Monday, August 1, 2011

‘Textile City to bring $250m in investments’

Prime Minister Yousuf Raza Gilani addressing the gathering at the launching ceremony of Pakistan Textile City at the Governor House in Karachi on Saturday. PHOTO: NNI
KARACHI:  Prime Minister Gilani said that the newly established Textile City would bring in $250 million in investments, in a statement released by the Ministry of Textile Industry on Saturday. Speaking at the inauguration ceremony, he also said that the economic zone would bring 80,000 jobs, and add $3 billion to textile exports over time.
He said that while Pakistan had tremendous potential, the country has not been able to realize it of late. “We are blessed with natural resources, cotton crop, unique geo-political location, a rich history of quality textile products and a large labour force,” but “supply of cheap contamination-free cotton, low skill levels of labour force, power shortages and above all inadequate infrastructure” have led to a decline in exports over the past few years.
Pakistan Textile City would solve the infrastructural problems that the industry faces, Gilani said. “Pakistan Textile City would provide an ideal synergistic environment to local players in the industry to join hands with international partners for establishing joint ventures and benefit from the strategically located facilities at Port Qasim,” he said.
He also said that “Chinese, Turkish and Korean businesses have shown initial interest in investing in Textile City.”

Published in The Express Tribune, July 31st, 2011.


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