Chinese textile firms showing keen interest to establish joint ventures with Pakistani companies, as China’s labour intensive industries were becoming uncompetitive due to high production cost, which is why they were shifting manufacturing to other locations and focusing on research, according Ahsan Iqbal, federal minister for planning, development and reform.

The minister at a meeting with the members of the textile value-added sector, said that if they are able to have joint ventures with them, it will benefit the businessmen of both the countries.

However, the Pakistan Hosiery Manufacturers Association (PHMA) statement issued Friday quoted the federal minister, that they have no information of China’s import patterns and ways to increase their exports to China.

The minister said that exports were the major source of foreign exchange earnings in the fast developing countries. He stressed the need to cross $150 billion by 2025; otherwise the country had no future.

The minister lamented the various deficiencies in adopting the export-led growth approach.

He informed the representatives that a textile group was sponsoring a digital mapping project of cotton plant in India. They are working to grow cotton under controlled environment while they have done nothing on research and development.

Iqbal said that the Prime Minister of Pakistan would hold a meeting with the business community once in a quarter to discuss matters relevant to industrial growth and exports.

Pakistan Apparel Forum Chairman Jawed Bilwani urged the minister to end the monopoly in power distribution, as one company had been allowed to operate in each city.

Bilwani also urged the minister that export oriented sectors should be given priority in supply of power and gas. He further suggested that in order to overcome electricity shortfall, industries generating electricity from own resources should be allowed to distribute electricity to their neighbouring industries.