Pak MoU to attract $375 mn investment

The Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) has signed an MoU with Ecommerce Gateway Pakistan, a leading trade fair organiser, to attract foreign investment worth $375 million into textile sector.

“A number of Chinese firms have shown interest in relocating their textile, garment and accessories production units to Punjab with an investment of at least $25 million per unit,” said Ijaz Khokhar, Central Chairman of PRGMEA, while addressing the concluding ceremony of Textile Asia Trade Exhibition.

Khokhar said the foreign companies were also committed to transfer their technologies, besides buying back Pakistani products after value-addition here (Pakistan), leading to enhanced local export and lowering Pakistan trade deficit with China.