BEIJING: A significant milestone in trade relations between Pakistan and China was marked on Sunday when the China National Textile and Clothing Council (CNTAC) and the Board of Investment of Pakistan (BOI) signed a memorandum of agreement (MoU) at the 2024 China Textile Conference in Keqiao, Shaoxing. .

The agreement aims to establish a textile industrial park in Pakistan, a move expected to foster trade relations, facilitate technology transfer and strengthen industrial capacity. The signing ceremony highlights China’s focus on modernizing its textile industry, which is currently undergoing major transformations driven by science, technology, sustainability and fashion trends.

Pakistan Ambassador to China Khalil Hashmi addressed the conference, highlighting the importance of the MoU in strengthening the bilateral trade framework between the two countries. “This is a historic MoU that will lay the foundation for the development of textile parks in Pakistan. This will strengthen bilateral trade, promote technology transfer and enhance the capabilities of our textile sector,” he said.

The conference brought together leaders to discuss key topics such as “innovation environment, materials, artificial intelligence and production processes” in the global transformation of the textile industry. Discussions focused on promoting innovation and optimizing the global textile supply chain.

Ambassador Hashmi further noted, “Pakistan had the exclusive privilege of being the only foreign participant in the annual Chinese Textile Conference. The signing of this MoU, along with the participation of key representatives from Pakistan’s textile industry, highlights the potential for fruitful collaboration between Pakistan and China in the textile and clothing sector.

The textile industry is a vital pillar of Pakistan’s economy, contributing significantly to exports. Pakistan is the world’s second largest supplier of cotton fabrics and fifth largest exporter of cotton, offering unrivaled potential for collaboration in the sector. With its strategic location, skilled workforce and vertical integration, Pakistan is an ideal partner for Chinese textile companies.