China wants to strengthen investment cooperation with Pakistan in textile and garment industry, international media reported citing China Chamber of Commerce for Textile Import and Export (CCCT) .
Speaking to a Beijing-based news agency, CCCT vice chairman Zhang Xian said the potential for a combination of strengths and weaknesses provides opportunities for deepening cooperation between the textile industries of the two. country.
“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. country and that the Sino-Pakistani textile cooperative is “untapped”.
“Pakistan and China are perfect partners and there is a lot to be done,” noted the CCCT vice president.
Pakistan is one of the world’s largest cotton producers, ranking in the top five in terms of yield, with cotton textile products accounting for 40 percent of its exports, according to the report.
As a major producer of clothing, Pakistan’s exports of home textiles, clothing and other processed products to the European Union, United States and other countries and regions have grown rapidly in these years, this which also resulted in rapid growth of threads and fabrics. imports from China, promoting cooperation between China and Pakistan in the industrial chain.
However, the different stages of industrial development between the two countries also create a large space for closer cooperation, Zhang Xian noted.
According to Pakistan Customs Statistics report mentioned by Geo News, Pakistani textiles and clothing imports from China account for 62% of its total imports, making China its largest source of textiles and clothing imports.
According to statistics released by the General Administration of Customs of China, the country’s imports from Pakistan are mainly cotton yarns, and Pakistan is the third largest source of cotton yarn import from China.