BEIJING: China is interested in strengthening investment cooperation with Pakistan in the textile and garment industry, China Chamber of Commerce for Import and Export of Textiles (CCCT) said on Sunday.
Talking to a national news in China, CCCT Vice President Zhang Xian said that the Sino-Pak co-op in textile industry is an untapped market whereas a combination of strengths and weaknesses provides opportunities to deepen cooperation between the two countries’ textile industries.
“China is willing to strengthen investment cooperation with Pakistan in the textile and garment industry,” Zhang said, adding that collaboration and competition coexist for the textile industry in both countries.
It is pertinent to mention here that Pakistan is one of the world’s leading cotton producers, ranking among the top five in terms of yield and with cotton textile products accounting for 40 per cent of its exports.
As a major garment producer, Pakistan’s export of home textiles, clothing, and other processed products to the European Union, United States (US), and other countries and regions has witnessed a rapid growth during the past few years, driving rapid growth in yarn and fabric imports from China, promoting cooperation between the two countries.
However, different stages of industrial development between the two countries also create a broad space for closer cooperation.
According to Pakistan Customs statistics, imports of textiles and apparel from China account for 62pc of total imports, making China the country’s largest source of textile and garment imports.
As per statistics released by General Administration of Customs of China, Pakistan ranks third among China’s import sources of cotton yarn.