The RUYI Group of China will establish Textile Parks of international standard in Pakistan.

To this effect, a Memorandum of Understanding was signed between the Board of Investment and RUYI Shandong Group in Islamabad on Friday.

Prime Minister Shehbaz Sharif witnessed the signing of the MoU, after having a meeting with the nine-member delegation of the RUYI group led by its Chairman Qui Yafu.

The RUYI Group briefed the Prime Minister that it will establish Textile Parks of international standard in Sindh and Punjab and around 100 large textile industries from China will be invited for investment in these parks.

It was told that the objective of these textile parks is to enhance Pakistan's textile exports and to make the country textile and garments hub of the world.

It was further briefed that solar energy will be used in these textile parks and they will operate on zero carbon and advanced automated technology.

In the first phase, these parks are expected to generate exports worth two billion dollars, while in the second phase, exports are likely to reach five billion dollars. These textile parks will provide employment opportunities to around half million locals.

The foundation stone of these textile parks will be laid by the end of this year, and they will be completed within three years. 

The RUYI Group will also set up wholesale commodity centers in Karachi and Lahore.

During the meeting, it was decided to establish working groups in Islamabad and Beijing to advance matters between Pakistan and the RUYI Group.

The Prime Minister, on the occasion, directed the formation of a special committee headed by Deputy Prime Minister and Foreign Minister Ishaq Dar in this regard.

The committee will comprise federal ministers for commerce, investment and privatization, industry and production, the foreign secretary, a representative of the Special Investment Facilitation Council, and Zafaruddin Mahmood.

Speaking on the occasion, the Prime Minister said China is a friend of Pakistan that has stood by Pakistan in every difficult time. He said economic relations between Pakistan and China are getting stronger with each passing day.

Shehbaz Sharif further said that RUYI Group was the first investor in the Sahiwal Coal Power Plant under the China-Pakistan Economic Corridor. He appreciated the RUYI Group's deep interest in investing in Pakistan's textile sector.

In his remarks, Chairman RUYI Group Qui Yafu said they came to Pakistan not as investors, but as friends of Pakistan.

He mentioned the rapid development works known as 'Shehbaz Speed' during the Prime Minister's tenure as Chief Minister of Punjab and expressed hope that this time too, the same speed will be seen in the completion of development projects.