China’s RUYI Group to establish textile parks in Pakistan

The RUYI Group of China has signed a Memorandum of Understanding (MoU) with the Pakistan Board of Investment (BoI) to establish textile parks of international standard in the country, the Business Recorder reported. The agreement was signed in the presence of Prime Minister Shehbaz Sharif, who met with a nine-member delegation of the RUYI Group led by its Chairman Qui Yafu.

The RUYI Group plans to establish textile parks in Sindh and Punjab, which will attract around 100 large textile industries from China. The parks aim to enhance Pakistan’s textile exports and make the country a global hub for textiles and garments. The project will also use solar energy and operate on zero carbon and advanced automated technology.

The initial phase of the project is expected to generate exports worth $2 billion, while the second phase is expected to reach $5 billion. The textile parks are expected to provide employment opportunities to around half a million locals. The foundation stone of the parks will be laid by the end of this year, and they will be completed within three years.

The RUYI Group will also establish wholesale commodity centres in Karachi and Lahore. To facilitate the project, it was decided to establish working groups in Islamabad and Beijing to advance matters between Pakistan and the RUYI Group.

Prime Minister Shehbaz Sharif directed the formation of a special committee, headed by Deputy Prime Minister and Foreign Minister Ishaq Dar, to oversee the project. The committee will comprise federal ministers from various sectors, including commerce, investment, privatization, industry, and production, as well as representatives from the Special Investment Facilitation Council and Zafaruddin Mahmood.

In his remarks, Prime Minister Shehbaz Sharif praised China’s friendship with Pakistan, saying that economic relations between the two countries are growing stronger with each passing day. He also appreciated the RUYI Group’s interest in investing in Pakistan’s textile sector.

Chairman Qui Yafu expressed his hope that the project would be completed quickly, citing the rapid development works undertaken during Prime Minister Shehbaz Sharif’s tenure as chief minister of Punjab.