Textile Asia 2018 concluded with JVs worth $175m

Salim Ahmed

Lahore

Asia’s biggest international trade exhibition “Textile Asia-2018”, jointly organized by Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) and Ecommerce Gateway concluded here at Lahore Expo Center Monday with joint ventures worth $175 million. The closing ceremony was attended by. Mr. S.M Naveed, President PCJCCI and Dr. Khursheed Nizam, President E-Commerce Gateway as Chief Guests.
Dr. Khursheed Nizam, while addressing the ceremony, claimed that, more than 55,000 people had visited this trade fair from different sectors of textile industry during last three days. A number of MOUs worth “$175 million in total have been signed for joint ventures, which will definitely help develop the textile sector in Pakistan on modern lines by exchanging innovative ideas with the world’s leaders of Textile industry, he added.
Mr. S.M. Naveed, President PCJCCI, while speaking on this occasion, informed that Chinese companies from different cities and provinces like Shanghai, Guangzhou, Jiangsu, Fujian and Shandong had shown their interest to relocate their textile, garment and accessories production units to Punjab, having investment of at least $25m for each unit.
The foreign companies have also agreed to transfer their technologies, besides buying back Pakistani products after value-addition through transfer of the modern technologies, he said adding that the joint ventures to be concluded through Textile Asia would help enhance local exports, besides lowering down Pakistan’s trade deficit with China.

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