Chinese investment firm RUYI is preparing to make a major impact on Pakistan’s textile sector.
The company plans to establish textile parks in the country, inviting around 100 Chinese textile firms to invest in these projects, as stated by Prime Minister Shehbaz Sharif’s office on Friday.
The first park is scheduled to open later this year and will be completed within three years. RUYI also operates a coal power plant in Sahiwal, Punjab.
These parks are projected to generate $2 billion in exports during the first phase and an additional $5 billion in the second phase, creating between 300,000 and 500,000 local jobs.
Pakistan and China are working to strengthen their trade relationship, with Islamabad relying significantly on Beijing for development and economic initiatives.
The parks will utilize zero-carbon automatic technology powered by solar energy.
Additionally, Beijing has been investing in road, rail, and port infrastructure in Pakistan as part of the $65 billion China Pakistan Economic Corridor (CPEC), a key aspect of President Xi Jinping’s Belt and Road Initiative (BRI).