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Textile Asia-2018 ends with signing of JVs worth $175m

LAHORE - Asia's biggest international trade exhibition, Textile Asia-2018 concluded here on Monday with agreements of joint ventures (JVs) worth $175 million.
The exhibition was jointly organised by Pakistan-China Joint Chamber of Commerce and Industry (PCJCCI) and E-commerce Gateway here at Lahore Expo Centre. PCJCCI President SM Naveed and E-Commerce Gateway President Dr Khursheed Nizam were chief guests at the closing ceremony.
Addressing the ceremony, Dr Khursheed said that more than 55,000 people visited the trade fair from different sectors of textile industry during the last three days. A number of MoUs worth US$175 million in total had been signed for joint ventures, which would definitely help develop the textile sector in Pakistan on modern lines, he added.
On this occasion, PCJCCI President SM Naveed said that Chinese companies from different cities and provinces like Shanghai, Guangzhou, Jiangsu, Fujian and Shandong had shown their interest to relocate their textile, garment and accessories production units to Punjab, having investment of at least US$25 million for each unit.
The foreign companies had also agreed to transfer their technologies, besides buying back Pakistani products after value-addition through transfer of the modern technologies, he said, adding that the joint ventures to be concluded through Textile Asia would help enhance local exports, besides lowering down Pakistan's trade deficit with China.
Source: The Nation