IGATEX, the largest textile machinery and accessories exhibition of textile sector in Pakistan organized by FAKT Exhibitions(Private) Limited which was inaugurated by Chairman Pakistan Textile City and Former Advisor to Prime Minister on textile Dr Mirza Ikhtiar Baig at the Lahore Expo Centre on Tuesday.

The event facilitates the textile industry by creating business opportunities by significantly providing networking opportunities. The event hosts over 550 exhibitors from 35 countries including China, Germany, India, Italy, Japan, Turkey, Taiwan and Switzerland etc.

This is the highest number of exhibitors participating at an exhibition in Pakistan. Huge number of trade buyers and business professionals also visited the exhibition on the first day.

The exhibition has created immense interest in the world renowned manufacturers of textile machinery to introduce new technology to Pakistan premium textile industry in the drop back of recent GSP Plus duty-free facility allowed by EU to Pakistan from January 2014 for 10 years.

It is estimated that Pakistan would generate additional $1 billion export business from EU and as such the industry is poised to do the expansion in their plant and machinery under BMR to cater to the additional business.

Dr Baig welcomed the foreign delegates and advised them to enter into joint ventures considering the great potential. Dr Baig urged the government to exempt power and gas loadshedding for textile industry and to maintain political stability in the country to truly benefit from GSP Plus facility of EU, the biggest trade concession ever allowed to Pakistan.

According to Saleem Khan Tanoli, CEO FAKT Exhibitions, such events are imperative for the economic well being of Pakistan as they not only introduce newest expertise, but also improvise trade benefits and increase foreign investments and spending through business visits by international delegates. Textile industry is considered as the backbone of Pakistan's economy and IGATEX Pakistan will help equip industry with latest machinery.

The four-day exhibition from October 21 to 24, 2014 is being attended by large number of leading textile houses of Pakistan. Pakistan is already having an edge with state-of-the-art plant, machinery and technology in textile sector and is considered as one of the important regional textile hub for quality textile products. All world renowned brands of textile are manufactured in Pakistan.