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MoUs signed for $315m investment in Pakistan at textile expo

MoUs signed for $315m investment in Pakistan at textile expo

LAHORE: The three-day 18th International Textile Asia Exhibition concluded with $375 million worth of Chinese investment in Pakistan, pledged through several memorandum of understanding’s (MoUs) signed between Chinese and local firms.

The event was jointly organised by the E-commerce Gateway Pakistan and Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) and brought as many as 500 foreign delegates from various countries—mainly China—to showcase their textile related products, machinery, equipments to join hands with local entrepreneurs, working together in view of the China-Pakistan Economic Corridor (CPEC).

“Chinese companies from different cities and provinces like Shanghai, Guangzhou, Jiangsu, Sujian and Shandong have shown their interest to relocate their textile, garment and accessories production units to Punjab, having investment of at least $25m for each unit,” said Prgmea Central Chairman Ijaz Khokhar.

Mr Khokhar said foreign companies also committed to transfer their technologies, besides buying back Pakistani products after value-addition here, leading to enhance local export and lowering Pakistan trade deficit with China.

“We will enter in joint ventures with local companies from Gujranwala, Lahore, Sialkot and Faisalabad, providing training to engineers from these cities that manufacture spare parts for sewing and textile machineries and buyback them to export to China,” said Prgmea chairman, quoting Chinese companies.

Speaking on the occasion, E-commerce Gateway’s Chief, Dr Khurshid Nizam, said the event would increase productivity, resulting into better competitiveness.

Published in Dawn, September 19th, 2017

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