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$2 billion investment in textile industry: punjab government, chinese group sign

$2 billion investment in textile industry: punjab government, chinese group sign Source:
Date: 14-01-2014
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A memorandum of understanding (MoU) was signed between Punjab government and prominent Chinese Shandong Ruyi Group for investment of two billion dollars in textile sector and setting up textile industry in garments of industrial zone. Vice Chairman Punjab Investment Board Syed Maratab Ali on behalf of Punjab government, while Chairman Shandong Ruyi Group YAFU QUI signed the agreement.
Punjab Chief Minister Shahbaz Sharif, Provincial Ministers Mujtaba Shujaur Rehman, Muhammad Shafiq, Advisor Dr Ijaz Nabi, MNA Asim Nazir, concerned officials and senior officials of Chinese Group were present on the occasion. Under the agreement, Chinese group will invest $2 billion in textile and garments industry in Punjab whereas Chinese group will also invest in garments industrial zone being established near motorway.
Talking to the media on the occasion of signing ceremony of MoU, Chief Minister Shahbaz Sharif said that the agreement of investment in textile sector between the Punjab government and Shandong Ruyi Group is a welcome step. He said that due to this agreement, not only new job opportunities will be created in textile sector but exports of the country will also increase considerably.
He disclosed that Chinese group under a joint venture with Masood Textile, wants to invest two billion dollars in Punjab. The Chief Minister said that vast opportunities of investment exist in textile and garments industry in Punjab and trade of billion dollars is being made in both the sectors. However, he said that Pakistan has still to do a lot in garments and textile sectors. Therefore, Punjab government keeping in view the feature requirements has decided to establish garments industrial zone near Motorway for which a board has been constituted and the persons associated with private sector have been included in this board, he added.
The Chief Minister said that besides Chinese companies, European, Turkish and Middle East companies will also be invited to invest in garments industrial zone. He said that only serious investors would be given land for setting up industry in garments industrial zone as after getting the status of GSP Plus, Pakistan has got duty free access to European markets.
Shahbaz Sharif said that planning is being made to provide uninterrupted electricity to garments industrial zone. He said that initially a plant of 25 megawatt will be set up while under long term planning, provision of uninterrupted electricity to the industries would also be ensured. Replying to another question, the Chief Minister said that load-shedding will certainly be overcome and the foundation stone of power plants to be run through coal and solar will be laid in a few months. While mentioning Pak-China friendship, he said that China is a trustworthy friend of Pakistan which has always helped Pakistan in every hour of trial.
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