Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) and Pakistan Hosiery Manufacturers Association (PHMA) singed a joint Memorandum of Understanding (MoU) with Kazakhstan Special Economic Zone "Ontustik".
The MoU was singed by Atiq A. Kochra, Acting Chairman PRGMEA, Jawaid Bilwani, Chairman PHMA and Berdibek Saparvayev, Deputy Head of the Chancery of Prime Minister of Kazakhstan at a local hotel on Wednesday evening.
Berdibek Saparvayev, Deputy Head of the Chancery of the Prime Minister of Kazakhstan, who is heading a 6-member delegation visiting Pakistan for seeking investment in the textile sector in Special Economic Zone "Ontustik". He gave a detailed presentation on the zone and offered Pakistani investors to establish their textile units in the zone, where investment is completely free of taxation.
He also informed that the Central Asian Republics and Russia are in the process establishing a Customs Union. This would provide an opportunity of free access to the whole region.
Earlier, Atiq Ahmed Kochra, Acting Chairman in his welcome remarks appreciated the performance of Kazakhstan economy but showed dissatisfaction over meager volume of trade between the two countries. He informed that only 10 percent of the total exports of Pakistan to Kazakhstan consist of readymade garments. Similarly, the import of Pakistan from Kazakhstan is also very marginal. He stated that there are some misconception and lack of information on banking sector of Kazakhstan while on the other hand, the high air transportation cost and existence of cheaper Chinese goods due to common border of Kazakhstan with China, Pakistani garments are not competitive in Kazakh markets. These problems need to be addressed at government level to reduce the main hindrance of bilateral trade.
The meeting was also attended by Idrees Ahmed, Textile Commissioner, . Aslam Karsaz, former Chairman PHMA, Razak H. Paracha, former Chairman PRGMEA (SZ), Aftab Mustafa, Member, Managing Committee PRGMEA.-PR