Lahore: A local newspaper reported that China signed $375m worth memorandum of understandings (MOUs) for investment in Pakistan at the 18th International Textile Asia Exhibition.
Various Chinese entities from different cities and provinces have shown keen interest in relocating their textile and garment production units to Punjab. Investments of around $25m are expected for each unit.
Pakistan Readymade Garments Manufacturers and Association (PRGMEA) Central Chairman Ijaz Khokhar said this while attending the three-day 18th International Textile Asia Exhibition.
Khokar said that several foreign entities had shown willingness to transfer their technologies besides also purchasing Pakistani products after value-addition. This would improve Pakistan’s exports to China and reduce its trade deficit in the process, he remarked.
While speaking on the occasion he quoted the Chinese “We will make joint companies from Lahore, Sialkot, Gujranwala and Faisalabad, and providing training to engineers from these cities and buy back products to export to China.”
PRMGEA Chairman added that around 52,000 trade visitors had registered themselves at the three-day textile exhibition.
The exhibition was also attended by PRGMEA Vice-Chairman Jawwad Chaudhry who commented that equipment and machinery on display held great significance for manufacturers who create value-added products for boosting exports.
Chaudhry said the exhibition had witnessed business to businessman (B2B) meetings and many significant industry-linked presentations and seminars pertaining to textile sector.
He added that all local textile sector chains were invited to the exhibition, which was the country’s largest trade exhibit. Several countries participated in the exhibition which included Czech Republic, China, Austria, France, Germany, India, Korea, UK, USA, Italy and others.
