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Pakistan's Punjab CM lays foundation stone of textile park
May '14
The Chief Minister of Pakistan’s Punjab province Shahbaz Sharif has laid the foundation stone of Ruyi Masood Textile Park at M-III Industrial Estate in Faisalabad.
The Textile Park is being set up with an investment of Pk Rs. 200 billion (US$ 2 billion), through a joint venture of Pakistan-based Masood Textile Mills and the Shandong Ruyi Textile Group, the fifth largest textile group of China.
Speaking at the ceremony, Mr. Sharif said the setting up of the textile park would promote the development of the textile sector in the region, while also strengthening the national economy.
The construction of the textile park would also mean that Pakistan would be avail benefit of modern technology and technical skills that are currently practiced in the Chinese textile sector.
In view of the power and energy crisis facing Pakistan, the promoters of the textile park would also establish coal-based power plants at the park with generation capacity of 270 megawatts (MW) of electricity.
Mr. Sharif said the construction of a large textile park in a barren area of Faisalabad would result in hundreds of thousands of new employment opportunities, in addition to substantially contribute in increasing the country’s exports.
Shandong Ruyi Group Chairman Yafu Qiu said the group was making investment of billions of dollars in 11 countries of the world.
Masood Textile Mills CEO Shahid Nazir said the collaboration with Shandong Ruyi Group was an honour for them and the textile park would be instrumental in transfer of modern technology to Pakistan.
Asim Khursheed, chairman of Faisalabad Industrial Estate Development & Management Company (FIEDMC) said the huge investment by a big Chinese textile group showed confidence of global investors in Pakistan’s present leadership. He said FIEDMC is providing latest international standard infrastructure in M-III Industrial Estate.
Yang Wang, Charge d’affaires of the Chinese Embassy in Pakistan, said Pakistan is a major cotton producer and the setting up of the textile park would create more opportunities of investment in Pakistan’s industrial sector. 

Fibre2fashion News Desk - India

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