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Chinese firm seeks JVs to upgrade Pak spinning mills
21
Sep '17
A delegation from the Hi-Tech Group, a state-run Chinese company dealing in textile and energy generation machinery, has expressed a keen interest to start joint ventures (JVs) to modernise and upgrade Pakistan's spinning mills and make them cost efficient and competitive. The six-member delegation is on a five-day visit to Pakistan from September 17.

Led by the company’s executive director Shaohul Zhang, the delegation met members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) recently in Karachi and discussed possible ways to modernise the textile sector, according to Pakistani media reports.

In Pakistan, most spinning mills have only a few hundred spindles. The Chinese group, however, wants to start by installing a million spindles at one spinning mill, which is the lowest benchmark for a spinning mill in China. It would also help set up power plants to meet the mill’s power consumption demand at a very reasonable price.

Eighty percent of the yarn and other textile products from the modernised mills will be exported to China for value-addition so that finished products could be sold at better prices in the international market, the delegation informed Pakistani businessmen.

Zhang said China wants to relocate its textile units to Pakistan to gain from Pakistan's experienced labour at lower cost. Under the proposed programme, most of the small Pakistani spinning units would have to shut down as those were not cost efficient and led to wastage of good quality cotton stock, media reports quoted him as saying.

The Hi-Tech Group has supplied machinery to Pakistan's textile sector for the last 25 years. (DS)

Fibre2Fashion News Desk – India


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