ISLAMABAD: In addition to security cooperation, two leading Chinese companies, Rainbow Industries Ltd. and Shaoxing Chemical Industry, have announced plans to establish plants in Pakistan to produce raw materials for the textile industry. Facilitated by the Special Investment Facilitation Council (SIFC), these investments aim to revitalize Pakistan’s textile sector, introducing advanced technology and millions of dollars in investment.
Despite the industry’s challenges, such as high energy tariffs, the government is implementing measures to support growth, including a 10-year duty-free machinery import scheme and the establishment of special economic zones for foreign investors. The textile industry, contributing 55 percent to Pakistan’s exports and employing 45 percent of the manufacturing workforce, remains a critical component of the national economy. During the “Nine Color & Chem Expo,” which gathered over 300 exhibitors from countries like China, Malaysia, Türkiye, and Iran, the industry’s challenges and potential were highlighted.
The All Pakistan Textile Mills Association (APTMA) urged the government to reduce interest rates and energy costs to fully harness the sector’s potential, projecting that Pakistan could reach $50 billion in textile exports by 2030. However, Pakistan’s cotton yield, which has stagnated over the past three decades, continues to be a challenge, especially when compared to the growth in countries like China. This dual focus on strengthening security cooperation and revitalizing economic sectors like textiles signifies a deepening of the Pakistan-China partnership, with both countries working to enhance regional stability and economic prosperity.
#ChineseInvestment, #TextileIndustry, #Pakistan, #RainbowIndustries, #ShaoxingChemical, #SIFC, #EconomicGrowth, #Exports, #APTMA, #CottonYield, #RegionalStability
