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KARACHI: Textile community of the country has hailed the launch of Pakistan Textile City, Karachi. Prime Minister Yousaf Raza Gilani opened the ceremony to mark the sale of plots at the Textile City Saturday.
All Pakistan Textile Mills Association (APTMA), Pakistan Yarn Merchant Association (PYMA), Karachi Cotton Association (KCA) and international investors lauded the government¡¯s initiative for world-class infrastructure facilities at the Textile City.
The building of Pakistan Textile City will generate huge demand for cement, iron and steel, construction material, besides creating increased revenue from movement of goods and transport activities and a large number of indirect jobs during the construction stage.
In a joint statement Yasin Siddik president Sindh Balochistan chapter of APTMA, Ghulam Rabbani executive member PYMA, Shakeel Ahmad member KCA and Fazal Ahmed, an international investor and director at Drachenberg Trading Company Lubbock Texas, USA said Pakistan textile sector including cotton, yarn and cloth sectors would greatly benefit after the completion of Pakistan Textile City mega project.
Yasin Siddik said after WTO quota system removal for the global textile sector, Pakistan textile sector would better compete its nearest rival exporting countries like China, India and Bangladesh in the international market. He said Pakistan¡¯s textile products would definitely increase market shares after establishing joint ventures and benefit from the facilities at Pakistan Textile City situated near Port Qasim.
Rabbani said after completion of the project, the yarn sector of the country could easily compete its rivals in international market.
¡°Demand for cloth and garment sectors of the country for yarn will increase after a boost in exports and domestic yarn requirements,¡± he maintained.
He added that demand for Pakistan¡¯s quality yarn will rise manifold, ¡°as the country will get improved manufacturing infrastructure after the completion of Textile City mega project.¡±
The country will be benefited with the direct employment to over 80,000 people after the sector¡¯s activities reach their full capacity.
¡°Investment of around $250 million in the value-added textile sector besides increase in exports of over $3 billion a year will support the balance of payment of the country,¡± Rabbani maintained.
Ahmad said the project would provide direct and indirect benefits to the industrial sector of the country.
He said the cotton growers would get better price of their produce besides cotton prices in the country would stand stable following increased lint output.
He said revenue from movement of goods and transport activities and creation of a large number of indirect jobs would benefit a large number of unemployed idle workforce. ¡°International investors have already showed interest in joint ventures with Pakistani textile sector,¡± said Fazal Ahmed, an international investor and director at Drachenberg Trading Company Lubbock Texas, USA.
The international investors will feel comfortable as the mega project on modern lines with international standards will provide secure industrial activities in more than 270 new textile and spinning units.
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