PAKISTAN: Industry Official Fears Worst For Garment Firms
Up to half of Pakistan's garment manufacturing units could go bust before the end of the year as a result of the global economic downturn and the recession in the United States, a senior industry official claimed on Monday.
A slump in orders for next spring and economic uncertainty meant the country's textile and garment producers were not benefiting from recent trade concessions by the European Union, Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) chairman, Khubaib Ahmad Khan, told a news agency.
In a bid to win back orders, he called on the government to embark on a media campaign to restore Pakistan's image on the worldwide market and predicted the country would fall short of hitting the $989 billion garments export target set by the authorities.
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