Chinese investors desire for JVs with Pakistan in the textile sector

A Chinese delegation from China National Textile & Apparel Council (CNTAC) led by CEO Masood Textile Mills, Mr. Shahid Nazir  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.

Realizing Pakistan’s potential as a 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.

CEO PBIT Mr Jahanzeb Burana 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 the 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 One Belt One Road (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.

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 and cooperation between Punjab and China specifically in textiles. He also proposed a meeting with the said Minister and signing of a memorandum of understanding as a concrete step towards making mutual efforts for augmenting industrial relations.

 

 
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