Pakistan plans to more than double its annual textile exports to $13 billion over the next three fiscal years, it was revealed Wednesday.

The country's finance minister, Shaukat Aziz, said the lifting of quotas in 2005 should see a surge in fibre and yarn exports from the current level of $6bn a year.

He said the industry has invested $3bn in various projects and new machinery over the past three years and, as a result, textile exports have risen 40 per cent in that period.

"The industry feels it would need $3bn to $5bn investment. This is an estimate and we have asked them to give us concise data, which they are preparing," he said.

"The industry also feels that its cotton consumption will rise to 15 million bales from the existing 10.42 million."