All Pakistan Textile Mills Association (Aptma) Chairman Aamir Fayyaz while giving a presentation to the textile groups from Tianjin city of China invited Chinese investors to enter into Joint Ventures (JVs) in textile industry. The meeting with the delegates was held at APTMA Punjab office on Thursday. The Chinese delegation was headed by the Tianjin People’s Association for Friendship with Foreign Countries Vice President Chen Weiming.
Fayyaz encouraged them to relocate their businesses by availing the duty free market access under the GSP Plus scheme. The Prime Minister Nawaz Sharif has unveiled an incentive package for the exporting industry with added attraction of 12 to 15 pc for producing and manufacturing in Pakistan, he added.
Fayyaz further informed the delegation that the government wanted to bring down the cost of doing business in Pakistan and in this regard, the PM has announced an export-led growth package including provision of DLTL at 4pc on yarn and greig fabric, 5pc on processed fabric, 6pc on textile made ups, 7pc on textile garments against realization of exports.
Moreover, he revealed government’s foreign investment policy that allows 0pc duty on imports of capital goods, 0pc corporate income tax rate, 10 years corporate income tax holiday, 50 acres minimum land required for SEZ, and permission of 100pc private ownership.
The visiting Chinese delegation while appreciating the government’s efforts and opportunities presented to businessman said that Pakistan had become an attractive location for doing businesses due to the high cost of doing business and environmental issues elsewhere. Furthermore, they were hopeful that investors from both sides would agree to joint venture in order to draw on each other’s strengths. The delegates revealed the plan to enter into joint ventures for 100,000 spindles, 500 airjet looms and fabric dyeing and printing plants in Pakistan.
