LAHORE: Acting on the directives of Chief Minister Maryam Nawaz, the Punjab has set a new milestone with record-fast investment from China.
In this regard, Chief Minister Maryam Nawaz met Chinese Consul-General Zhao Shiren and Chairman of the Challenge Group Wego Hong in Lahore on Wednesday. The meeting focused on promoting the textile industry and boosting investment in the province.
On the occasion, a Memorandum of Understanding (MoU) was signed between the Bank of Punjab and Challenge Fashion Private Limited. Under the agreement, Challenge Textile Group, one of China’s largest textile enterprises, will invest $150 million in Punjab.
Wego Hong, head of the Challenge Group delegation, praised the chief minister’s investment-friendly policies.
According to the MoU, a state-of-the-art special economic zone will be established on 100 acres in Punjab. The Challenge Group plans to produce between two and eight million garments per month, utilising approximately six million meters of fabric. Under the project, Pakistan’s largest and most advanced textile industry will be set up in Punjab. The garments will be exported to renowned American brands. The initiative will create 18,000 jobs within eight months and 25,000 within five years. The group will also source raw materials from Pakistan, with annual exports expected to exceed $100 million.
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