China is interested in strengthening investment cooperation with Pakistan in the textile and garment industry, International media reported quoting the China Chamber of Commerce for Import and Export of Textiles (CCCT).
Talking to a Beijing-based news organization, CCCT Vice President Zhang Xian said the potential of a combination of strengths and weaknesses provides opportunities to deepen cooperation between the two countries’ textile industries.
“China is willing to strengthen investment cooperation with Pakistan in the textile and garment industry,” Zhang said, adding that collaboration and competition coexist for the textile industry in both countries and Sino-Pak co-op in the textile industry is ‘untapped’.
”Pakistan and China are perfect partners and there’s a lot that can be done,” remarked the CCCT vice president.
Pakistan is one of the world’s leading cotton producers, ranking among the top five in terms of yield, with cotton textile products accounting for 40 percent of its exports, the report said.
As a major garment producer, Pakistan’s export of home textiles, clothing, and other processed products to the European Union, the United States, and other countries and regions has witnessed a rapid growth these years, which has also driven rapid growth in yarn and fabric imports from China, promoting the cooperation between China and Pakistan in the industrial chain.
However, the different stages of industrial development between the two countries also creates broad space for closer cooperation, noted Zhang Xian.
According to the Pakistani customs statistics report mentioned by Geo News, Pakistan’s imports of textiles and apparel from China account for 62% of its total imports, which makes China its largest source of textile and garment imports.
As per statistics released by the General Administration of Customs of China, the country’s imports from Pakistan are mainly cotton yarn and Pakistan ranks third among China’s import sources of cotton yarn.