ISLAMABAD – Textile industry in Pakistan remained in dire straits amid the economic crisis, despite plethora of local cotton, cost-effective labor, and a diverse range of products.
Amid the murky situation, a Chinese investment firm RUYI came up with an initiative to set up textile parks in Pakistan, inviting approximately 100 Chinese textile firms to invest. This initiative, highlighted by Prime Minister Shehbaz Sharif’s office aims to boost the local economy and enhance the textile industry.
Board of Investment and Chinese textile firm RUYI Shandong inked MoU to form establish textile parks in Pakistan.
Sources said maiden parks will be inaugurated in coming months as the government aimed to garner over $2 billion in exports during its initial phase, followed by an additional $5 billion in the subsequent phase.
It will create up to half million jobs for Pakistanis, these textile parks will utilize cutting-edge zero-carbon technology powered by solar energy, reflecting a commitment to sustainability.
The same investment group RUYI currently operates coal power plant in Sahiwal, Punjab, but this new initiative aligns with global trends toward greener energy solutions. The development of these textile parks is part of the larger $65 billion China-Pakistan Economic Corridor (CPEC), which aims to enhance infrastructure and economic cooperation between the two nations under President Xi Jinping’s Belt and Road Initiative (BRI).
This investment is expected to significantly contribute to Pakistan’s economic growth and strengthen the longstanding ties between the two countries.
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