Chinese team interested in joint ventures: Textile sector
KARACHI, March 31: An eight-member Chinese trade delegation on Wednesday visited Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and discussed promotion of bilateral trade
, investment and multi-dimensional economic collaboration between the two countries.
The main purpose of their visit was to assess the possibilities of joint ventures for setting up large textile spinning, weaving and processing units in Pakistan.
The head of the Chinese team Wang Tian Kai, Vice Minister of China National Textile Industry Council and Chairman of China Hengtian Group, said that this visit would be useful in bringing about greater business cooperation between the two friendly countries.
He said the Chinese textile industry which has developed very rapidly in last seven years was faced with shortage of raw materials, specially cotton, whose prices have shown significant increase.
He said the cooperation with Pakistan's textile industry would be aimed at meeting with requirements of textiles in the global market. He said they intended to set up spinning unit in Pakistan with all machinery from China.
FPCCI president Riaz Ahmed Tata said that enormous increase in exports of Chinese textile and apparels had made it imperative for China to enter into joint production and marketing of textiles in other countries like Pakistan.
He said that based on Pakistan's successful track record in production and distribution of textiles and clothing, joint ventures between Pakistani and Chinese entrepreneurs would prove mutually beneficial.
He assured the Chinese team that FPCCI would act as bridge for identifying suitable opportunities and partners for joint ventures with Chinese parties for local production of clothing, textiles and textile machinery.
FPCCI vice-president and Incharge WTO Resource Centre of FPCCI Engr. M.A. Jabbar suggested that the Chinese delegation should send some experts to study macro and micro level developments of textile industry in Pakistan.
This study, he said, would help in understanding of textile business in Pakistan for considering joint ventures and business of mutual benefits in textile. He said in 2005 scenario, Pakistan is interested to reduce cost of doing business to make the products competitive for overseas markets.
Mr Jabbar said the Pakistani textile manufacturers could reduce the cost of doing of business by importing textile machinery from China at cost advantages. Besides there exists a room for joint ventures after analyzing pattern of textile industry in Pakistan.
In a separate meeting with vice-chairman Export Promotion Bureau Tariq Iqbal Puri at EPB House here, the Chinese team showed keen interest in garment city of Pakistan, envisaged under Trade Policy 2003-04.
Mr Wang said that the Chinese textile investors were keen to invest in the number of sectors in Pakistan to meet the challenges of world market, in WTO era. -APP
