Islamabad: Pakistan and China are set to deepen their economic ties as the RUYI Group announced plans to establish state-of-the-art Textile Parks in Sindh and Punjab, aimed at boosting Pakistan’s textile exports and employment. Prime Minister Shehbaz Sharif presided over the signing of a Memorandum of Understanding between Pakistan’s Board of Investment and RUYI Shandong Group, which will also see the development of wholesale commodity centers in Karachi and Lahore.
According to Ministry of Information and Broadcasting, the collaboration will introduce approximately 100 large textile industries from China to invest in these parks, which promise to utilize solar energy and advanced automated technologies to maintain zero carbon emissions. The ambitious projects are expected to dramatically enhance Pakistan’s role as a global textile and garments hub.
These parks are projected to generate $2 billion in exports in their first phase and up to $5 billion in the second phase, providing jobs for about half a million local people. The foundation stone of the parks will be laid by the end of this year, with completion targeted within three years.
The initiative also includes the formation of working groups in Islamabad and Beijing to facilitate ongoing cooperation, spearheaded by a special committee led by Deputy Prime Minister and Foreign Minister Ishaq Dar, including key federal ministers and representatives from various government sectors.
In his address, Prime Minister Sharif highlighted the strengthening economic relationship between Pakistan and China, praising the RUYI Group for their continued investment, starting with the Sahiwal Coal Power Plant under the China-Pakistan Economic Corridor. Chairman Qui Yafu of the RUYI Group emphasized their commitment to Pakistan, not just as investors but as longstanding friends.