Organizers say an overall of $245 million worth of business agreements were made with Pakistani textile and apparel companies at the 19th international Textile Asia exhibition that concluded last week in Pakistan. Majority of the business contracts were done with companies from China.
President of Ecommerce Gateway Pakistan, the organizing company, Dr. Khursheed Nizam told Arab News that Chinese companies participated in huge numbers and they made deals that are worth $200 million.
Over 45 companies showcased 650 products at the exhibition. Korean, Portuguese, Turkmenistan, Vietnamese, Italian, German, and French companies all exhibited their products. Dr. Nizam said that they witnessed 75,000 trade visits during the course of the exhibition.
A lot of Chinese companies have expressed willingness to relocate their textile factories to Pakistan. Dr. Nizam said that the Chinese are planning on moving in with the latest technology and skills by making joint ventures with local companies.
After the launch of the China-Pakistan Economic Corridor (CPEC), Chinese companies’ presence in Pakistan is increasing. The highest number of exhibitors came from the Chinese province of Zhejiang with 150 companies displaying their products.
Vice division director of Department of Commerce of Zhejiang province, Li Yang said that the province’s economy way about $1 trillion. She said that CPEC is the true reflection of the friendship.
High-tech textile machinery was also displayed by European companies at the exhibition. A representative of Portuguese company Crafil Private, Vitor Teixeira told Arab news that they were displaying high-quality threads for denim. Teixeira said that they have successfully concluded business deals with local manufacturers.
Teixeira who is visiting Pakistan for the second time said that he was positive about Pakistan’s economy. He expressed hope that within the next years, the country will be a powerful economy. He added that they will look into setting up a manufacturing unit in Pakistan in the future.
He also said that while the negative perceptions about the country existed on social media, it is a peaceful country and he found the people very friendly.
Through Pakistani representatives, Indian textiles machines were also displayed at the exhibition.
Younus Dagha, Pakistan’s Federal Commerce Secretary inaugurated the exhibition. Dagha believes that exports during the current fiscal year would reach $23 billion.
He said that the high cost of business is a major hurdle in improving exports while local textile products are also not able to match those from the regional economies.
The minister disclosed that that the Pakistani government was considering decreasing gas and water tariffs so as to help decrease the cost of production and make local companies more competitive in international markets.