Pakistan Seeks More JVs with China

The Pakistani Government wants to forge more joint ventures (JVs) with China and turn a business hub for the Middle East, Central and South Asia, the country’s commerce and textile minister Pervaiz Malik has said. The aim is to boost exports through value addition, he said at the three-day 18th Textile Asia International Exhibition in Lahore recently.

Stating that China is the only country that wants to transfer its technology to Pakistan, Malik said the China-Pakistan Economic Corridor offers a lot of opportunities for industrial cooperation between the two countries, according to media reports in Pakistan.

Around 275 exhibitors from 31 countries displayed more than 339 brands at the expo held during September 16-18. Participating countries included Austria, China, the Czech Republic, France, Germany, India, Italy, Korea, Taiwan, Turkey, the United Kingdom and the United States.

Many Chinese firms have shown interest in relocating their textile, garment and accessories production units to Punjab with an investment of at least $25 million per unit, according to Ijaz Khokhar, central chairman of the Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), which organised the fair along with Ecommerce Gateway Pakistan (Pvt) Ltd, a leading trade fair organiser.

PRGMEA recently signed an agreement with Ecommerce Gateway Pakistan to attract foreign investment worth $375 million in the textile sector.

PRGMEA vice chairman Jawwad Chaudhry said Pakistani manufacturers found the machinery and equipment displayed at the exhibition to be highly useful for value addition and increasing exports volume.

Textile was the only sector that contributed $12,452.53 million to exports in fiscal 2016-17 and $12,447.69 million in 2015-16 — around 60 per cent of the total export figure in both the fiscals, said Chaudhry.