China signs MoUs worth $375m for investment in Pakistan

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Pakistan -China agreements

By Muhammad Luqman
Chinese companies have expressed their interest in relocating their textile, garment and accessory production units to Punjab province of Pakistan, with an expected investment of at least $25 million estimated for each unit.
“MoUs worth $375 million for investment in Pakistan through joint ventures with local companies have also been signed,” says Ijaz Khokhar, Central Chairman Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) on the conclusion of International Textile Asia Exhibition in Lahore.
Chinese companies are also committed to transfer their technologies, besides buying back Pakistani products after value-addition here, which would enhance export and lower Pakistan’s trade deficit with China.
“Chinese are entering into joint ventures with local companies from Gujranwala, Lahore, Sialkot and Faisalabad, and provide training to engineers from these cities and buy back products to export to China,.” Said Ijaz Khokhar.
Machinery and equipment displayed at the exhibition were of immense use to manufacturers producing value-added products for increasing volume of exports.
The entire chain of the local textile sector was invited to attend the country’s largest textile show. The exhibiting countries included Austria, China, Czech Republic, France, Germany, India, Italy, Korea, Taiwan, Turkey, UK and USA among others.

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