KARACHI, March 30: A number of memoranda of understanding (MoUs) were signed on the sidelines of Expo 2006, on Thursday between foreign buyers and local suppliers raising hopes that the mega event would help in boosting country’s exports.

Pakistan Readymade Garments Manufacturers and Exporters Association (Prgmea) has signed a MoU with its Dutch counterpart for boosting garment and value added textile trade.

Speaking at the MoU signing ceremony Antonio Barberi Ettaro, senior adviser on international trade of Dutch Garment Association (MODINT) said that Pakistan’s garment industry had vast potential to grab a major share in the Dutch market.

The Dutch delegate, who is presently on a visit to Pakistan to attend the grand Expo, informed his hosts that after elimination of textile quota Netherlands was exporting fabrics to the developing countries to convert it into finished garments for re export to the Dutch suppliers.

Mr Ettaro suggested that Pakistan having large and well-equipped garment industry could easily exploit this opportunity to get a strong footing in the European Union market.

However, he cautioned that the Pakistani garment exporters could face tough competition from exporters and suppliers of China, India and Bangladesh. He hoped that in the near future, he would again visit Pakistan along with another trade delegation.

Chairman Prgmea, (south zone), Atiq Kochra in his welcome remarks suggested a close liaison between Prgmea and Modint so that Pakistani garment manufacturers and exporters could sell their products in the Dutch market.

The objective of the MoU is to have close trade coordination and exchange of information as well as of trade delegations between Prgmea and Modint. Since both the trade bodies have large membership it is expected that cooperation would help boost trade particularly, in textile made-ups.

Mr Ettaro admitted that Pakistan had been generally known to be a main supplier in home textiles, but after visiting Expo 2006, “I have changed my perception and feel that Pakistan can win a place in garment market of the EU.”

The Modint has around 825 members, while Prgmea 1,200 and exchange of trade inquires and facilitation will help increase business volume. Both the sides also agreed to exchange data on their respective members and also confirm credit rating of each member.

On the occasion around 15 leading garment manufacturers and exporters displayed their products which helped to change the perception of the Dutch delegation.

Besides, 15 other MoUs were signed by various Pakistani trade bodies with their counterparts in several countries. However, there were also a couple of government-to-government and government-to-private sector signing of MoUs.

The details of MoUs released by the Export Promotion Bureau (EPB) included one by the Karachi Chamber of Commerce and Industry (KCCI) with two trade bodies – Musaid and Izmir Chamber of Turkey. The Engineering Development Board (Pakistan) signed a MoU with Netherlands VMO.

Six MoUs were signed by the private sector trade bodies with their Swedish counterparts, they are: Textiles Importers Association with Bedwear Association (Pakistan), TIA Sweden with Prgmea, Karachi Chamber and Pakistan Hosiery Manufacturers Association. The Federation of Swedish Chambers of Commerce and Industry singed a MoU with FPCCI and the Swedish Chamber of Commerce with the KCCI.

From Bangladesh two companies – M/s Aspect Foods and Beverages signed MoUs with their Pakistani counterparts M/s M Sulemanji and Company and M/s Khansons Group with M/s Sefame Ltd. A Russian company M/s Ruspak-ST Peters Burg signed MoU with M/s Ghausia Traders. Philippines Chamber of Commerce, Manila, signed a MoU with the FPCCI. CCIB of Brussels signed MoU with Lahore Chamber of Commerce and Industry. The Paris Chamber of Commerce and Industry signed MoU with the KCCI.