Chinese businessmen to invest $300 mln in textile sector: PRGMEA

ISLAMABAD, Sep 19 (APP): Chinese businessmen would invest over
$300 million in Pakistan’s textile sector through joint ventures
with local companies for promotion of bilateral trade between the
two countries.
Memorandum of Understanding (MoUs) have already been was
signed between Chinese and local firms for enhancing the mutual
cooperation and investment in Fabric, accessaries and importing
modern machinery from China for modernization and value addition in
textile sector, Chairman Pakistan Readymade Garments Manufacturers
and Exports Association (PRGMEA) and leader of All Pakistan Textile
Mills Associations (APTMA) Ijaz A. Khokar told APP here on Tuesday.
Chinese firms have huge opportunity in distribution and joint
venture with local potential industries and individuals for
increasing trade and investment cooperation between business
community of both side,he said.
Leader of APTMA said that mega project of China Pakistan
Economic Corridor would increase the economic and investment
opportunities for the promotion of regional trade.
He said that CPEC would enhance the regional and global
connectivity for connecting the local market and the developed
economies.
Ijaz Khokhar said that local industries are fully prepared for
grasping the trade and business opportunities after the completion
of CPEC.
Replying to question,he said that Textile sector is back bone
of country’s economies and recording 60 % contribution total export
of the country.
He urged for government support for adopting the modern
technology in process, value addition and decreasing the inputs in
form of energy for growth of textile sector.
He informed that International Apparel Federation (IAF) would
establish regional office in Sialkot Pakistan, which is big success
for local industry.