ISLAMABAD: The RUYI Group of China has said that it would set up Textile Parks of international standard in Pakistan under the facilitation of Special Investment Facilitation Council (SIFC), according to state-run media.
Radio Pakistan reported that the Textile Parks, which will be set up in Punjab and Sindh, are part of the China-Pakistan Economic Corridor (CPEC) project with the aim to further augment ties and enhance economic cooperation between the two sides.
A Memorandum of Understanding (MoU) was also inked between the Board of Investment and a delegation of RUYI Shandong Group during their recent trip to Pakistan.
The Chinese group has expressed its confidence to the initiatives being taken by the SIFC to further ease the process of investment in the South Asian country.
The aim of these textile parks is to enhance the country’s textile exports up to 5 billion dollars and to make Pakistan’s textile and garments hub of the world. About 100 large textile industries from China will be invited to invest in these parks.
These parks are likely to generate exports worth two billion dollars, while in the second phase, exports are expected to reach 5 billion dollars.
