ISLAMABAD: Prime Minister Shehbaz Sharif on Friday launched a Special Economic Zone to be set up by a Chinese textile group, with a $100 million investment over five years, projected to yield $400 million in exports.
The Special Economic Zone will be established by the Chinese garments group “Challenge Fashion Private Limited” that has already invested $17 million in Pakistan since 2014.
The prime minister, who met with the company’s delegation led by Chairman Huwang Weiguo before the ground- breaking, welcomed the establishment of a Special Economic Zone that would facilitate technology transfer, skill development, and sustainable industrial growth.
He directed all possible facilities to the Challenge Group for the Zone, reiterating that his government was commit- ted to promoting the industrial component of the China- Pakistan Economic Corridor and benefiting from China’s progress and expertise in the textile sector.
Highlighting the time-tested Pakistan-China friend- ship, Prime Minister Shehbaz said that his government| desired to take the bilateral ties to new heights as the eco- nomic relations between the two countries were a source of great satisfaction.
PM launches Chinese textile group’s economic zone, expecting $400m in exports
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