Federal Advisor on Textiles Dr Mirza Ikhtiar Baig who returned after three days official visit to Seoul Korea with President of Pakistan Asif Ali Zardari hailed President Zardari's proposal to Chairman Korea Eximbank Dong Soo Park to extend financing to Pakistan's textile sector to enhance their economies of scale.
Dr Baig also attended the said meeting with the President appreciating the President's vision for our textile sector competing in the region and getting maximum share of the Chinese textile market in the future. Dr Baig informed the President that China was no more competing with Pakistan in cotton yarn and denim fabric, instead China had emerged as one of the biggest buyers of these items from Pakistan. With increasing wages and labour costs by 20% per annum China would also phase out of the garment business providing opportunity to Pakistan and other countries in the region to get their market share.
The President of Pakistan agreed with Dr Baig that finally China would be focusing on hi-tech sectors like Japan and Korea. The Federal Advisor was optimistic for the enhancement of textile exports due to EU allowing Pakistan duty-free market access to our textile products bringing Pakistan at par with Bangladesh. During the visit Dr Baig also had a meeting with the Minister for Water and Power, Chaudhry Ahmed Mukhtar who accompanied the President's delegation.-PR