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Chinese Bank assures investment in Pak textile sector
30
Mar '15
The Industrial and Commercial Bank of China has assured of investing in the textile and energy sectors to chief minister of Punjab Shahbaz Sharif, who is on a visit to China.

The assurance to the chief minister was given by the chairman of the bank, Jiang Jianqing during a high-level meeting in Beijing.

According to Pakistan media reports, as a result of this, billions of dollars of investments will flow in to Punjab in the next few years.

The bank, apart from offering capital, will also help the Punjab government in attracting investment from other global sources.

Shahbaz Sharif also appealed to the China National Textile and Apparel Council (CNTAC) to invest in an Apparel Park project in Sheikhupura, to which CNTAC officials expressed keen interest.

Sharif said that there are vast opportunities for investment in the Apparel Park and also assured of full protection to their capital and said that Chinese investors could also repatriate profits to their country.

He added the Apparel Park has been planned in such a way that there would be separate textile and garment zones, apart from there was abundance of skilled manpower in the sector.

“Cooperation in the Apparel Park project will help Pakistan benefit from Chinese expertise and technology,” he informed.

The added benefit according to Sharif was that since Europe had granted Pakistan GSP Plus status, Pakistan can export its textile products duty-free to European countries. (AR)

Fibre2fashion News Desk - India

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