APTMA suggests way forward to Chinese textile industry delegation

LAHORE: All Pakistan Textile Mills Association (APTMA) Punjab Chairman Adil Bashir on Tuesday suggested a way forward to Chinese textile industry associations, showing an interest in carrying out Joint Ventures (JVs) with the textile industry in Pakistan.

He was sharing his views with a Chinese delegation representing sub-council of textile industry CCPIT and Office of International Trade of China National Textile and Apparel Council (CNTAC) during its visit to APTMA Punjab Office here. He also briefed the delegation about the growth opportunities in the textile industry of Pakistan and the government efforts to make the industry viable besides setting up special economic zones and a garment city.

Adil Bashir said a special line of credit from China can be set up for new investment and forming JVs with Chinese firms under pay as you earn scheme on buying back basis to encourage investment and bilateral trade. He also offered the identification of prospective investors from Pakistan for matchmaking by industry associations and exchange of information and latest developments by respective associations besides opening up of one widow facility for prospective investors and video linked forum for overcoming language/travel barriers.

He informed the delegation that a good number of closed textile units in Pakistan with plug and play facility were available where Chinese entrepreneurs have extensive opportunity to start joint ventures.

While highlighting the opportunities for Chinese investors in Pakistan, APTMA Punjab chief said the initiatives like CPEC investment corridor, regional textile production-consumption hub, PTA/FTA with China and Turkey, availability of EU GSP+ facility up to 2023 and growing domestic market are golden opportunities of investment and JVs in Pakistan's textile industry.

He also briefed the delegation about the textile industry structure in Pakistan, market strength, investment policy of Pakistan, setting up of Special Economic Zones, and prospective areas for JVs.

The Chinese delegation consisted of China National Textile & Apparel Council, China Dyeing and Printing Association, The Sub-Council of Textile Industry, Jiangsu Province Textile Industry Association, Jiangsu Garment Association, Qingdao Phoenix Printing & Dyeing Co. Ltd, Jiangsu Haoye Fibre Technology Co. Ltd, Wujiang Shengwei Bauhinia Textile Co. Ltd and The Sub-Council of Textile Industry, CCPIT.

Head of the Chinese delegation Mr Xu Yingxin and other members showed their interest in the APTMA proposals, saying that a Memorandum of Understanding can be signed between APTMA and CNTC to ensure a large scale investment in Pakistan’s textile industry. He has also invited APTMA delegation to an investment conference taking place in the month of March 2019 in China.