Pakistan gets a big economic offer from the Taiwan
ISLAMABAD - President of Taiwan Textile Federation, Justin Huang, has hinted at the possibility of Taiwanese textile companies relocating to Pakistan from Vietnam.
Justin Huang stated that under CPEC, China has invested in Pakistan’s infrastructure and energy sectors. Taiwanese businessmen can also benefit from these CPEC projects.
Moreover, unlike Vietnam, Pakistan is a cheap labor market. Due to this attribute, Taiwanese businessmen are tempted to relocate their companies to Pakistan.
Justin Huang said:
At present, Vietnam is crowded, which causes difficulties for Taiwanese textile firms there, such as labor shortages. In Pakistan, however, labor issues will not emerge at least for the next 10 years and this is something attractive for us.
At the moment, Pakistan enjoys duty-free access to European markets. In December, the second phase of the Free Trade Agreement (FTA) with China will also become effective. Both of these factors can be helpful for Taiwanese investors and industrial development in Pakistan, said Huang.
Justin says that he will discuss the investment opportunities in Pakistan with other federation members as well.
Acknowledging the quality of the products of the Pakistani textile industry, Huang stressed on increasing bilateral cooperation between Taiwan and Pakistan in the garments and textile sectors.