Chinese textile firm Shandong Ruyi Group has signed a memorandum of understanding (MoU) with the Government of Pakistan’s Punjab, under which the firm will be investing US$ 2 billion in the Quaid-e-Azam Apparel Park that is being constructed in the region.
The MoU was signed at the Chief Minister of Punjab Shahbaz Sharif’s office, during a recent visit of a delegation including Luan Shun and Huaneng Shangdong from the Chinese firm led by chairman of the group Yafu Qiu.
Under the agreement, the Chinese textile firm would be providing technical assistance in the designing, planning as well as construction of the apparel park, and would be jointly working with the Punjab Industrial Estates Development and Management Company (PIEDMC), for the project.
Talking to the delegation, Chief Minister Sharif expressed gratitude towards the Ruyi Group for taking interest in the textile as well as energy sectors of the country.
The Punjab Government would be providing all the required facilities to the Chinese firm on a priority basis, he added.
During the visit, the Chinese Group also expressed interest for investing in the energy sector and informed the desire to set up two coal power plants of 660 mega watts in the city of Sahiwal in the region as well as two similar plants of 135 mega watts in the industrial estates of the country besides considering establishment of coal power plants near coal mines in the Salt Range of Punjab.
Earlier in January, representatives from the Ruyi Group had met with Prime Minsiter of Pakistan and discussed possibilities of investing in the textile and energy sectors of the country.
Last month, a delegation from Pakistan Government visited several industrial zones in various cities of China, including the industrial park of Shandong Ruyi Group, and during the visit representatives from the Chinese firm had expressed interest of investing in the apparel park.