Razak emphasises for role of Chinese investors in local textile sector

ISLAMABAD: The Adviser to Prime Minister on Commerce, Textiles, Industries and investment, Abdul Razak Dawood on Tuesday underlined the significance of investment opportunities for Chinese investors in textile sector for industrial cooperation and growth.

Razak appreciated the role of Chinese Companies in textile sector of Pakistan and urged the Chinese delegation to have more extended cooperation in the textile sector, said a press release issued by Ministry of Finance here.

A Chinese delegation of National Textile and Apparel Council (CNTAC) called on Abdul Razak Dawood to deliberate upon bilateral trade and investment opportunities.

CNTAC is the National Federation of all textile-related industries, as it includes the textile industrial associations and the other economic entities as the registered members.

Members of the delegation showed interest in technology up gradation in Pakistan by investing in Textile Research Centers and Stitching Labs.

Adviser to PM emphasized to enhance know-how regarding Chinese technological advancement in textile sector and urged the delegation to cooperate in the development of textile sector to avail investment opportunities for developing better partnership.

He apprised the delegation that China Pakistan Economic Corridor (CPEC) has opened enormous investment and business opportunities in Pakistan.

In the first phase of the project investment was only attracted to power sector and infrastructure development, he added.

Now “we are entering into second phase of CPEC, as industrial cooperation, which provides enormous opportunities for investment in textile and agriculture. Moreover, in the wake of China-Pakistan Free Trade Agreement (FTA) Phase-II bilateral cooperation between two countries is widening by providing extended market access to Pakistani product in Chinese market which has increased industrial base of Pakistan, adviser highlighted.

Razak said Chinese companies should invest in whole value chain of textile, from cotton to garment, for the development of sector and both countries should work for win-win position.

He apprised the participant that China has already cooperated in manufacturing of polyester yarn in Pakistan and eying for extended mutual cooperation in finished/value added products of textile sector.

Head of CNTAC delegation appreciated the Pakistan’s business friendly environment for better cooperation in industrial development, especially textile industry.

The visit of CNTAC aims to observe the existing business environment for future investment in industrial development in Pakistan.