ISLAMABAD: A major Chinese business group, Ruyi Shandong, announced plans to set up textile parks in Sindh and Punjab during a meeting with Prime Minister Shehbaz Sharif on September 20, 2024. These “international-standard” facilities are expected to boost Pakistan’s textile exports by up to $5 billion.
Ruyi Shandong, one of the largest textile manufacturers globally, has expanded through acquisitions and investments over the past decade, benefiting from the China-Pakistan Economic Corridor (CPEC) through prior investments, including a coal power plant.
During the meeting, Ruyi Group Chairman Qiu Yafu discussed the initiative, emphasizing the aim to invite around 100 major Chinese textile companies to invest. “The primary goal is to make Pakistan a global hub for textiles and garments,” he stated.
The parks will utilize solar energy, employ modern automated technology, and operate with zero carbon emissions. The project is projected to generate $2 billion in exports during the first phase and $5 billion in the second phase, creating employment opportunities for 300,000 to 500,000 local individuals.
The foundation stone for the textile parks will be laid by the end of the year, with completion expected within three years. Additionally, Ruyi Group plans to establish wholesale commodity centers in Karachi and Lahore.
To facilitate the project, working groups will be formed in Islamabad and Beijing to enhance collaboration between Pakistan and Ruyi Shandong. Prime Minister Sharif remarked, “China has always stood by Pakistan in difficult times, and our economic relations are strengthening day by day.” A special committee, led by Deputy Prime Minister Ishaq Dar, will oversee the initiative.
A memorandum of understanding was signed between Pakistan’s Board of Investment and Ruyi Shandong Group during the meeting, with the prime minister in attendance.
