The Chinese Group, Shandong Ruvi Group is set to invest up to $2 billion in garments and textile sectors in Punjab for which the Chief Minister Muhammad Shahabz Sharif has assured the Group to provide it all possible incentives and protection of investment anywhere in the country.
The agreement was reached during meeting which the delegation of Shandong Ruyi Group of China held with Chief Minister Muhammad Shahbaz Sharif here on Wednesday. The delegation included Chairman of Group Yafu Qiu, Vice Chairman Ms Weiying Sun, Vice President Jerry Liu and other office-bearers.
MNA Asim Nazir, Provincial Minister for Industries Muhammad Shafiq, Chairman Planning & Development, Secretary Industry, Vice Chairman Punjab Investment Board and concerned officers were also present on the occasion.
Talking to the Chinese delegation, Chief Minister Shahbaz Sharif said that friendly relations between Pakistan and China are further strengthening. He said that China has always supported Pakistan in every hour of trial. The cooperation for investment by Chinese companies in energy and textile sectors in Pakistan is a welcome step.
The Chief Minister said that Punjab government has planned to set up special garments zone at 1500 acres land near motorway for which site has been identified. All necessary facilities including vocational centre would be provided in garments zone.
Shahbaz Sharif said that after getting the status of GSP Plus, exports of textile and garments of the country will increase and new job opportunities would be created. In view of the GSP Plus status, the project of special garments is of great importance. He asked Shandong Ruyi Group to invest in special garments zone and Punjab government will provide all possible facilities.
The Chief Minister told that industrial zone has also been set up in Faisalabad where process of industrialisation is continuing. He asked Chinese group to also consider investment in textile and garments sectors in Faisalabad. He said that facilities are being provided to the industrialists in Faisalabad industrial zone on priority basis.
Talking on the occasion, Chairman Shandong Ruyi Group, China Yafu Qiu expressed willingness to invest in textile and garments sectors in Punjab. He said that his group has planned to make investment of $2 billion in this regard. He disclosed that three committees have been constituted for considering investment in Punjab so that these projects should be implemented speedily.
The encouragement by Punjab Chief Minister Muhammad Shahbaz Sharif regarding cooperation in investment in Punjab has increased group’s confidence. Punjab government and Shandong Ruvi Group of China have agreed to promote cooperation in the textile and garments sectors.
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