Pakistan, China agree to collaborate in textile sector

ISLAMABAD: Pakistan and China on Tuesday launched a critical partnership for the promotion of business alliances and sectoral match-making between private enterprises of textile sectors in the two countries.

The Board of Investment (BoI) organised a “CPEC Industrial Cooperation Textile Business to Business (B2B) Webinar” in collaboration with China Council for International Investment Promotion (CCIIP) and China National Textile and Apparel Council (CNTAC) on Tuesday.

The webinar offered a platform for analysis of industry trends, bilateral investment opportunities and potential collaboration between companies of the two countries.

Speaking on the occasion, BoI Secretary Fareena Mazhar said the webinar aimed to rejuvenate the process of enhanced B2B matchmaking between Pakistani and Chinese enterprises. She appreciated the overwhelming support of CNTAC and the Chinese ministry of commerce. Owing to the sector’s financial gains many international companies, including Chinese enterprises, are already operational in the country.

She disclosed that Challenge App­arel, a Chinese company, has been successfully operating in Pakistan for years and now it plans to expand with an additional investment of over $150 million.

The BoI official invited export-oriented hi-tech Chinese enterprises to make investments in Pakistan.

She informed the private sector enterprises about Pakistan’s advantageous investment policies pertaining to SEZs, electric vehicles, cellular device manufacturing policy and emphasised Pakistan’s commitment to facilitate B2B matchmaking. Ms Mazhar underscored that ‘CPEC Industrial Coope­ra­tion’ follows an all-inclusive policy and is open for third party participation.

BoI Project Director Asim Ayub informed the meeting that the Textile Diagnostic Study on Pakistan’s Textile Sector in 2019 was very well received by the Pakistani side. However, there exists a need for a follow-up action plan.