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Ruyi Group to further invest in Pakistan textile sector
May '14
Chinese textile firm Shandong Ruyi Group would further enhance its cooperation with Pakistan’s Punjab textile as well as energy sectors, said vice president of the firm Jerry Liu during a recent meeting with Punjab Chief Minister (CM) Shahbaz Sharif.

The Ruyi Group official met with the CM in Islamabad recently to discuss technicalities of the memorandum of understanding (MoU) signed between the Chinese firm and Punjab Government, for the setting up of the Quaid-e-Azam Apparel Park that is being constructed in the region, reports the Nation.

Mr. Liu said that the Chinese Group made the decision to invest in the construction of the apparel park as the firm believed in the determination and working style of the Punjab government and wanted to provide technical assistance for the establishment of the park.

During the meeting, CM Sharif said that several Chinese firms were showing interest in collaborating with the Punjab government in various sectors, especially textiles, and the growing cooperation is helping to strengthen the relationship between the two countries.

The Punjab CM also informed that the investment of US$ 2 billion by the firm for the apparel park would significantly help the government in establishing the park in the region.

Last month, Ruyi Group had signed the MoU with Punjab government, under which the firm would invest US$ 2 billion in the Quaid-e-Azam Apparel Park as well as provide technical assistance in the designing, planning as well as construction of the apparel park, by jointly working with the Punjab Industrial Estates Development and Management Company (PIEDMC), for the project.

Fibre2fashion News Desk - India

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