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China signs MoUs worth $375m for investment in Pakistan

Discussion in 'Pakistan Economy' started by NOWorNEVER, Sep 19, 2017.

  1. NOWorNEVER

    NOWorNEVER FULL MEMBER

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    The Express Tribune > Business

    China signs MoUs worth $375m for investment in Pakistan
    By Our Correspondent
    Published: September 19, 2017
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    PHOTO: REUTERS

    LAHORE: Chinese companies from different cities and provinces have expressed their interest in relocating their textile, garment and accessory production units to Punjab, with an expected investment of at least $25 million estimated for each unit.

    This was stated by Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) Central Chairman Ijaz Khokhar at the three-day 18th International Textile Asia Exhibition. Besides marking the participation of over 500 foreign delegates, the exhibition also witnessed signing of MoUs worth $375 million for investment in Pakistan through joint ventures with local companies

    A tale of two textile cities — one in China and one in Pakistan

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    Speaking on the occasion, Khokhar said that foreign 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.

    Quoting the Chinese, he said, “We will make 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.”

    The event was jointly organised by PRGMEA and Ecommerce Gateway Pakistan, who also signed an agreement to continue to jointly conduct this mega textile event in the future on an annual basis.

    The PRGMEA chairman announced this on the last day of the exhibition. In his concluding remarks, he said that around 52,000 trade visitors registered their presence in the textile fair in three days.

    Also present on the occasion, PRGMEA Vice Chairman Jawwad Chaudhry said that machinery and equipment displayed at the exhibition were of immense use to manufacturers producing value-added products for increasing volume of exports.

    He hoped that local businessmen would benefit from this technology by adding value to their products.

    He said that the Textile Asia Expo also featured businessmen to businessmen (B2B) meetings, a lot of important industry-related presentations and seminars on textile sector.

    Chaudhry observed that 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.

    Ecommerce Gateway Pakistan CEO Dr Khurshid Nizam said that such textile machinery fairs in Pakistan would increase productivity, resulting into better competitiveness.

    Chinese textile units interested in relocating to Pakistan

    The exhibition is aimed at focusing the Punjab potential of textile and garment machinery, accessories, raw material supplies, chemicals and allied services under one roof, as around 80% of textile industry is located in this province, Nizam added.

    The exhibition also provided an effective platform for joint ventures and collaborations to the textile sector’s SMEs, he remarked.

    The CEO observed that the three-day mega fair provided the local small textile industry a good opportunity where more than 315 international brands from around 27 countries displayed their products in more than 515 stalls.

    https://tribune.com.pk/story/1510133/china-signs-mous-worth-375m-investment-pakistan/
     
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  2. MM_Haider

    MM_Haider FULL MEMBER

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    how about news of 70K Chinese tourist due in Pakistan next year?
     
  3. HAKIKAT

    HAKIKAT SENIOR MEMBER

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    If they can turn Gwadar into "Chinese Dubai", what 70K, it'll be 70m....
     
  4. Canuck786

    Canuck786 FULL MEMBER

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    It's starting to happen although we are still in 2017. Love it! Developing and already progressing Pakistan!
    :pakistan::china:
    :victory::victory::victory:
     
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  5. GeraltofRivia

    GeraltofRivia FULL MEMBER

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    Great news! The new investment will bring technology, employment, and business into Pakistan. Expecting them to come in waves in the next few years.:yahoo:
     
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  6. terranMarine

    terranMarine BANNED

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    We don't need advice from the jealous teaching us how to help our Iron Brother, may the Japs suck them dry with the HSR project. In the meantime Pak is developing nicely. :china::pakistan:
     
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  7. MM_Haider

    MM_Haider FULL MEMBER

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    Quite difficult since tourism means.. night life... and in Pakistan it is not possible.. remember leaked CPEC by DAWN which indicated nightlife at Gawadar? and whole PTI led by Asad Umar going bonkers over it..
     
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