FAISALABAD: There was immense potential to launch joint ventures between Pakistani and Spanish companies particularly in the textile sector, said Felix Pernas Ramirez, Deputy Head of Mission Embassy of Spain.

Addressing the business community in Faisalabad Chamber of Commerce & Industry (FCCI), he said that efforts would be expedited to ensure close liaison between the stakeholders of the two countries to capitalize these opportunities. He said that Spain’s cotton industry was fully mechanized in 19th century while more than 160 companies are now rolling out the latest and modern spinning, weaving, apparel and dyeing machinery.

He said that Pakistani textile manufacturers could benefit from Span’s design expertise and insights into the EU market. He said that we could also create innovative products tailored for global markets in addition to showcasing them at prominent trade shows like the Barcelona textile expo in Spain and TEXPO in Pakistan. He said that Spain is 6th largest buyer of Pakistani products while this year from January to September, volume of Pakistani exports to Spain was 1,095M€ as against imports of 157M€.

Earlier, FCCI President Rehan Naseem Bharara introduced Faisalabad and FCCI and said that bilateral trade between Spain and Pakistan is approximately $1.72bn per annum and there was possibility to further increase it up to $5bn. He said that Faisalabad is a very peaceful industrial city and the chamber was ready to provide due protocol and security to the Spanish buyers visiting Pakistan. He also proposed to organize exhibitions in both countries to strengthen bilateral relations. He also suggested a MOU between FCCI and Barcelona chambers. Kashif Zia former Executive Member also addressed the meeting.

Copyright Business Recorder, 2024