Islamabad: In a significant development aimed at bolstering economic ties between China and Pakistan, the RUYI Group has announced plans to set up state-of-the-art Textile Parks in the regions of Sindh and Punjab. These facilities, which are part of the broader China-Pakistan Economic Corridor (CPEC) project, are expected to elevate Pakistan’s status as a global hub for textile and garment production.
According to Ministry of Information and Broadcasting, the initiative was formalized through a Memorandum of Understanding signed between the Board of Investment and a delegation from the RUYI Shandong Group during their recent visit to Pakistan. The establishment of these parks is facilitated by the Special Investment Facilitation Council (SIFC), which has been instrumental in smoothing the investment process for foreign entities in Pakistan.
The textile parks are projected to significantly boost Pakistan’s textile exports, with an anticipated increase up to five billion dollars. Initially, these parks are expected to generate exports worth two billion dollars, with figures potentially rising to five billion dollars in the subsequent phases. Furthermore, about 100 large Chinese textile industries are set to be invited to invest in these parks, thereby expanding the manufacturing base and export capabilities of Pakistan.
One of the noteworthy features of these textile parks is their commitment to sustainability; they will be powered by solar energy and will operate using zero carbon and advanced automated technologies. This not only aligns with global environmental standards but also positions Pakistan as a forward-thinking player in the international textile market.
The policy measures implemented in cooperation with the SIFC to improve the investment environment in Pakistan have been commended, setting a positive precedent for future foreign investments in the country’s burgeoning textile sector.