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By APD writer Muhammad Sohail
**ISLAMABAD, March 09 (APD) ** -- Industrialization phase of China Pakistan Economic Corridor (CPEC) has opened new avenues of value-addition in textile garment sector of Pakistan, an official said on Thursday.
Faisalabad Chamber of Commerce & Industry (FCCI) Vice President Engineer Ahmad Hassan said that instead of sticking to the export of raw or semi-finished products, Pakistan should work under a comprehensive and planned strategy to exploit Belt and Road Initiative to cater to the garment needs of the countries from Gulf up to Europe.
Talking during a panel discussion organized by the National Textile University (NTU) on the occasion of 3rd Dice International Conference on Innovation and Entrepreneurship, the official said that historic investment of billions of U.S. dollars under the CPEC has laid down a strong foundation for the accelerated development and growth of Pakistan and this region.
He said, "CPEC is an opportunity as well as challenge and we must prepare ourselves to harvest the benefits from this project which is going to be a reality."
Hassan said CPEC will not only benefit Pakistan and China but regional countries could also get its due dividends.
CPEC, a flagship project of China’s Belt and Road Initiative, is a long-term and systematic project to promote economic cooperation through collaboration on Gwadar port in Pakistan, energy, transportation infrastructure and industrial cooperation.
China has been investing billions of U.S. dollars in multiple projects under the CPEC, which has triggered an economic revolution in Pakistan.
On the occasion, chief of the NTU expressed that China is making a huge investment in its textile garment sector.
The objective of this initiative is to produce 500 million garments per annum by 2020, he said, adding that it will also provide Pakistan with an opportunity to benefit from it.
It was also decided that a full-fledged Chinese department will be established at the NTU to make a pace with well-advanced Chinese industries.
Professor Wang of Beijing University said that 30 years ago China was also facing problems like Pakistan has now with a situation of rampant energy shortage and the high cost of doing business, but China learned from others and improved its industries.
Wang said Pakistan should also prepare itself to face emerging challenges so that it could also make progress in the coming years.
(ASIA PACIFIC DAILY)
