|KARACHI, Sept 30 : Pakistani and Chinese companies have entered into a joint venture project worth $3 million to boost the textile sector of Pakistan.
These companies have agreed to manufacture Optical Brightening Agent (OBA), which is used in textile, paper, plastic and household and personal care products’ manufacturing.
An announcement in that regard was made at a meeting of the FPCCI standing committee on dye, chemicals and allied items at the Federation House.
The announcement was made by Xu Feng, Executive Director Polar Bear International Corporation of China which had entered into a joint venture agreement with Dacca Trade Agency, Karachi.
Total investment in this project is $3 million to be invested over three years after which the chemical production will reach 1,000 tonnes per annum.
Feng said that OBA was mainly used in the textile sector and the company had selected Pakistan for the joint venture after careful consideration of the future of textile sector in the country.
He opined that within next 10 to 15 years, Asia would be the biggest producer of textile mainly because of the booming consumption of the item and the low-cost production.
Saqib Magoon, Chairman of the standing committee said that Chinese investment belied the misgivings in the media about security problem in Pakistan. He called upon businessmen engaged in trading of chemicals to go into manufacturing business as the country was still importing chemicals worth $1.5 billion annually.