LAHORE: The All Pakistan Textile Mills Association (Aptma) and Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on Thursday signed separate memoranda of understanding with the Association of Italian Textile Machinery Manufacturers (ACIMIT) to promote development of bilateral trade, investment and economic relations between Italy and Pakistan.

Aptma Chairman Aamir Fayyaz, PRGMEA vice chairman Tariq Javed Fiazi and ACIMIT President Ms Raffaella Carabelli inked the MoUs on behalf of their respective organisations.

ACIMIT will provide Aptma and its member companies with free consultations for contacting right technologies and supplies of textile machines and accessories, especially from ACIMIT’s member companies while Aptma will assist ACIMIT in the organisation of seminars, workshops, factory visits, etc, for trade missions to Pakistan.

Speaking on the occasion, Mr Fayyaz said the textile industry is planning $5 billion in Balancing, Modernisation and Replacement (BMR) to upgrade textile facilities. He hoped the steps double textile exports to $25bn, he added.

Ms Carabelli said ACIMIT would promote trade, investment and economic relations between Italy and Pakistan within the framework of promotional plan of the Italian government institutions including Ministry of Foreign Affairs and International Cooperation, Ministry of Economic Development and Italian Trade Agency.

PRGMEA and ACIMIT have agreed to deal with managing business contacts, seminars, business meetings, presentations, exhibitions, fairs holdings and other arrangements to make potential partners and export possibilities available in the two countries.

Published in Dawn, December 9th, 2016