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ISLAMABAD: Chinese textile firm will establish textile parks of international standards in Pakistan to boost the country’s exports to $5 billion and create around 0.5 million jobs, the PM Office said in a statement.
The Board of Investment and Chinese textile firm RUYI Shangdong on Friday signed a Memorandum of Understanding under which the first park will be inaugurated later this year and will be completed in three years.
According to the MoU signed at a ceremony witnessed by Prime Minister Shehbaz Sharif, the Chinese company would establish textile parks in Sindh and Punjab provinces where around 100 Chinese textile firms would be invited to invest.
Chinese RUYI group already runs a Sahiwal Coal Power Plant established under the China-Pakistan Economic Corridor.
Briefing the prime minister, the company head said that the textile parks aimed at boosting textile exports and making the country a hub of textiles and garments, the state-run APP reported.
To be powered by solar energy, the textile parks would be developed as zero-carbon and automated facilities to enhance the exports to $2 billion in its first phase and $5 billion in the second one besides creating from 0.3 million to 0.5 million jobs.
The meeting decided to form working groups in Islamabad and Beijing to further pursue the understanding.
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