Islamabad, Sep 25: The RUYI Group from China has committed to establishing international-standard Textile Parks in Pakistan. A Memorandum of Understanding (MoU) was signed between Pakistan’s Board of Investment and RUYI Shandong Group in Islamabad, witnessed by Prime Minister Shehbaz Sharif.
The group plans to invite around 100 large Chinese textile industries to invest in these parks, which will be located in Sindh and Punjab.
The parks aim to boost Pakistan’s textile exports, positioning the country as a global textile and garment hub. These facilities will operate with zero carbon emissions using solar energy and advanced automated technology.
The first phase is expected to generate $2 billion in exports, with the second phase projected to increase this to $5 billion. Additionally, the parks are set to create employment for around 500,000 people.
The foundation stones of the parks will be laid by the end of the year, with completion targeted within three years.
The RUYI Group will also establish wholesale commodity centers in Karachi and Lahore. Working groups will be formed in Islamabad and Beijing to facilitate the partnership, and a special committee, led by Deputy Prime Minister and Foreign Minister Ishaq Dar, will oversee the project.
