Textiles is one of the main engines of Pakistan's economy, supplying around 68 percent of the nation's export earnings and acting as one of the largest employers. Export earnings are currently around US$7 billion, but recent changes including restructuring of textile import quotas from Pakistan by the European Union and the United States have seen the export figure growing, to the extend that it is projected to exceed US$10 billion in the 2005-6 period.

Although Pakistan enjoys diversified overseas markets for its textiles, exporting to countries and regions such as Australia, South Africa, the Middle East and South America, it is the US and EU that comprise the largest markets, accounting between them for more than 50 percent of Pakistan's export output.

Under the recent World Trade Organisation directive however, textile quotas amongst its members were removed across the board with effect from January 2005, and this has meant increased competition for Pakistan's textile exporters. India and China in particular are proving to be formidable competition.

In order to make Pakistan's mills more internationally competitive there has been an enormous investment programme over the past four years that is estimated to have pumped US$4 billion into the textile sector. With this modernisation and upgrading, Pakistan's textile mills are amongst the finest in the world. The major producers, who also carry international standards certification, are therefore well placed to take full advantage of the opportunities arising out of the much larger orders from overseas buyers that will follow in the wake of the elimination of import quotas.

Monforts has long been a business partner to Pakistan's textiles industry, and during the recent upgrading of the industry has been pleased to lend its expertise and long experience for the needs of the nation's exporters to practical effect, recommending ways of increasing production output and efficiency, quality, flexibility and reliability. At the same time, the all-important matters of environmentally responsible manufacturing and efficient use of energy are deployed.

I wish success for textalks in future.