As per the MoUs, the trade bodies will promote bilateral trade, investment and economic associations between Italy and Pakistan. It is for the first time that spinning and garment sector bodies of Pakistan have inked such a deal with the Italian body to improve garment and textile trading. The MoUs will help both the countries to develop small and medium-sized textile businesses while also looking out for opportunities for trade and joint ventures, according to Pakistan media reports.
Pakistan textile industry is planning to invest $5 billion in Balancing, Modernisation and Replacement (BMR) to upgrade textile facilities that may double the exports of value added textile industry to $25 billion, said APTMA chairman Aamir Fayyaz. Pakistan is also looking to avail from EU’s Generalised Scheme of Preferences (GSP) and the China Pakistan Economic Corridor.
APTMA, PRGMEA and ACIMIT have agreed to maintain good trade relations and explore export opportunities by participating in seminars, meetings, presentations and exhibitions, according to the MoU.
Italy is a vast traditional market which offers wide scope for Pakistani merchandise, said PRGMEA central chairman Ijaz Khokhar. ACIMIT will help Pakistan garment manufacturers association and its member companies in decisions such as adoption of right technology and source for best textile machinery and accessories, he added. Similarly, Italian companies arriving in Pakistan will also gain support from PRGMEA and APTMA which will include visa assistance, factory visits and B2B meetings among others. (RR)
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