'Pakistan & Italian textile sectors complement each other'

31 Oct '13

2 min read

The textile industry of both Pakistan and Italy complemented each other as both of them catered to different segments of the market, said Minister of State for Commerce and Textile Industry of Pakistan Engineer Khurram Dastgir Khan.

According to a statement issued by the Ministry of Commerce, the Minister said this while addressing a conference titled ‘Strengthening Pakistan-Italy Partnership’ at the Italian Chamber of Deputies (Lower House of the Italian Parliament), during his visit to the country.

The Pakistani Minister said that there exists a vast potential for trade ties between the countries, as their economies balanced each other.

Pakistan is an ideal location for foreign investors due to its geostrategic location, a thriving middle class, and a huge pool of youthful and skilled labor as well as a highly liberal investment regime, he added.

According to the Minister, Pakistan’s inclusion in the European Union’s (EU) Generalized System of Preferences Plus (GSP+) scheme would allow greater market access to the country’s exports at preferential terms.

The Minister said the local Italian and European industries should have no cause of concern at the prospects of increased textile exports from Pakistan as such fears were ill-founded and not supported by statistical evidence.

On the contrary, greater business for Pakistan’s textile industry would translate into increased demand for Italian textile machineries, dyes and chemicals, he added.

The Minister sought support from the Italian business community by highlighting that the countries’ textiles sectors complement each other as the Italian market catered to high-end fashion products, whereas Pakistani textiles are mostly concentrated in the low end home textiles segment.

Mr. Dastagir also emphasized that granting GSP+ status to Pakistan would increase imports of textile machinery and different chemicals and dyes from Italy.

The Pakistani Minister was on a visit to four European countries to lobby for GSP+ status for the country. The Minister led a delegation accompanied by the secretary of Commerce and the Minister of Economy of Pakistan to Brussels, Madrid, Rome and Paris.

Fibre2fashion News Desk - India

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