Islamabad, Sep 21: Pakistan will see the establishment of international-standard textile parks by the Chinese company RUYI Group. The Board of Investment (BoI) and RUYI Shandong Group signed a memorandum of understanding (MoU) to this effect here on Friday.
Following a meeting with the Chairman of the RUYI group, Qui Yafu, and the nine members of the delegation, Prime Minister Shehbaz Sharif observed the signing of the Memorandum of Understanding.
The prime minister was informed by the RUYI Group that around 100 major Chinese textile firms would be invited to invest in the international-standard textile parks that will be established in Sindh and Punjab.
It was stated that the goal of these textile parks is to increase Pakistan’s textile exports and establish the nation as a global center for textiles and apparel. It was also explained that these textile parks would run on zero carbon and cutting-edge automated technologies, in addition to using solar energy.
It is anticipated that these parks will produce two billion dollars in exports during the first phase, and five billion dollars during the second. Approximately 500,000 residents will have job opportunities because to these textile parks.
By year’s end, the first stone will be placed for these textile parks, which will be finished in three years. Additionally, the RUYI Group plans to open wholesale commodity hubs in Lahore and Karachi.
In order to forward the issues between Pakistan and the RUYI Group, working groups were decided to be established in Beijing and Islamabad during the meeting. On that occasion, the prime minister ordered the creation of a special committee, which will be led in this respect by Ishaq Dar, the foreign minister and deputy prime minister.
Zafaruddin Mahmood, the foreign secretary, a member of the Special Investment Facilitation Council, and the federal ministries of commerce, industry, and production will make up the committee. Speaking at the event, the prime minister stated that China is a friend of Pakistan and has supported it through all of its dark moments.
He claimed that Pakistan and China’s economic ties are becoming closer every day. Shehbaz Sharif went on to say that the China-Pakistan Economic Corridor’s (CPEC) first investor in the Sahiwal Coal Power Plant was the RUYI Group. He was grateful for the RUYI Group’s strong desire to make investments in Pakistan’s textile industry.
Chairman of RUYI Group Qui Yafu stated in his speech that they were not investors traveling to Pakistan; rather, they were friends of Pakistan.He brought up the swift development known as “Shehbaz Speed” that occurred while the prime minister was Punjab’s chief minister and expressed the expectation that the projects will be completed at the same pace this time around.
