ISLAMABAD: According to a statement released on Friday by Prime Minister Shehbaz Sharif’s office, Chinese investment giant RUYI plans to establish textile parks in Pakistan and would extend an invitation to around 100 Chinese textile companies to participate in the establishments.
Later this year, the first park will open, and it will be finished in three years.
According to the statement, these parks are anticipated to export goods valued $2 billion in the first phase and an additional $5 billion in the second, generating 300,000 to 500,000 jobs in the area.
China and Pakistan have been strong partners for a long time, and Beijing is crucial to Islamabad’s development and economic endeavors.
According to the statement, solar energy will be used to power the park’s automated zero-carbon systems.
In the Punjab province of eastern Pakistan’s Sahiwal region, RUYI already operates a coal-fired power plant.
Under President Xi Jinping’s Belt and Road Initiative (BRI), Beijing has been investing $65 billion on the China Pakistan Economic Corridor (CPEC), which includes the development of port, rail, and road infrastructure in Pakistan.
