The Board of Investment and Chinese textile giant RUYI Shandong have signed a Memorandum of Understanding (MoU) to establish international-standard textile parks in Pakistan. This initiative aims to elevate the country’s textile exports to $5 billion and create approximately 500,000 jobs.
The MoU was signed during a ceremony attended by Prime Minister Shehbaz Sharif, as a nine-member delegation from the RUYI group, led by Chairman Qiu Yafu, visited Islamabad. The agreement outlines plans for the development of textile parks in the provinces of Sindh and Punjab, where around 100 Chinese textile firms will be invited to invest.
Prime Minister Sharif praised the enduring friendship between Pakistan and China, noting the strengthening economic ties between the two nations. He welcomed the RUYI group’s investment in Pakistan’s textile sector, highlighting the company’s role as the first investor in the Sahiwal Coal Power Plant, a key project under the China-Pakistan Economic Corridor.
Chairman Qiu Yafu briefed the prime minister on the project’s goals, emphasizing the aim to boost textile exports and position Pakistan as a hub for textiles and garments. The parks will be powered by solar energy and designed as zero-carbon, automated facilities. The first phase of the project is expected to increase exports by $2 billion, with the second phase targeting $5 billion, while creating between 300,000 to 500,000 jobs.
Construction on the textile parks is slated to begin by the end of the year, with completion expected in three years. Additionally, RUYI plans to establish wholesale commodity centers in Karachi and Lahore.
To ensure the project’s success, working groups will be formed in Islamabad and Beijing. Prime Minister Sharif has also established a special committee led by Deputy Prime Minister and Foreign Minister Ishaq Dar. The committee includes federal ministers for commerce, investment and privatization, industries and production, the foreign secretary, a representative from the Special Investment Facilitation Council, and Zafaruddin Mehmood.
Chairman Qiu Yafu expressed the RUYI group’s commitment to Pakistan, stating that they have come not just as investors, but as friends. The meeting was attended by Deputy Prime Minister Jam Kamal Khan, Commerce Minister Rana Tanveer Hussain, Privatization Minister Abdul Aleem Khan, Power Minister Awais Ahmed Khan Leghari, and other senior officials.
