China, Turkey, Korea Keen to Invest in Pakistan
Islamabad, Aug 1 (IANS): Chinese, Turkish and Korean businesses have shown keen interest in investing in Pakistan's "textile city" of Karachi, Prime Minister Yousuf Raza Gilani has said.
Gilani said the textile sector plays a significant role in Pakistan's economy. It constitutes 60 percent of the country's total exports and provides jobs to 40 percent of the working population.
The prime minister said Pakistan must take full advantage of the opportunities that are globally available in the textile sector, the Associated Press of Pakistan (APP) reported.
Gilani underlined the need for improving skills of the labour force to enhance their productivity and improve the quality of products.
He said that while the government has responded to the demands of the textile industry by providing relief packages, the industry in turn should assure the implementation of quality standards and good business practices.
Gilani said it was the duty of both the government and the entrepreneurs to be part of Pakistan's march towards becoming the hub of quality textile products.
He, however, lamented that while countries like China, India and Bangladesh have significantly increased their textile market share, Pakistan was yet to capitalise on such opportunities.
Though Pakistan was blessed with natural resources like cotton crop, unique geo-political location and a rich history of quality textile products, there were many problems facing the industry, like low-skilled labour, power shortage and inadequate infrastructure.
The Pakistan Textile City in the Port Qasim area, once fully operational, will provide employment to over 80,000 people at its full capacity.
It will attract an investment of $250 million and increase exports by over $3 billion per annum, he said.
Other benefits will include additional demand for cotton - yarn and crop - and increased demand for cement, steel and construction material.
This will in turn increase revenue for movement of goods and transport activities and creation of indirect jobs, Gilani said.