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.
Memorandums of understanding (MoUs) have already been signed between Chinese and local firms for enhancing mutual cooperation and investment in fabric, accessories and importing modern machinery from China for modernisation and value addition in textile sector, Pakistan Readymade Garments Manufacturers and Exports Association (PRGMEA) Chairman and leader of All Pakistan Textile Mills Association (APTMA) Ijaz A Khokar told APP 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 sides, he said.
Leader of All Pakistan Textile Mills Association 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 a question, he said that textile sector is the backbone of the country’s economy and had recorded 60% contribution to the total exports 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, which is big success for local industry.