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 the company’s delegation led by Chairman Huwang Weiguo before the groundbreaking, welcomed the establishment of a Special Economic Zone that would facilitate technology transfer, skill development, and sustainable industrial growth. He ordered to provide all possible facilities to Challenge Group for the Zone, reiterating that his government was committed to promoting the industrial component of the China-Pakistan Economic Corridor and benefiting from China’s progress and expertise in the textile sector.
The chairman of Challenge Fashion Group, thanking the prime minister for the excellent hospitality in Pakistan, said that his company was establishing a modern textile industry in Pakistan. He said the company would invest $100 million in this Special Economic Zone over the next five years and expected to generate $400 million in exports.
Separately, PM Shehbaz Sharif Friday reiterating Pakistan’s desire to enhance trade and people-to-people contacts with Bangladesh, called for further strengthening bilateral cooperation in political, economic, and cultural spheres.
The PM, in a meeting with High Commissioner of the People’s Republic of Bangladesh Mohammad Iqbal Hussain Khan, who paid a courtesy call on him, expressed satisfaction over the growing engagement between Pakistan and Bangladesh across various domains.
PM Shehbaz wished the high commissioner success in his assignment, while assuring him of full support in the discharge of his responsibilities, and expressed confidence that his tenure would continue to witness positive developments in Pakistan-Bangladesh relations.
Meanwhile, PM Shehbaz Sharif, on the occasion of Pakistan’s Independence Day, paid a special visit to the under-construction Technology Park here, expressing strong displeasure over the slow pace of work and directing authorities to accelerate its completion. This was the PM’s third inspection of the project, which was originally scheduled to be completed by March 23, 2025, but has faced delays, a Prime Minister’s Office news release said.
He reprimanded the officials on-site, stressing that the park must be completed within the revised timeline while meeting international quality standards. “Ensure the provision of world-class facilities and double your efforts to finish this project as per the original instructions,” the PM told the project managers.
The IT Park, consisting of two underground floors, a ground floor, and nine upper floors, will feature office spaces, an incubation centre, a business support centre, R&D laboratories, a Level III data centre, an auditorium, and parking for 1,200 vehicles. It is expected to create employment opportunities for youth, boost economic growth, enhance Pakistan’s global IT competitiveness, and bridge the digital divide.
The PM noted that the project had seen little progress during the previous government’s tenure but received special attention from his administration immediately after he assumed office.