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

ISLAMABAD - 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 said 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. -APP