KARACHI, March 18: President Pervez Musharraf has said that modernization and upgradation of the textile sector is important to improve the quality of value-added products to Pakistan’s exports, making the country better equipped for competing in the world.

In a message on the occasion of the third Textile Asia Exhibition commenced at the Karachi Expo centre on Saturday, he said he was pleased to note that an international exhibition was being organized for the third consecutive year to highlight the immense investment potential that existed in Pakistan for state-of-the-art textile machinery.

President Musharraf further stated that such exhibitions played an important role to attract foreign investment in the country, adding that Pakistan is one of the largest producers of cotton in the world and its economy largely depends upon a strong textile sector. “In addition, it will help create jobs, alleviate poverty and also assist in the efforts to fight extremism and terrorism.”

The president said as a result of reforms during the last six years, Pakistan had been transformed from a stagnant economy to a fast-paced emergent economy. “Our GDP is growing at the highest rate in the country’s history, our exports are increasing and our stock exchanges are considered as one of the best performing in the world.”

The president said that Pakistan was also strengthening economic cooperation with the nations of the world through strategic forums, such as Asean, Saarc, OIC and the Commonwealth, for mutually beneficial advantages.

PRIME MINISTER: Shaukat Aziz in his message said the present government had taken a number of steps to boost the competitiveness of its textile and apparel goods. He said this exhibition would promote investment in the textile sector of Pakistan.