20000104

$1bn investment

from international

bankers sought

KARACHI: Pakistan has been working on a plan to attract an investment of 500 million to 1 billion dollars from international bankers for its textile sector, industry sources said on Monday.

They said the Commerce Minister Abdul Razak Dawood had held meetings with international bankers last month to convince them to invest in Pakistani textile sector to gear up the industry for meeting the challenges of the new millennium under the WTO.

They said the minister held the meeting during his visit to Seattle, USA where he attended World Trade Organisation (WTO) summit in December. The Minister had also met a large international retailers at WTO summit, they added.

After the removal of quota in the year 2004, Pakistan will face tough competition in the international market which will be more quality conscious.

"I think after the removal of quota, the survival will be depended only on quality and designing. Pakistan can lose its existing share if the industry fail to respond to the new requirements," a leading textile tycoon said.

He said Dawood has informed the textile exporters at EPB offices last month about his meeting with the international bankers saying that they will be invited at the meeting in Islamabad after Eid where a long-term textile policy will be formulated.

He said that leading international textile exporters had told Commerce Minister that they should be ready to face the challenges of quota free international trade.

He said these bankers will assess the requirements of Pakistani textile sector in the quota free world.

"I think Pakistani textile industry needs the state of the art machinery and equipment to produce high quality fashion designs," he observed.

These bankers will provide funds for these requirements as well as ensure transfer of latest technology from leading importers, he added.

He said that these bankers will also facilitate joint ventures between Pakistani textile exporters and international brand companies.ÑAPP