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

ISLAMABAD: Chinese businessmen have planned to invest over $300 million in Pakistan’s textile sector through joint ventures with local companies for promotion of bilateral trade between the two countries.

In this connection, a Memorandum of Understanding (MoUs) has already been signed between the Chinese and local firms for enhancing the mutual cooperation and investment in sectors like fabric, accessories and importing modern machinery from Beijing for modernization and value addition in textile sector, the Chairman Pakistan Readymade Garments Manufacturers and Exports Association (PRGMEA) and leader of All Pakistan Textile Mills Associations (APTMA), Ijaz A. Khokar said on Tuesday.

He added that the Chinese firms have huge opportunity in distribution and joint venture with local potential industries and individuals for increasing trade and investment cooperation between business communities of both sides.

The APTMA leader stated that the mega project of China Pakistan Economic Corridor would increase the economic and investment opportunities for the promotion of regional trade.

Khokhar believed that the CPEC would enhance the regional and global connectivity for connecting the local market and the developed economies.

He said that local industries are fully prepared for grasping the trade and business opportunities after the completion of CPEC.

Replying to question, he added that textile sector is backbone of country’s economy and shares 60 % contribution to total export of the country.