LAHORE: The All Pakistan Textile Mills Association (APTMA) and the Association of Italian Textile Machinery Manufacturers (ACIMIT) have signed a memorandum of understanding (MoU) to promote the bilateral trade, investment and economic relations between Italy and Pakistan. APTMA Chairman Aamir Fayyaz and ACIMIT President Raffaella Carabelli inked the MoU on behalf of their respective organisations on Thursday. Both sides agreed to regularly exchange, provide and update each other with the information that they have, about new technology developments of the machines and accessories for textile sector in Italy and international market, as well as the information about the production of textile sector in Pakistan. Furthermore, the ACIMIT would provide the APTMA and its member companies with free consultations for contacting right technologies and supplies of textile machines and accessories, especially from ACIMIT’s member companies. Meanwhile, the APTMA would assist the ACIMIT in the organisation of seminars, workshops and factory visits for ACIMIT’s trade missions to Pakistan. While speaking on the occasion, the APTMA Chairman Aamir Fayyaz said Pakistan’s textile industry was eyeing for the potential and economic benefit of the GSP plus opportunity and the China Pakistan Economic Corridor (CPEC). 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. “Once we overcome these issues, the industry would go for massive investment to create new jobs and export surplus that would require industry modernisation,” he said. “We are looking for sustainable technology solutions at present,” he added. He said sourcing from Pakistan for textile and clothing items, joint ventures to set-up new manufacturing units, investments in value added sectors, free market access and support on technology and new products developments were potential areas for cooperation between the two sides. The APTMA chairman expressed the hope that the emerging scenario would open up a new vista of cooperation all across the board, including the exchange of textile fashion. The ACIMIT President Raffaella Carabelli said the 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 the Ministry of Foreign Affairs and International Cooperation, Ministry of Economic Development and Italian Trade Agency.