BUS 489 Strategy for Business

Amtex Limited

TG13

Group 2

Chen Shiyin Shirley (K1581159)

Cheong Wee Kee (Q1580971)

Ching Ser Lee (N1611159)

Darren Toh Dai Rong (E1411284)

Contents

Executive Summary 3

Introduction 4

Proposed Strategies 7

Timeline 9

Conclusion 10

Appendix 1 SWOT Analysis 11

Appendix 2 Financial Analysis 13

Appendix 3 Environmental Analysis 21

References 26

Executive Summary

High operation cost in the textile business, coupled with intense competition from countries with greater geographical advantage, Amtex Limited, one of the leading textile manufacturers in Pakistan had suffered a net loss of PKR 3,270 million (USD 23.5 million) in 2018.

With its weak financial performance, Amtex currently has no ability to pay back their debts which resulted in loss of credibility, and banks are reluctant to provide financing for working capital. Future with an unsupportive government who does not implement favorable policies that supports exporting, Amtex’s financial performances suffered further while other competitive countries such as India, China, Bangladesh and Vietnam have had increasing exports of textiles at a rapid rate.

There are two strategies proposed in hope of improving their financial states.

1. Joint Venture with China Company

Chinese companies have expressed their wishes to invest in Pakistan’s textile industry previously, and with the huge capital, they are actively seeking for investment opportunities. Amtex can embark on a joint venture with a reputable chinese company, with the former providing expertise and the latter providing funding. The joint venture will also place Amtex at a better position to penetrate Chinese markets, and to reach out to more customers and business partners.

2. Focus Strategy - Streamlining products, realign target audience

Currently, Amtex is a one stop shop where they produce everything from scratch. They are diverse in its operations and possess all the necessary machineries and manpower. However, being so diverse has contributed greatly to the high cost of operation as well and the producer products (garment and home textiles) are considered to be low value items.

Therefore, in order to reduce Amtex’s costs, Amtex should start distributing the workload by outsourcing to developing countries such as Sri Lanka, Vietnam and Bangladesh where labour costs are low. With lesser workload, Amtex can then cut down their operation cost by selling off those unused machinery to pay off their debts as well as to reduce manpower.

With the ever-changing taste of consumers, Amtex should streamline their production process where there will be fewer delays and errors, so as to keep up with the demands more efficiently. With the general consensus that fabrics produced by Pakistani textile companies are of a lower quality, as compared to those produced in Korea and Indonesia due to the lack of investment in machinery to ensure cotton of fine counts are produced, Amtex will need to analyse and redesign their production process. The company could also secure resources with the implementation of a change model and change curve to overcome resistance to change. Processes should be reviewed frequently to ensure production staff are comfortable in adopting the newly adopted process gradually without much frustration.

The above two approaches will be discussed in detail in this report.

Introduction

Amtex Limited is a leading Pakistan based and owned textile manufacturing company, found in year 1991 and expanded internationally in 1993. It aims is to “become the buyer’s first choice all around the world” and has adopted the one stop shop concept to satisfy all their customers’ needs. Aspiring to be a one stop shop, Amtex has production facilities in all sectors of the textile industry from Spinning, Weaving, Processing, Printing, Finishing, to Cut and Sewn processes. Further, they offer a diversified range of products consisting mainly of: fabrics (including cotton, poly/cotton, polyester, viscose, acrylic, acetate rayon, triacetate, poly/viscose, poly/acrylic, poly/acetate, and polypropylene fabric), home textiles (comprising bed linens, including covers and pillow cases, flat and fitted sheets, valances and bed skirts, mattress covers, kitchen) and garments (light and heavy-weight garments, sleep wear, hospital wear, casual shirts, work wear). Which covers three sub sectors out of the five sub sectors of the global textile market.

Motivated to switching to Direct to Retail business model and placing their focus on exporting to premier retailers in European Union, USA and across the world, Amtex has make plans to also develop synergies with their strong vendor base, creating partnership with them so as to increase their product portfolio and have access to greater variety of resources when dealing with the dynamics of the market.

The vision, mission and slogan of Amtex are as follow:

Vision

To provide the customers all their required goods and services from one platform

Mission

Become the buyer’s first choice all around the world and to achieve this target, we make sure that we stay true to the highest standards of excellence and customer satisfaction.

Slogan

"Excellence without Compromise".

Financial Highlights

Year Ended June 30

2018

2017

2016

2015

2014

2013

Operating Performance

Sales - net

843

1,698

2,154

2,905

2,812

2,485

Cost of sale

1335

2,328

2,777

3,591

3,921

3,203

Gross (loss) / Profit

-493

-630

-623

-686

-1,108

-718

Operating Profit (loss)

-3,088

-1,321

-1,359

-1,411

-1,779

-1,402

Profit (Loss) before Taxation

-3,253

-1,468

-1,514

-1,591

-1,959

-2,316

Profit (Loss) after Taxation

-3,270

-1,486

-1,526

-1,602

-1,967

-2,322

Proposed Strategies

1. Joint venture with China

In the recent years, China has indicated their interest in investing in Pakistan’s textile industry, especially looking into opportunities to buy raw textile materials (APP, 2016). China, being one of the biggest players in the textile and apparel industry, has also signed a memorandum of understanding with a worth of USD 375 million, with hopes of venturing into Pakistan’s textile industry (Tribune Express, 2017).

There are plenty Chinese textile and manufacturing companies with capital that are looking for opportunities to invest in Pakistan. And Amtex, with its rich history and understanding of the textile industry will be at a better position than its competitors. One of the main advantages Amtex has is its large pool of skilled and experienced employees. Amtex can embark on a joint venture with the Chinese companies, with the former providing expertise and the latter providing funding. A short-term joint venture can be entered into, to assess the feasibility and profitability of the joint venture, before embarking on joint venture of a longer duration. Moreover, with a joint venture, Amtex is at a better position to penetrate into the Chinese markets to reach out to more potential buyers, as well as to learn from the Chinese on new and relevant technologies.

Pakistan has been working really closing with China these recent years, take for example the CPEC where China invested heavily in Pakistan transport system, hoping to boost both countries economy. Amtex should take advantage of this good relationship with the Chinese to create a joint venture with a Chinese company. As trade war between China and USA get fiercer there will be more countries who will refuse to import from China as they would not want to jeopardise their relationship with the leader USA. Hence, Amtex should volunteer their service to be the middleman for China. They should negotiate for a low import cost from China and volunteer their professional services of manufacturing garments so that garments made can be exported as Pakistan made instead of China made.

2. Focus Strategy - Streamlining products, realign target audience

For the business to sustain and to cut back losses, Amtex should look into streamlining its business processes and realign its customers to the new product offerings. This two-step approach looks to improve Amtex’s financial situation and bring light to the business.

Step 1: Narrow down products and services

Textile production makes up 57 percent of Pakistan’s exports (NNI, 2018), which suggests intense competition in the market. Amtex’s strategy of providing an “one stop shop” service would have been a strong comparative advantage during its earlier years when the textile market was highly competitive. Given the decreasing sales in the recent years, it suggested that such strategy is no longer relevant for the market.

Amtex has been in business for over decades, but their machinery is not up to date, most likely due to high upgrading costs and the compatibility of the machinery in the process. An alternative to an overhaul would be refining the business model. Doing away with the “one stop shop” model and focusing on functions that Amtex has advantage on in the market would be a wiser move. Besides, considering the frequent power shutdowns by the government to reduce energy deficit (Jamil, 2012) ,the efficiency of the factories is limited by the resources. By streamlining the product services, Amtex will be able to focus on raising the output productivity.

Refining the product offerings will allow Amtex to save operating cost in the long run. A lean product suite would imply more focused operating and marketing costs, which will amplify the returns. Amtex should look into removing products that are generating less to no revenue and focus on its main profit driven items.

Besides, by shutting down processes that are not generating profit and requires high operating costs, the machinery in that department can be sold to finance debt or used as collateral to get loans.

Lastly, a streamlined product line can be used to target specific clientele, which will help in marketing activities that will attract them.

Step 2: Working with fashion houses to manufacture their garments

Cotton and textiles can be viewed as both low value and high value items. Amtex can aim to be part of the production chains of high-end fashion houses in the word to lift its brand value. The textile produced in Pakistan has a high competitiveness in terms of cost, as compared to those in developed countries like in United States. Being part of the supply chain in fashion houses will put Amtex in the global market.

This approach can lift the brand’s preposition as a supplier of materials to high end fashion brands, or even the manufacturer of such brands. With such associations, it will attract clientele of the similar brands, hence improving its profit margins. Besides, focusing on one activity in production will reduce cost and refine operation standards.

Timeline of implementation

2019

Feb - June: Management analyse and determine which department to close down.

June: Conduct a General Meeting to finalise the decision of closing down certain departments with the approval of higher authorities.

July: Conduct meetings with all department managers to ensure proper communication of changes to everyone in the company.

July - Aug: Actively research for potential and suitable investors/Chinese companies to embark on joint venture.

July - Dec: Arrange meeting with investors/Chinese companies to have better understanding of their company. Meanwhile, when suitable ones are found, secure and work on contractual details when embarking on joint venture.

2020

Jan - June: Actively source to work with popular fashion houses to manufacture their apparels

July - Dec: Purchase new machinery and equipment which are more efficient and consume lesser energy

2021

Jan - Dec: Start exploring other potential scope of different Joint Venture with the Chinese companies (eg: yarning), with the aim of increasing sales and profits to facilitate in repayment of debts.

Source other potential partnership with overseas companies, to expand customer base and gain recognition.

Conclusion

Being in a constant poor financial position in the recent years, Amtex will have to look into its current operations to sieve out which are the value-adding departments, and which are not, and to response accordingly. A focus strategy allows Amtex to reduce further losses from unprofitable divisions and to focus its manpower on profit-generating departments instead. After determining which departments to shut down, Amtex can proceed to sell off the machinery and equipment to repay part of its debts to the banks. As a one stop shop, it brings disadvantages for Amtex’s case as fixed costs remains high. Amtex can also actively look into manufacturing for big fashion houses like ZARA and H&M.

Being locationally disadvantaged and coupled with rising coats and a lack of government’s support, this contributed to Amtex’s losses over the years. Embarking on a joint venture with capital-ready Chinese companies would be able to put Amtex into a much favourable position than before.

Appendix 1 - SWOT analysis

Strengths

· One stop shop

Amtex has a diversified portfolio of products and service. They provide a suite of services through the processes of making textile products. This makes them a one stop shop for customers looking to purchase ready made products or materials. As such, Amtex has the capability to engage customers in any point of the production process to maximise the sales opportunities.

Weakness

· High operating cost and cost of sales

The operating expenses (selling and distribution, administrative and finance costs) totals up to approximately PKR 2,751 million in 2018 and this is an increment of 237% from PKR 817 million in 2017. This is despite the sales revenue decreasing by 50% in 2018. It is noted that approximately PKR 2,500 million of doubtful debts were written off in 2018 which has contributed to the high administrative expenses of PKR 2,571,265,879.

With reference to Appendix 2, Amtex’s cost of sales for both 2017 and 2018 is way higher than its sales revenue which will logically lead to a gross loss. The cost of sales to revenue ratio is -1.38 and -1.58 respectively in 2017 and 2018. This implies that cost of sales is not being properly managed. From the Even if revenue manages to increase in the future, the high cost of sales will eventually place Amtex in a loss position.

· Inefficiency in managing finances

From the 2018 Annual Report, it is noted that Amtex did not pursue any legal actions to recover the past due balances and has wrote off more than PKR 2,500 million of doubtful debts in 2018, which brings the amount of provision of bad debt to be a total of PKR 7,041.999 million. This suggests the inability of Amtex to collect doubtful debts over the years.

Amtex is currently involved in litigation cases with several banks such as M/S Bank Islami and Bank Islami Pakistan Limited. This is due to the failure in repaying the borrowings. Moreover, the current ratio of 0.18 suggests that Amtex do not have the capability to pay off its liabilities. The average current ratio in the textile industry stands at 3.08.

Opportunities

· Trade wars between China and United States

China’s recent involvement in the trade war with the United States has affected the textile industry in China as it has raised the bar for China to export to the US. As such, China will be on a look out for joint ventures with other countries to eventually capture the US market. This sets Amtex a good joint venture partner as Pakistan is one of the top exporters of cotton in the world.

China’s interest in Pakistan market continues to deepen as it is one of developing countries with a relatively low cost of labour as compared to China. The cost advantage makes Pakistan a suitable ally to work alongside with.

Threats

· China’s increasing cotton exportation

The rise of China in textile manufacturing in recent years as threatened other manufacturers in the market (Yang & Zhong, 2007). Aside from the US, China has been increasingly exporting cotton and related produces, capturing the major markets such as the European Union (Kheir-El-Din & Abdel-Fattah, 2001).

· Political instability in the region affects potential investments and possibly war.

National economy of Pakistan has seen significant growth in past years based on country loans (Rais & Anwar, 2012). However, as the country debt piles up, the company’s economic development slows down and was even forecasted to reduce. Textile industry forms a huge part of the economy in Pakistan, which implies that the industry will be impacted greatly.

Appendix 2 - Financial Analysis

Income Statement for the year (in Rupees)

2018

2017

Sales

842,865,636

1,655,150,380

Cost of sales

-1,335,487,192

-2,276,345,538

Gross loss

-492,621,556

-621,195,158

Other loss

-9,479,512

-14,787,562

Operating loss

-502,101,068

-6,359,827,120

Selling and Distribution expenses

-14,873,612

-19,167,029

Administrative Expenses

-2,571,265,879

-651,474,079

Finance Cost

-165,210,794

-146,852,635

Loss before taxation

-3,253,451,353

-1,453,476,463

Provision for Taxation

-12,227,321

-16,965,043

Net loss for the year from continuing operations

-3,265,678,674

-1,470,441,506

Net loss for the year from discontinued operations

-4,646,045

-15,113,916

Net loss for the year

-3,270,324,719

-1,485,555,422

Loss per share (basic)

-12.61

-5.73

Sales has decreased greatly as the international demand for Pakistani textile and products has seen a reduction in the recent years. This is despite being well known for its richness and detailing of the print work in fabrics. Moreover, the weak Pakistan Rupee has made Amtex’s import of raw material and new machinery more expensive. Consequently, this resulted in low sales and yet cost of goods sold remains high. Furthermore, the Pakistani government imposes a 10% customs duty on imports of cotton, further increasing the cost of raw materials.

There is a huge increment for the Administrative expenses from 2017 to 2018. Administrative expenses are normally fixed expenses and are hard to reduce. For Amtex this increment is due to the doubtful debts that they incur, which greatly affected their P/L position.

Table 1. Balance Sheet (FY2018) as at 30 June 2018

Property, plant and equipment (PPE) saw a sharp decrease in 48.33% as compared to FY 2017, amounting to approximately PKR 1.6 billion. The decrease consist of a transfer of both freehold land and building amounting to PKR 1.02 billion to Abwa Knowledge Village (Pvt) Ltd with regards to the acquisition of Amtex’s Processing and Dyeing unit, in the form of an associated undertaking of a capital lease. This would translate to Amtex’s change of direction in terms of operating activities where lease rent is preferable. However, we have noted from Amtex’s auditors report regarding operations being carried on the abovementioned building which is in violation of IAS 40 (Investment Property).

The above would hence bring implications for the decrease in balance sheet items such as stores, spares and loose tools, as well as stock in trade.

We have also noted that the company has brought about a provision for doubtful debts amounting to PKR 7 billion as compared to PKR 4.5 billion during FY2017. This huge increase was due to the failure to recover foreign trade debts which had aged for a long amount of time, despite the management's efforts to retrieve them.

Table 2. Statement of Profit or Loss (FY2018) for the year ended 30 June 2018.

The performance for sales has been decreasing over the years, and the trend continues for FY2018 with a decrease of 49% as compared to that of FY2017.

The huge increase in administrative expenses of 295%, amounting to PKR 1.9 billion was due to the provision of doubtful debts, as mentioned above.

Table 3. Details of sales (FY2018) as at 30 June 2018

The decrease in sales figures were attributed by the decrease in export sales amounting to PKR 291 million and the decrease in local sales of yarn / cloth amounting to PKR 350 million during the year.

With regards to the decrease in export sales, Pakistan has been reliant solely on China for its yarn exports and the slowdown of imports to China, Bangladesh and Hong Kong have adversely impacted the competitive edge of Amtex with regards to yarn. Additionally, the average price realised of cotton yarn, in comparison to the international market, is low due to the lower cotton quality from poor handling and storage of seed cotton (Memon, 2018). Malpractices such as low standards of grinning and handling will lead to the production of contaminated yarn hence the lower price.

Another component to take note is the product mix where coarse and medium count yarns are part of the production, which contributes 99% of Pakistan’s yarn exports, therefore brings about lower prices as compared to yarn of fine counts.

With regards to local sales, the suspension of cotton imports from India during 2016 along with the drastic need for improvement in internal processes such as the level of technology used, and if there are any Research and Development (R&D), has affected Amtex adversely in terms of competitiveness.

The Pakistani textile industry, including Amtex, would need to deal with the implications brought about in enhancing its product quality through technology and R&D, such as high interest rates, cost of inputs (presented with Amtex’s high cost of goods sold), non-conducive government policies, and non-guaranteed energy supplies.

FINANCIAL STRENGTH

Company

Industry

Sector

Quick Ratio (MRQ)

0.06

1.21

1.21

Current Ratio (MRQ)

0.18

3.08

1.53

PROFITABILITY RATIOS

Company

Industry

Sector

Gross Margin (TTM)

(70.03)

26.84

23.88

Operating Margin (TTM)

(443.87)

(52.19)

(12.77)

Net Profit Margin (TTM)

(470.22)

6.62

13.96

Return on Assets (TTM)

(49.36)

4.46

7.15

Table 4. Key Financial Ratios for Amtex

Source: Thomson Reuters (2019)

In terms of financial strength, Amtex’s Quick Ratio of 0.06 as compared to the industry’s average of 1.21 represents the company’s shortcomings in terms of settling its current liabilities / short-term obligations.

Amtex’s current ratio of 0.18 indicates the company’s difficulties in remaining solvent in the short-term during Pakistan’s financial crisis where in the prior year, the amount of account receivables made up hugely of Amtex’s current assets. However, in the current financial year, it has since been written off as indicated with its financials of 7 billion Rupees booked as provision of doubtful debts.

As for profitability, Amtex’s margins (gross, operating, and net profit margins) are all below the industry and sector average which indicates the company has been incurring tremendous losses over the year.

The negative ratio of Amtex’s return of assets (ROA) indicates that the company has not been generating enough revenue efficiently with the underutilisation of resources.

Summary

From the above analysis, for Amtex to remain competitive in the industry in the long run, the company should consider a joint venture with the Chinese government and suppliers to minimise the financial burden with regards to bringing about a rise in the level of technology and R&D activities to improve product quality as well as market expansion.

With the dire situation of poor overall financials, Amtex would not consider raising capital through debt financing as per prior years as financial institutions would not be as keen with their ability of repayment.

Appendix 3 - Environmental Analysis

Political landscape

Pakistan Tehreek-e-Insaf (PTI), a centrist political party founded in 1996 by current Prime Minister Pakistan Imran Khan had caused quite a number of political uncertainties in the country. In 2014, Rupee depreciated a significant of 4.4% within one day, as the signing of China - Pakistan Economic Corridor Memorandum of Understanding (CPEC MoU) was delayed when the Chinese premier could not visit the country due to PTI’s dharna (sit-ins) (Iqbal, 2017).Another significant happening is when The Karachi stock exchange loss of 2,000 points in only a few days’ time due to the dharna politics of the PTI (Iqbal, 2017).

Pakistan scored 32/100 on the corruption perceptions index 2017, with 100 being the cleanest (Transparency International, n.d.). This indicates that their governments are corrupted to a great degree, which will be risky for investors as they will have to factor in the uncertainties if they were to venture into Pakistan. Due to rampant corruption, the value of Pakistan Rupee keeps going downhill. The Pakistan government holds the authority to replace the head of the central bank as and when they like, so that the government is in control of the value of rupee (Sharma, 2017) Also, there are various cases where political instability has led to economic losses. Take for example, the New Islamabad airport which is the main international airport project was initiated in late 1980s. Due to frequent regime changes, the project halted and only commenced full operations on 3 May 2018 (Iqbal, 2017).

With the ongoing political instability, this influences Amtex and the textile industry significantly. One direct impact will be the cost of importing textiles for Amtex. When the value of Rupee decreases, it will lead to increase in importing costs which in turns affect the cost of raw materials. Furthermore, investors will be less likely to consider Pakistan to invest in due to its political instability, when there are many competitive alternatives such as Vietnam and Bangladesh in the region.

Economic situation

Since the start of the China - Pakistan Economic Corridor (CPEC) in 2013, a framework of regional connectivity that aims to increase trade (Hussain, 2017), Pakistan had fallen deeper into debts, and mainly owing China whom they borrowed heavily from. Although it seems just like a simply long-term investment from China, Pakistan has been over relying and trusting the Chinese. By 2024, Pakistan is liable to pay back $100 billion to China, thanks to $18.5 billion investment, which China has invested on account of bank loan in “19 early harvest project” under the CPEC (Khaliq, 2018). With an interest of around 7% per annum payable in 25 to 40 years on these loans, Pakistan would have to pay an Equated Monthly Installment of $7 - $8 billion to China for the next 43 years starting from 2018 (Khaliq, 2018). Ashfaq Hassan, a former adviser to the Finance Ministry, have estimated that CPEC loans will add $14 billion to Pakistan’s total public debt, raising it to $90 billion by end June 2019 (Hussain, 2017).

The increasing External Debt of Pakistan

According to Trading Economics global macro models and analysts expectations, Pakistan External Debt are forecasted to grow continuously in the next financial year.

Further, there are no other grounds for Pakistan to fall back on, not even the International Monetary Fund (IMF). United States is the largest contributor to the fund and are really against the idea of bailing Pakistan out, especially if the money is used to pay back China. The Secretary of State Mike Pompeo said “There’s no rationale for I.M.F. tax dollars — and associated with that American dollars that are part of the I.M.F. funding — for those to go to bail out Chinese bondholders or China itself,” (Gettleman, 2018).

Technological Advances

The textile industry in Pakistan attributes greatly to its economy but with the ever-changing economic landscape, there is an urgent need to improve the level of competitiveness. This is where new products are produced along with an improvement of internal processes to let Amtex compete internationally and domestically (Ghani, n.d) .

Contamination in cotton is a major recurring issue which is arose from poor handling and storage processes which impacts negatively for it price per unit and product quality. Despite satisfactory technology is used, competitors such as Korea and Indonesia have been investing in machineries such as water jet weaving machines to realise the importance of synthetic and artificial fabrics where a diverse range of fabric qualities are possible for manufacture.

As per the sales figures from FY2018 (see table 3 - Details of sales), the decrease in garment sales could be due to Amtex’s limited design and product development capacity where there is inadequate focus on modern pattern making and cutting equipment. With consumers’ increased demands and awareness, Amtex still lack behind in the utilisation of technologies which would enable individual sizing, patterning and colouration in terms of garment styles.

In order to curb the above technological shortcomings, there would be a need of an upgrade particularly in the weaving and garments sections of Amtex where high value-added and superior quality products are available to compete internationally and domestically.

The financial ability of Amtex would not allow such investments via long-term financial support from additional sources. As such, the joint venture with the Chinese government and suppliers would deem a consideration for the installation of modern machinery and equipment. The joint venture opens up opportunities for Amtex to link their processes strongly to partners hence increasing the spillovers generated. It would also prevent a steep learning curve.

Alternatively, Amtex could upgrade their technology with establishing a Garment Technology Center and Knitting Technology Center at the National University of Textiles with an estimated Rs. 100 million and Rs. 20 million respectively in the short term so as to bridge existing gap in the above-mentioned sectors in terms of technology (Ghani, n.d).

In the aspects of promoting R&D, Amtex could strengthen their existing R&D departments in terms of faculty and equipment working closely with the Textile Processing Institute so as to improve product quality as well as Amtex’s production processes. Related institutes include the Ministry of Science and Technology (MoST), Pakistan Council for Science and Technology (PCST), and the All Pakistan Textile Mills Association (APTMA) (Ghani, n.d).

References

APP. (2016, December 22). Collaboration: Chinese delegation expresses interet in textile. From The Tribune Express: https://tribune.com.pk/story/1270989/collaboration-chinese-delegation-expresses-interest-textile/

Gettleman, J. (2018, August 4). Imran Khan’s First Test: Pakistan’s Troubled Economy. From The New York Times: https://www.nytimes.com/2018/08/04/world/asia/pakistan-economy-imran-khan.html

Ghani, E. (n.d). Science and Technology based Industrial Vision of Pakistan’s Economy.

Hussain, T. (2017, March 27). Pakistan wrestles with growing 'Chinese corridor' debt. From Nikkei Asian Review: https://asia.nikkei.com/Politics-Economy/International-Relations/Pakistan-wrestles-with-growing-Chinese-corridor-debt

Iqbal, A. (2017, July 17). Can Pakistan's economy affored political instability? From The Tribune Express: https://tribune.com.pk/story/1467291/can-pakistans-economy-afford-political-instability/

Jamil, F. (2012). On the electricity shortage, price and electricity theft nexus. From Sience Direct: https://www.sciencedirect.com/science/article/pii/S0301421512010166?via%3Dihub

Khaliq, A. (2018, April 16). Is Pakistan falling into China’s debt trap? From CADTM: http://www.cadtm.org/Is-Pakistan-falling-into-China-s#nb6

Memon, N. A. (2018). Pakistani cotton yarn exports continue its decline.

NNI. (2018, June 3). Textile industry in Pakistan an open example of resistance economy. From The Nation: https://nation.com.pk/03-Jun-2018/textile-industry-in-pakistan-an-open-example-of-resistance-economy

Sharma, M. (2017, December 15). How politics is dragging down Pakistan economy, again. From The Economics Times: https://economictimes.indiatimes.com/news/international/business/how-politics-are-dragging-down-pakistan-economy-again/articleshow/62078569.cms

Transparency International. (n.d.). Pakistan. From Transparency International: https://www.transparency.org/country/PAK

Tribune Express. (2017, September 19). china signs MoUs worth $375m investment in Pakistan. From The Tribune Express: https://tribune.com.pk/story/1510133/china-signs-mous-worth-375m-investment-pakistan/

Yang, Z. (2007, March 6). CHINA'S TEXTILE AND CLOTHING EXPORTS IN A CHANGING WORLD ECONOMY. From Wiley Online Library: https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1746-1049.1998.tb00858.x

2