Beijing September 27 2024: The RUYI Group of China has announced to establish Textile Parks of international standard in Pakistan under the facilitation of Special Investment Facilitation Council (SIFC).
The Textile Parks, which will be established in Sindh and Punjab, are part of the China-Pakistan Economic Corridor project with the aim to further augment relations and enhance economic cooperation between the two countries.
A Memorandum of Understanding was also signed between the Board of Investment and a delegation of RUYI Shandong Group during their recent visit to Pakistan.
The Chinese group expressed its confidence to the initiatives being taken by the SIFC to further ease the process of investment in Pakistan.
The objective of these textile parks is to enhance Pakistan’s textile exports up to five billion dollars and to make the country textile and garments hub of the world. Around 100 large textile industries from China will be invited for investment in these parks.
These parks are expected to generate exports worth two billion dollars, while in the second phase, exports are likely to reach five billion dollars.
These Textile Parks will be designed to work on solar energy and they will operate on zero carbon and advanced automated technology.
The policy measures taken with the cooperation of the SIF for improving investment environment in Pakistan are appreciable.
