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Pakistan carpet industry to tap Chinese market
Oct '12
China would help Pakistani carpet industry to boost its competitiveness and tap Chinese carpet market.
A Chinese delegation, which is on a visit to Pakistan to explore joint venture opportunities for encouraging economic activities between the two nations, inked a Memorandum of Understanding (MoU) with the Pakistan Carpet Manufacturers and Exporters Association (PCMEA). 
To enable Pakistan to tap the emerging handmade carpet market in China, the delegation has offered research and development assistance to the producers of handmade carpet in Pakistan.
China has led the way for globalization and localization that boosted global economic development, Huang Guojun, Director General of the Administrative Committee of Nanchuan Industrial Park, said while speaking at the MoU inking ceremony.
He said they would be delighted to help the Pakistani carpet industry with its upgradation, and thereby enabling it to tap the Chinese market.
After laying foundation for establishment of a business development centre in Pakistan, Mr. Guojun also launched an office of Nanchuan Industrial Park in Lahore, to extend research and development assistance to the Pakistani industry.
Speaking on the occasion, he urged Pakistani carpet producers to invest in the industrial park and also called on the PCMEA to participate in the world carpet expo slated to take place in Quinghai, China next year.
Anjum Bashir, Secretary, Pakistan Board of Investment, said though Pakistan is also in favour of enhancing mutual trade, still it necessitates some foreign direct investment (FDI) from China.
FDI worth around US$ 769 million have flown into Pakistan from mainland China over the past five years, and some US$ 11.7 million have flown in from Hong Kong. During last fiscal itself, around US$ 120.9 million and US$ 80.3 million came to Pakistan in FDI from China and Hong Kong, respectively, he said.
He added that the trade volume between the two countries is expected to rise to US$ 10 billion over the next two years. Last fiscal, trade between the two countries stood at US$ 5.704 billion.

Fibre2fashion News Desk - India

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