The Board of Investment and China’s RUYI Shandong signed a Memorandum of Understanding (MoU) on Friday, signaling a significant move to enhance Pakistan’s textile exports and create job opportunities.
As part of the agreement, RUYI will set up international-standard textile parks in Sindh and Punjab, with the aim of increasing exports by $5 billion and generating up to 500,000 jobs.
The MoU was signed during a meeting between RUYI Chairman Qiu Yafu and Prime Minister Shehbaz Sharif, following the Prime Minister’s recent visit to China.
The project is anticipated to attract investment from approximately 100 Chinese textile firms.
PM Shehbaz Sharif commended Pakistan’s long-standing friendship with China and expressed gratitude for RUYI’s investment, noting the company’s previous role as the first investor in the Sahiwal Coal Power Plant under the China-Pakistan Economic Corridor (CPEC).
RUYI’s chairman shared that the textile parks will be zero-carbon and fully automated, powered by solar energy.
In the first phase, the parks are expected to boost textile exports by $2 billion, with a target of $5 billion in the second phase. The initiative is set to create 300,000 to 500,000 jobs.
Construction on the parks is scheduled to begin by the end of this year, with a completion timeline of three years.
RUYI also intends to establish wholesale commodity centers in Karachi and Lahore.
Working groups will be established in Islamabad and Beijing to ensure smooth execution of the project.
A special committee, headed by Deputy Prime Minister and Foreign Minister Ishaq Dar, will oversee the progress of the textile parks.
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