Inditex Group, the world’s biggest clothes retailer and owner of the well-known fashion brand Zara has opened its first branch office in Pakistan. As per a Pakistan government statement, “Due to Pakistan Embassy and its Commercial Section in Spain’s sustained pursuance with Inditex Group, which comprises of 8 international renowned brands (Zara, Massimo Dutti, Pull and Bear, Bershka), Inditex Group has opened its buying house in Pakistan first time ever. It is heartening to inform about the significant and positive development with regards to trade between Pakistan and Spain,” It added.
Jose Manuel Romay de la Colina, a representative of the Inditex Group recently met Commercial Counsellor Muhammad Hamid Ali at the Embassy of Pakistan in Spain and “officially confirmed opening of its buying house in Karachi”. Romay was hopeful that due to the presence of buying house it is likely that Inditex Group will double its imports from Pakistan in the coming year or two with additional technical collaborations in the field of textiles and design,” the statement from the group’s official said.
Pakistan exports to Spain touched $405 million in the first five months of the current fiscal 2017/18. “It is likely to reach $550 million once we will include the data of December 2017 in terms of value the maximum increase in exports from Pakistan to Europe took place in Spain,” the statement noted.
“We are sanguine that for the first time in Pakistan and Spain bilateral trade history, our exports to Spain will cross $1 billion mark during the current financial year of Pakistan. Similarly, it will also likely cross one billion dollars as per the financial year of Spain which is from January 2017 to December 2017,” the statement added. After recording slow growth during the past couple of years, exports of textile and clothing went up by eight per cent to $6.642 billion in the first half of the current fiscal year of 2017/18. Textile exports from Pakistan which account for over 60 per cent of the country’s total annual exports.