ISLAMABAD
\nChina\u2019s RUYI Group has planned to invest Dollar 5 billion to boost Pakistan\u2019s textile exports, Gwadar Pro reported on Saturday.
\nThe company\u2019s senior management team visited here the Special Investment Facilitation Council (SIFC) and announced their plan for the investors and to establish two export-oriented Green (Zero Emission) textile cities in Lahore and Karachi.
\nAccording to Jamil Qureshi, Secretary of SIFC, the group will collaborate with 25 leading companies from the China Textile Council and China Garments Association. With an anticipated investment of around USD 5 billion, the project is expected to generate significant annual value and boost Pakistan\u2019s textile exports by up to USD 10 billion.
\nEarlier, a nine-member delegation from RUYI Group, led by Chairman Qiu Yafu, met with Prime Minister Muhammad Shahbaz Sharif. The group plans to establish international standard textile parks in Pakistan, aiming to increase the country\u2019s textile exports and position Pakistan as a global textile and garment hub.
\nThese textile parks are projected to create employment opportunities for 300,000 to 500,000 locals.
\nThe prime minister praised the enduring friendship between Pakistan and China, noting that their economic ties grow stronger each day.
\nHe welcomed the Chinese textile group to Pakistan, commending their investment in the country\u2019s textile sector. He also highlighted that this firm was the first investor in the Sahiwal Coal Power Plant, a project under the China-Pakistan Economic Corridor (CPEC).
\nThe meeting also decided to form working groups in Islamabad and Beijing to address issues between Pakistan and the Chinese enterprises.The Chinese textile group is a large-scale Sino-foreign joint venture enterprise with diversified shareholders.
\nIt boasts the largest woollen garment and cotton dyeing industry chain in China and consistently contributes to the textile industry through its advanced technology. Currently, the group\u2019s brand matrix includes more than 6,000 stores worldwide, operating in 84 countries and regions, making it the most influential Chinese enterprise in the global fashion field.
\nAccording to the Ministry of Commerce, Pakistan\u2019s textile and apparel exports rose by 0.93 percent to USD16.655 billion during the fiscal year 2023-24 (FY24 July-June), marking a small gain from USD 16.501 billion in the corresponding period of the previous year.
\nThe textile sector had earlier faced economic challenges but showed improvement in the later months. The sector contributed 54.29 percent to Pakistan\u2019s overall exports of USD 30.676 billion from July 2023 to June 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD China\u2019s RUYI Group has planned to invest Dollar 5 billion to boost Pakistan\u2019s textile exports, Gwadar Pro reported on Saturday. The company\u2019s senior management team visited here the Special Investment Facilitation Council (SIFC) and announced their plan for the investors and to establish two export-oriented Green (Zero Emission) textile cities in Lahore and Karachi. […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-432914","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n