Textile industry: APTMA, Chinese team vow to explore possibilities of JVs

LAHORE: Chinese textile machinery manufacturers and All Pakistan Textile Mills Association (Aptma) leadership have resolved to explore possibilities of joint ventures in textile industry of Pakistan.

A delegation of Chinese textile machinery manufacturers visited Aptma and discussed in detail future prospects with regard to JVs with each other. Wendy of Guangdong Joint Era Digital Technology Co Ltd headed the delegation, which consisted of Allen, Amos, Luya, Louise, Lucky, and Haung.

Chairman Aptma Kamran Arshad welcomed the delegation at the Aptma. He was accompanied by zonal management committee members, Secretary General Aptma Mohammad Raza Baqir, Energy Advisor Tahir Basharat Cheema and other prominent textile exporters.

Speaking on the occasion, Wendy said both China and Pakistan enjoy strong relations and China Pakistan Economic Corridor (CPEC) is an example of this strong relationship. Both the countries have also good trade and cultural relations, she added.

She made a detailed presentation on the digital printing machine of their company to the Aptma members and hoped that their printing solutions would be helpful to the textile industry in Pakistan.

She also appreciated the investment-friendly environment in Pakistan and said that Chinese entrepreneurs are taking keen interest in enhancing business relationships with their Pakistani counterparts. She also invited Aptma members to visit China.

Chairman Aptma Kamran Arshad made a detailed presentation to the visiting delegation regarding the prospects of mutual cooperation in the textile industry of Pakistan.

Highlighting the preferential investment incentives, he said Special Economic Zones (SEZ) in different parts of Pakistan, especially under CPEC, are being offered for investment.

Kamran Arshad explained duty and tax exemption regime on import of plant, machinery and raw materials on investment made in SEZs.

He added any entity having investment of USD 50 million and more and land of at least 50 acres can request the government to give its industrial area status of a SEZ. He informed that two Chinese companies have already set up their own SEZs near Lahore.

Describing the significance of the industry, he said Pakistan is one of the few countries with a complete textile value chain starting from ginning, spinning, weaving, processing and garmenting.

Kamran Arshad also highlighted the benefits of China Pakistan Free Trade Agreement for exporters and importers as well as the investors.

Members of the Chinese delegation discussed and explored possibilities of joint ventures in textile industry, especially in the processing sector.

Secretary General Aptma Raza Baqir presented a vote of thanks to the visiting delegation at the end of the meeting.

Copyright Business Recorder, 2024