Chinese firm to invest US$ 119mn in Punjab Apparel Park

11 Mar '14

2 min read

Shandong Ruyi Group of China would invest US$ 119 million for providing technical assistance to aid establishment of Punjab Apparel Park in Pakistan’s Punjab province.

This was announced when a Chinese delegation led by chairman of Shandong Ruyi Group, Yafu Qiu, met Chief Minister of Punjab, Shahbaz Sharif, who welcomed the investment support.

Mr. Sharif said the setting up of an avant-garde apparel park in the province would strengthen the country’s textile sector by allowing it to fully tap the benefits of the Generalized System of Preference (GSP) Plus status earned from the EU by boosting exports and thereby enhancing employment generation in the country.

Referring to announcement of an US$ 32 billion investment package by China, Mr. Sharif said through the investment package the Chinese Government and other Chinese firms would extend financial cooperation in energy, infrastructure and transport sectors of Pakistan.

Assuring full utilization of the investment package and speedy execution of all the projects, the CM highlighted that all efforts are being made to extend best facilities to local as well as overseas firms investing in Pakistan.

Mr. Shahbaz noted that a delegation representing the Punjab government would soon pay a visit to the industrial zone of Shandong Ruyi Group in China.

Fibre2fashion News Desk - India

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