Frankfurt: Due to global recession, inflationary pressure, ongoing economic tension in the US and China and the limited participation of China due to the concerns of the Corona epidemic, the ongoing Hemitextile Exhibition in Frankfurt has illuminated new possibilities for Pakistan.
Pakistani export firms received orders of up to $500 million and new leads, along with the traditional market of Western Europe, buyers from Eastern Europe also showed keen interest in Pakistani products, while buyers from the US and Canada looked to Pakistan as an alternative to China. Step towards sourcing fromThe ongoing four-day hem textile exhibition in Frankfurt concluded on Friday, despite the tough economic conditions in Pakistan and the crisis facing the textile industry, Pakistani firms enthusiastically participated in hem textiles in record numbers.
Along with large companies participating in the exhibition, representatives of small and medium-sized firms also seemed satisfied with the response received at the exhibition.According to the initial estimates of the exporters participating in the exhibition, Pakistan has received new orders and leads worth 500 million dollars from Hem Textiles for which the design, sampling and pricing stages will be completed within a few months if the conditions are favorable.
The representatives of the export firms participating in the exhibition expressed their satisfaction over the results of the exhibition and the economic opportunities created by it for Pakistan.Arif Ihsan Malik, Chairman of All Pakistan Bed Sheets and Upholstery Manufacturers Association and Director of Al Ghani Terry Mills Pvt Ltd said that Hem Textile Exhibition is a very important activity for Pakistan’s home textile industry and Pakistan’s economy and for the economic stability of Pakistan. Can be a resource.
He said that this year, besides the traditional buyers of Western Europe, Britain, Germany, France and Spain, buyers from Eastern Europe also visited Pakistani stalls and expressed deep interest in the products. American and Canadian buyers also exchanged prices. .Arif Ehsan Malik said that hem textiles can be a source of economic stability for Pakistan as this event alone has the potential to increase Pakistan’s home textile exports by up to $5 billion.
Read more: Hem Textiles, Pakistan expected to get additional orders worth $50 crore
He said that the exporters have done their duty by participating in Hem Textiles even in tough economic conditions and crisis conditions, now it is the responsibility of the government of Pakistan to make the opportunities from this exhibition a means of increasing exports. And provide resources.Director of Omega Group of Industries Farhatullah Sheikh said that the Pakistani firms participating in the exhibition have received a very good response. The threat of Corona in China has raised its head once again due to which buyers are avoiding China.
This year, the activities of the three halls in the exhibition remained low due to the limited participation of China, which benefited Pakistan, on the other hand, due to the recession at the international level, the interest of international buyers in Pakistan’s cheap and quality products has increased.Moin A. Razzaq of Hisham Towle said that most of the new buyers have been contacted in this year’s exhibition. Apart from Europe and America, people from other markets are also interested in Pakistani products, especially because of the tension between China and the United States. Demand is increasing.
He said that the biggest problem facing the textile industry is lack of working capital for which it is necessary to make timely payment of pending refunds so that the economic benefits arising from the exposure can be reaped.Bilal Alam Lari, director of Afroz Textiles, said that there has been a very good response in Hem Textiles, new customers have been found from Palestine, Turkey and South America.
He said that keeping in mind the severe inflationary pressure at the international level, his firm has designed products from alternative fibers that are cheaper than traditional and natural materials.Participating in the exhibition, Director of Bari Mills, Mustafa Bari, said that Pakistan has received a great response in the exhibition held after a gap of two years, but the political instability and uncertainty in Pakistan is the biggest challenge.
He said that the competitiveness of Pakistani products is very good, but buyers want long-term commitment and due to inconsistency in policies, we have not been able to make long-term commitment.The exporters urged the government to immediately release pending re-funds to textile exporters, address the energy crisis, reduce interest rates on export finance schemes and mark-up on concessional loans to brighten exposure. The possibilities can be utilized.