Pakistan’s minister for planning, development and reform Ehsan Iqbal has said that Chinese textile firms are keen to establish joint ventures with companies in Pakistan. As per a Pakistan Hosiery Manufacturers Association (PHMA) statement China’s labour intensive industries were becoming uncompetitive due to high production cost. And that is why they were shifting manufacturing to other locations while focusing on research.
Talking about China-Pakistan Economic Corridor (CPEC), Iqbal said it did not comprise of only Chinese financed projects. As a matter of fact, it has three types of projects including ones that are funded by the Chinese government. The minister said 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 various deficiencies in adopting export-led growth approach.
