LAHORE: One of China’s largest textile enterprises will invest $150 million in Punjab.
The business will use six million meters of fabric to make up to eight million garment items each month in Punjab under a memorandum of understanding (MoU).
The greatest sophisticated textile industry in Pakistan will be created, along with a state-of-the-art special economic zone on 100 acres, according to an official release. The Chinese business will use well-known American labels to export clothing.
Challenge Group Chairman Wego Hong praised Punjab Chief Minister Maryam Nawaz Sharif’s investment-friendly policies during a meeting with her and Chinese Consul General Zhao Shiren.
Issues related to the advancement of the textile sector and investment opportunities in Punjab were addressed in the meeting.
The chief minister stated, “Pakistan intends to elevate the trade and business collaboration to new levels in the coming years.” We are creating a cutting-edge and impressive garment city in Punjab, leveraging the knowledge and experience of Challenge Group. The Punjab government plans to collaborate with the Challenge Group to ensure the success of the garment city in Punjab. The government of Punjab will offer full assistance to enhance investment in the province.
She stated, “Our goal is to relocate China’s massive textile factories and institutions to Punjab.” The ‘Challenge Special Economic Zone’ will be crucial for the rapid industrial growth of Punjab. She mentioned that plastic waste is being repurposed and incorporated into high-performance fabrics as part of a contemporary textile initiative.
The chief minister stated, “The Punjab government is making substantial investments to enhance technical skills in the youth via TEVTA (Technical Education and Vocational Training Authority). We aim to supply market-oriented human resources to meet the requirements of industrial companies.
Wego Hong mentioned that his team aimed to introduce superior textile machinery and technology to Punjab compared to what China offers. He conveyed the intention to bring innovation to the province’s textile industry. He stated that Chief Minister Maryam Nawaz’s policies and vision were motivating for increasing foreign investment in Punjab.
He stated that the pro-investment policies inspired him to travel to the province. He stated that the recent Chinese investment in Punjab reflected the chief minister’s investment-friendly vision expressed during her previous trip to China.