APTMA hosts US Consul General

LAHORE: Textile millers and a US envoy discussed ways to enhance cooperation in the cotton and textile sectors during a visit by the US Consul General in Lahore to the All Pakistan Textile Mills Association (APTMA) on Wednesday.

The two sides agreed that Pakistan has a strong potential to grow in textile and other sectors and that there is an enormous opportunity to work together to expand trade and investment, according to a press release by APTMA.

APTMA leadership continues to focus on engagements and dialogue with their American counterparts to uplift trade volume and to gain maximum benefit from the economic partnership between both the countries.

Kamran Arshad, chairman of APTMA North, pointed out that Pakistan’s domestic cotton production has declined over the years and even this year more than three million bales will be required to be imported this year.

He said the major supplier of cotton to Pakistan is the USA and the cotton imported from the US will be used to make $8 billion worth of textile products primarily to be exported to the US. Arshad suggested that proceeds from Pakistan textile export to the US could be used as collateral through the mechanism of an escrow account whereby this liability is deducted from the export proceeds of Pakistan textile import into the U.S.

Chairman APTMA stressed the promotion of US cotton linkages with Pakistan textile industry as well as the promotion of toll manufacturing in Pakistan by US textile industry. According to him, there is a need for technology transfer to Pakistan for high yielding cotton seed and synergies with US cotton research institutes for better quality.