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Pakistan President urges Korea to aid its textile sector
11
Dec '12
Pakistan President Asif Ali Zardari has urged the South Korean Eximbank’s Chairman Dong Soo Park to provide financial backing to Pakistan’s textile sector, Dr. Mirza Ikhtiar Baig, Pakistan’s Federal Advisor on Textiles, said in a statement.
 
Dr. Baig, who accompanied President Zardari on his three-day official visit to Seoul, the capital of South Korea, appreciated the proposal put forward by Mr. Zardari.
 
The Federal Advisor updated the President that China no longer competes with Pakistan in cotton yarn and denim fabric, but is currently one of the largest importers of these items from Pakistan.
 
Escalating cost of labour and wages, which have gone up by almost 20 percent, would compel China to even withdraw from garment production. This would provide Pakistan and other countries in the region with an opportunity to grab the market share that China loses, he said.
 
Mr. Zardari shared Dr. Baig’s opinion that ultimately China would enhance its focus on hi-tech sectors, as has already been done by Korea and Japan.
 

Fibre2fashion News Desk - India

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