Technology usage vital for textile growth.

Byline: AMIR MUSTAFA AND MUHAMMAD ANAS JAVAID

The textile industry plays an important role in the emerging economies of countries such as Pakistan and Bangladesh. This sector was one of the first few sectors to go through industrialization and today is one of the most important economic sectors in Pakistan and Bangladesh, with technology usage for textile growth being one of the main reasons.

Pakistan is the 8th largest textile exporter in Asia, the 4th largest producer of cotton and the 3rd largest buyer of cotton. Pakistan's textile industry accounts for over 60% of the country's total exports. It is about 46% of the country's total production. It also contributes about 8.5% of the total GDP and employs 40% of the total labor force. The Pakistani textile industry is one of the most prominent and mature industries in Pakistan and the industry has many strengths. It is losing its competitiveness with other countries, especially when compared to emerging markets. To meet growing demand and challenges, Pakistan's textile industry is in dire need of financial investment and technological development.

Pakistan's textile industry faces fierce competition from countries such as Bangladesh, Vietnam, India and Thailand in foreign markets. And expensive utilities, wage rates, and a lack of investment in the country prevent the textile industry is unable to rise to the challenge. The modernization of equipment and machinery was not carried out in a timely manner due to problems such as lack of investment, depreciation of the national currency and increasing interest rates. At a time when procurement processes around the world have become digital, the textile industry is still conducting all business manually. As a result, Pakistan is losing its competitive edge to the Indian textile industry, such as adopting the latest technology and developing the latest product designs to compete in the global textile market.

Advancement

Technology knowledge is becoming increasingly important in the textile industry as it has the potential to improve productivity, reduce costs, and enhance the quality of textile products. The use of advanced machinery and software in the textile industry can significantly increase productivity levels. Workers with technical knowledge can operate these machines more efficiently, leading to increased output levels and reduced labor costs. Advanced technology can help reduce the cost of production in the textile industry. Automated machines can complete...