey, Unsal Erdogan, expressed their interest in Pakistan’s textile industry. The APTMA Chairman invited Marks & Spencer to open their sourcing offices in Pakistan, believing that it would help Pakistani exports compete with countries like Bangladesh and Sri Lanka and boost exports to Europe through the GSP+ facility.
The textile industry in Pakistan has great potential for growth. With the setup of more stitching units, it could increase its exports to $50 billion. The industry benefits from competitive advantages like lower labor wages, the devaluation of the local currency, and a young workforce. Overall, Marks & Spencer’s interest in enhancing imports from Pakistan presents a significant opportunity for the country’s textile sector and its potential for further growth in the international market.
But will the profit money be used for good causes and would it be used within the country? Let us know your thoughts in the comments below.
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