APTMA assured: Punjab will offer better incentives to Chinese investors than Bangladesh

LAHORE: Punjab Minister for Industries, Commerce & Investment Shafay Hussain has assured All Pakistan Textile Mills Association (APTMA) of offering incentives better than Bangladesh to attract Chinese investors to boost apparel exports through industrial parks in Punjab.

“A mechanism is being evolved to ensure no change in policy irrespective of the coming in or going out of any government,” he said, adding that the Punjab government would also ensure full scale security for the Chinese investors operating in the province.

He visited Aptma Lahore office along with a delegation of Punjab government comprised of Javed Iqbal, Chairman PIEDMC, Jalal Hassan, Chief Executive Officer Punjab Investment Board, and Asif Ali Farrukh, DG Industries to get briefing on the proposed industrial parks in Punjab.

Chairman Aptma North Kamran Arshad, Senior Vice Chairman Asad Shafi, Vice Chairman Ahmed Shafi, former Chairman of the Association Abdul Rahim Nasir, Executive Anjum Zafar, Mr Muhammad Ali and Secretary General Mohammad Raza Baqir welcomed the delegation on the occasion.

The minister informed that chief minister Punjab has recently set up a high-powered committee to examine and understand the best practices across the world in general and Bangladesh in particular for the establishment and operation of Garments cities on the pattern of “Plug and Play Model.”

He added that such industrial parks will be equipped with the state of art infrastructure to attract foreign and local investors. He said the committee would make recommendations on all aspects of the setting up of Garments Parks either in the existing industrial estates or on new sites.

He expressed the hope that Aptma would provide all technical assistance and know-how to the Punjab government in this regard.

The minister also assured Aptma of resolving the issue of waiving penalties against social security outstanding against the textile mills in the province.

Chairman Aptma North Kamran Arshad made a detailed briefing to the visiting delegation, saying that Patron-in-Chief Aptma Gohar Ejaz had put forward the vision of apparel cities in the province by constructing modern industrial zones dedicated to garment manufacturing.

The aim is to attract local and international investors by leveraging competitive advantages like low-cost labour and favourable trade status and to inject the boost of additional $ 12 billion in textile exports, he added. Arshad said that these industrial parks would offer fully equipped plug & play factories for rent, aiming to significantly increase Pakistan’s apparel exports and economic impact besides generating significant employment opportunities to alleviate poverty.

Senior Vice Chairman Asad Shafi said the establishment of industrial parks is projected to boost export revenue by $ 2 billion annually in the first phase by providing a conducive environment for production, enhancing competitiveness in the global market and $12 billion per annum after completion.

Former Chairman Abdul Rahim Nasir said Pakistan can benefit from relocation of Chinese apparel sector to boost exports. He said roadshows would be organised to attract Chinese investment for the proposed industrial parks in the province of Punjab. He said it is a market of $100 billion and can play the role of game changer for the Punjab.

The delegation members raised queries with regard to the mechanism to materialize the concept on ground, which were responded by the Aptma leadership on the occasion.

Copyright Business Recorder, 2024