| Islamabad: Pakistan is set to see a significant boost in its textile industry as RUYI Shandong, a leading Chinese textile firm, has signed a Memorandum of Understanding (MoU) with the Board of Investment (BoI) to establish state-of-the-art textile parks. This update has been featured in a news article on September 24.
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As per details, these parks, featuring zero-carbon, automated facilities, are expected to drive the country’s textile exports to an impressive USD 5 billion and create approximately 500,000 jobs.
The agreement was formalized during a meeting between a nine-member delegation from RUYI Group, led by Chairman Qiu Yafu, and Prime Minister Shehbaz Sharif. This collaboration follows the prime minister’s recent visit to China, marking a milestone in strengthening Sino-Pak economic relations.
As per the MoU, RUYI will develop international-standard textile parks across Pakistan, inviting around 100 Chinese textile firms to invest. The parks will be built in two regions, harnessing solar energy and automation to create sustainable, eco-friendly production environments.
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Prime Minister Shehbaz Sharif lauded the growing economic ties between Pakistan and China, hailing RUYI’s investment as a critical step in advancing the country’s textile sector. He also highlighted RUYI’s historical role as the first foreign investor in the Sahiwal Coal Power Plant, a flagship project of the China-Pakistan Economic Corridor (CPEC).
RUYI Group Chairman Qiu Yafu outlined that these textile parks would make Pakistan a major hub for textiles and garments, with the first phase of development expected to generate USD 2 billion in exports. By the second phase, exports could reach $5 billion, all while creating between 300,000 and 500,000 jobs.
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Construction on the parks is set to begin by the end of 2024, with completion targeted within three years. Additionally, RUYI plans to establish wholesale commodity centers in major cities like Karachi and Lahore to complement the textile parks. During the meeting, both sides agreed to establish working groups in Islamabad and Beijing to ensure smooth implementation of the project. Prime Minister Shehbaz Sharif also formed a special committee, headed by Deputy Prime Minister and Foreign Minister Ishaq Dar, and including federal ministers and key officials, to oversee the initiative’s progress.
Chairman Qiu emphasized that RUYI Group considers itself not just an investor but a friend to Pakistan, expressing confidence in the project’s swift execution under the so-called “Shehbaz Speed” — a term often used to describe Prime Minister Shehbaz Sharif’s reputation for completing development projects swiftly during his tenure as Punjab’s chief minister.
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Several senior officials, including Deputy Prime Minister Ishaq Dar and ministers of commerce, industries, and power, were present at the signing, signaling the project’s high priority for Pakistan’s economic future. |
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