LAHORE -  Association of Italian Textile Machinery Manufacturers (ACIMIT) have inked a Memorandum of Understanding (MoU) with two textile bodies separately including the All Pakistan Textile Mills Association (APTMA) and Pakistan Readymade Garments Manufacturers & Exporters Association (PRGMEA) to promote and expand cooperation between Pakistan and Italian textile and apparel companies.

Amir Fayyaz signed MoU on behalf of APTMA, PRGMEA Vice Chairman Tariq Javed Fiazi inked the MoU on behalf of Pakistan Readymade Garments Manufacturers & Exporters Association, while Association of Italian Textile Machinery Manufacturers was represented by its president Raffaella Carabelli.

It is the first time that Pakistani spinning and garment sector bodies signed such an agreement with the Italian body for strengthening mutual trade of garment and textile. As per the MoU, the APTMA, PRGMEA and ACIMIT have agreed to deal with managing business contacts, seminars, business meetings, presentations, exhibitions, fairs holdings and other arrangements to make potential partners and export possibilities available in the two countries.

The PRGMEA, APTMA and ACIMIT will assist each other in small and medium size business development, provide technical assistance, search for partners for trade and joint ventures, as well as render other services of interest for business entities of both parties.

Under the agreement, PRGMEA and APTMA will provide visa assistance to Italian companies, besides arranging factory visits for Italian delegations, and B2B meetings with its members on their arrival in Pakistan.

Commenting the MoU between PRGMEA and ACIMIT, Central Chairman Ijaz Khokhar highlighted that ACIMIT will provide PRGMEA and its member companies with free consultations for contacting right technologies and suppliers of textile machines and accessories, especially from ACIMIT’s member companies. He said that ACIMIT, as part of the Ministry of Foreign Affairs and International Cooperation, Ministry of Economic Development and Italian Trade Agency, will promote bilateral trade, investment and economic relations between Italy and Pakistan.

Speaking on the occasion, the APTMA Chairman Aamir Fayyaz said the country’s textile industry was eyeing for the potential and economic benefit of the GSP plus opportunity and the China Pakistan Economic Corridor.

While highlighting the strength and opportunities of the textile industry, he said the industry was planning $5 billion BMR to upgrade textile facilities for furthering the exports of value added textile industry and doubling it to $25 billion.

ACIMIT President Raffaella Carabelli said the ACIMIT would promote trade, investment and economic relations between Italy and Pakistan within the framework of the promotional plan of the Italian government institutions including Ministry of Foreign Affairs and International Cooperation, Ministry of Economic Development and Italian Trade Agency.