LAHORE – Realizing Pakistan’s potential as 4th largest cotton producer, the Chinese investors expressed their deep desire to enter into joint ventures with Pakistan for importing high quality fabric to China that would help in improving bilateral trade and economic relations between the two countries.
A Chinese delegation from China National Textile & Apparel Council (CNTAC) led by CEO Textile Mills Management, Shahid Nazir Masood and CEO of Shanghai Challenge Textile Mr Robert, visited Punjab Board of Investment and Trade. The objective of the visit was their keen interest in developing business in Pakistan specifically in the textile sector for changing the economic landscape of the country.
CEO PBIT Burana welcomed the delegation and briefed them about the core functions of PBIT as an Investment Promotion Agency. He stressed on two types of investments, one that is immediate by acquisition of potential points of existing textile industry and the other one of Greenfield Investments. He highlighted that the new government is highly interested in strengthening the economic bond between the two countries in the light of CPEC and OBOR. He told the delegation that a team will be designated from PBIT that will work with them in order to identify potential opportunities in the specific sector. He further said that the Investment Advisory Team of PBIT will facilitate them regarding the entire procedures for establishing or expanding the businesses in Punjab through its Special Economic Zones such as Quaid-e-Azam Apparel Park.
The representatives of Chinese companies said it was their first visit to Pakistan for exploring trade and investment opportunities. They stated that China has now globally established itself as the finest textile producer. The investors showed immense interest in investing in Pakistan as it is amongst the largest cotton producers in the world and their high quality fabric can be exported to China thus enhancing the productivity and boosting trade relations between the two countries.
They requested that Chinese investors should be provided with specific promotion incentives to deepen trade relations. They invited PBIT and potential investors from Punjab for showcasing their products in the biggest textile expos conducted in Shanghai.
CEO PBIT told them that Minister for Industries, Commerce and Investment, Punjab is interested in visiting China with delegates from our textile sector for further economic cooperation. He proposed that a joint working group should be constituted between PBIT and CNTAC to explore possibilities of promotion & cooperation between Punjab and China specifically in textiles. He also proposed a meeting with the said Minister and signing of memorandum of understanding as a concrete step towards mutual efforts for augmenting industrial relations.