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Punjab CM for quickly setting up Quaid-e-Azam Apparel Park
19
May '14
Muhammad Shahbaz Sharif, the Chief Minister of Punjab province of Pakistan, is for quickly setting up of the Quaid-e-Azam Apparel Park, proposed to come up on 1,500 acres near Motorway-2 that connects Lahore with Islamabad.
 
A high-level meeting, chaired by Mr. Sharif, has decided to set up an autonomous company in order to speedily implement Quaid-e-Azam Apparel Park project.
 
Mr. Sharif said the apparel park project would speed up economic activities in the province, and would also create millions of new employment opportunities, while contributing billions of rupees to the national and state exchequers.
 
Punjab Industries Department Secretary informed the meeting that the process of acquiring land for the proposed park has been completed.
 
Chief Minister Sharif said the apparel park project was important to promote the textile sector of the country. He said the investment by the Chinese firm Shandong Ruyi Group in the apparel park would also include extending technical cooperation to ensure technology transfer, which would help the country’s textile sector take maximum advantage of its Generalized System of Preferences Plus (GSP Plus) status given to it by the European Union.
 
Last month, Shandong Ruyi Group signed a memorandum of understanding (MoU) with the Punjab government for investing US$ 2 billion in the Quaid-e-Azam Apparel Park. As per the MoU, 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.
 

Fibre2fashion News Desk - India


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