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Ruyi Group to invest $2bn in Pakistan's textile sector
Jan '14
Mr. Sharif with the Chinese delegation
Mr. Sharif with the Chinese delegation
Chinese textile firm Shandong Ruyi Group is set to invest around US$ 2 billion in the textiles and energy sectors of Pakistan, over the next two years.
According to a statement issued by Pakistan Prime Minister’s Office, a delegation of the Chinese firm including chairman Yafu Qui recently met with the Prime Minister (PM) of Pakistan Muhammad Nawaz Sharif, at the PM house in Islamabad, where the chairman announced the investment.
Mr. Qui said that Shandong Ruyi will construct two coal fired power plants in Pakistan each having power generation capacity of 300 megawatt, and are also planning to invest in textile sector of the country besides production of high quality yarn.
According to Mr. Qui, after attaining the Generalized System of Preferences Plus (GSP+) status from the European Union (EU), Pakistan has become an attractive place for investment in textile sector, and the Chinese firm wants to take advantage of the booming textile sector of the country.
Prime Minister Nawaz Sharif appreciated the Chinese firm’s investment plans and said the investment would not only create job opportunities for the skilled youth in the country but also lead to introduction of new technology in the textile sector.
Mr. Sharif said that Pakistan is one of the emerging economies of the world, and the Government is also making structural reforms to make the economy attractive for local and international investors.

Fibre2fashion News Desk - India

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