Pakistan President urges South Korea to provide financial support to its textile sector

Pakistan President Asif Ali Zardari has urged the Chairman of the Export-Import Bank of Korea to provide him with financial help to support Pakistan’s textile sector, Dr. Mirza Ikhtiar Baig, Pakistan’s Federal Textile Advisor, said in a statement the statement said.
Dr. Mirza accompanied the President of Pakistan on a three-day official visit to Seoul, South Korea, and expressed appreciation for the suggestions made by President Zardari.
Dr. Mirza conveyed the president’s message that China is no longer competitive with Pakistan in terms of cotton yarn and denim fabrics, but has become one of Pakistan’s largest importers.
Rising labor costs (wages have increased by nearly 20%) may even force China to exit the garment production sector, which will provide Pakistan and other countries with the opportunity to seize China’s lost market share, and China will eventually focus on In the high-tech sector, South Korea and Japan have already completed their transformation, Dr. Mirza said.