The Board of Investment (BOI) and Chinese textile company RUYI Shandong have signed a Memorandum of Understanding (MoU) to establish high-quality textile parks in Pakistan. This is a significant step aimed at boosting the country’s textile exports and creating more job opportunities.
The goal of this project is to increase Pakistan’s textile exports to $5 billion, while also creating around 500,000 new jobs. The agreement was made official during a meeting between the Chairman of RUYI Group, Qiu Yafu, and Prime Minister Shehbaz Sharif.
This meeting followed the Prime Minister’s recent trip to China, where both sides discussed ways to strengthen economic ties between the two countries.
The textile parks will be set up in the provinces of Sindh and Punjab, and they will house around 100 Chinese textile companies. What makes this project unique is its focus on sustainability. The parks will use solar energy, helping to reduce carbon emissions and create zero-carbon, automated facilities.
This environmentally-friendly approach is expected to make a positive impact on the country’s energy consumption, while also modernizing its textile industry.
Construction of these parks is scheduled to start by the end of this year, and the entire project is expected to be completed within three years. Once finished, these textile parks will not only boost exports and create jobs, but also position Pakistan as a key player in the global textile market.
The collaboration between Pakistan and China in this initiative shows the growing partnership between the two nations, especially in sectors like industry and technology.
American Dollar Exchange Rate