Chinese company Shan Dong Ruyi group has expressed its interest in establishing a ginning and spinning industry as a joint venture (JV) with Pakistan Cotton Ginners Association (PCGA).
The group offered PCGA joint initiatives aimed at increasing cotton and yarn export, according to a press release issued by PCGA.
Representatives from both sides met and discussed ways to enhance bilateral trade, installation of ginning and spinning industry by the Chinese group in Pakistan.
Both sides also discussed initiatives like new agreements for increase in cotton and cotton yarn export from Pakistan to China, and the opportunities both the countries can explore, review and promote under joint ventures.
Former PCGA chairman Sohail Mahmood Haral said Pakistani ginning industry is producing clean cotton and it can be promoted by ensuring payment of premium price on buying clean cotton, The Financial Daily reported.
Ginners can also export cotton to the China group directly, as the Chinese group has offered to buy Pakistani cotton, process it into yarn and then export it to China in finished form would help ginners get foreign exchange easily.
Shan Dong Ruyi Group is one of the top ten Chinese enterprises in the textile industry involved in textile & clothing, cotton textile, cotton printing and dyeing, knitting, fiber, and jeans.
Earlier this year, the group completed the process of acquisition of Cubbie cotton field located in the southeast of Queensland in Australia, to obtain a stable source of high quality cotton.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=148664
