Pakistan's cotton and leather sectors set to receive boost from Guangzhou enterprises
KARACHI, May 27 (Gwadar Pro) - The cotton and leather sectors in Pakistan are set to receive a much-needed boost from Guangzhou enterprises, as Chinese entrepreneurs have expressed interest in investing in these sectors during a meeting with the Secretary of Commerce and the Secretary of the Trade Development Authority of Pakistan (TDAP).
Representatives from Chinese enterprises in Guangzhou met with Muhammad Sualeh Ahmad Faruqi, Secretary of Commerce in Pakistan, on Friday and ensured to assist Pakistan in the textile sector through investment. This investment is expected to bring in new technologies, increase production capacity, and create new jobs.
Faruqi said that Pakistani enterprises are looking at the potential of the textile and leather industries in Pakistan, which have been growing steadily over the past few years, added that with Chinese investments and support, these sectors can reach even greater heights. This will also help the local economy by creating job opportunities for many people.
During a sideline meeting with a delegation from Guangzhou, Fareed Iqbal Qureshi, Secretary of TDAP, said that Pakistani enterprises are seeking to establish long-term partnerships with Chinese businesses to ensure mutual benefits from their investments in both countries.
He added that with this investment, Pakistan can look forward to a brighter future for its cotton and leather sectors. He also ensured Chinese enterprises that they will be provided with the best business environment, including safety for Chinese citizens.
"Our banks also allow trading in RMB, you don't need to gain other currencies. RMB is now as good a currency for opening letters of credit (LC) just like any other currency. The overall environment is very conducive to growth and trade in both countries, and we earnestly hope that you're able to find the opportunity here”, Fareed added.