China's Ruyi Shandong Group has announced plans to set up textile parks in Pakistan's Sindh and Punjab provinces, facilitated by the Special Investment Facilitation Council (SIFC). This initiative is part of the China-Pakistan Economic Corridor (CPEC), aimed at enhancing economic cooperation between the two nations.
During a recent visit to Pakistan, a delegation from Ruyi Shandong Group signed a memorandum of understanding with the Pakistan Board of Investment. The Chinese delegation expressed confidence in SIFC's efforts to streamline foreign investment in Pakistan.
The textile parks project is expected to boost Pakistan's textile exports by up to $5 billion and strengthen its position as a global textile hub. Approximately 100 major Chinese textile companies are anticipated to invest, potentially increasing exports from $2 billion to $5 billion.
This venture is projected to create up to 500,000 jobs for local residents, contributing significantly to economic growth. The textile parks will be designed to operate using modern technologies and solar energy, aiming for zero carbon emissions.
SIFC's collaboration in improving the overall investment climate in Pakistan through policy-level initiatives has been noted as commendable.
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