A Memorandum of Understanding (MoU) has been signed between the Board of Investment (BOI), and the RUYI Shandong group from China which states that the Chinese company will establish textile parks in Pakistan which will meet the international standards.
A nine member delegation visited Pakistan and had a meeting with the Prime Minister Shehbaz Shareef where the MoU was signed. The chairman of RUYI group Qui Yafu was also present. It was stated during the meeting that the RUYI group will establish textile parks in Punjab and Sindh along with 100 large textile industries from China will be invited to invest in these parks.
The motive of establishment of these textile parks is to make the country, garments hub of the world. The parks will be operated with solar energy on zero carbon emission and automated advanced technology.
It was also decided during the meeting that working offices will be established in Beijing and Islamabad to advance the matters between Pakistan and the RIYU group. PM directed the formation of a special committee led by Ishaq Dar, Foreign Minister of Pakistan.
Speaking on the occasion, PM Shehbaz Shareef said, “China is a friend of Pakistan that has stood by Pakistan in every difficult time. Economic relations between Pakistan and China are getting stronger with each passing day.”
Chairman RIYU group said, “We have come to Pakistan not as investors but as friends. We look forward to working in this country and are aware of the wide range of opportunities that Pakistan possesses”.
