Japanese firms will invest in the upcoming Pakistan Textile City in the Eastern Industrial Zone of Port Qasim in Karachi.
The Textile City project is aimed at attracting maximum foreign direct investment to give a fillip to the country's textile and garment industry. The plan is to establish at least 277 new textile and garment units in the demarcated area for the project.
It is being set up on 1,250 acres of land as a state-of-the-art industrial zone for value-added textile sectors. It will be equipped with latest infrastructure facilities and is estimated to help increase the country's exports significantly.
During the visit of a Japanese delegation, Federal Minister for Textile Industry Makhdoom Shahabuddin gave an assurance that latest facilities and total security would be provided to Japanese investors.
All Pakistan Textile Mills Association (APTMA) Chairman, Mr. Gohar Ejaz told Fibre2fashion, “We are looking forward to a lot of investments not only from Japan, but also from Korean and Chinese companies to set up their apparel units in the Textile City.”
“Pakistan is the 4th largest producer of cotton and the 3rd largest producer of yarn in the world. It has surplus of US$ 2 billion worth of yarn and fabric, in addition to availability of skilled manpower to set up garment units. Hence, it will be a great opportunity for large companies from these 3 countries – Japan, Korea and China - to invest in the Textile City and set up export-oriented manufacturing units,” he reasoned.
He further explained, “It makes sense to invest in the Textile City now, as it is still in the planning stage. Pakistan every year exports billions of dollars of dyed fabric alone, so the fabric is readily available.”
Among other reasons for investing in the Textile City by Japanese and other firms, Mr. Ejaz said, “Pakistan-made fabrics are exported to all branded manufacturers. The products are of very high standards and are approved by all the big companies. So, it should attract foreign companies to come and invest in the project.”
“Finally,” the APTMA Chairman said, “the grey or dyed fabric producing companies in Pakistan meet international standards. All these are enough reasons for Japanese companies to invest.”
Fibre2fashion News Desk - India
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