Pakistan Real Estate Times - Pakistan Property News

Full Version: MoU for establishing $2b garments zone signed
You're currently viewing a stripped down version of our content. View the full version with proper formatting.
MoU for establishing $2b garments zone signed

Saturday, January 11, 2014 - Lahoreā€”A memorandum of understanding (MoU) was signed between Punjab government and prominent Chinese Shandong Ruyi Group for investment of two billion dollars in textile sector and setting up textile industry in garments industrial zone. Vice Chairman Punjab Investment Board Syed Maratab Ali on behalf of Punjab government while Chairman Shandong Ruyi Group YAFU QUI signed the agreement.

Punjab Chief Minister Muhammad Shahbaz Sharif, Provincial Ministers Mujtaba Shujaur Rehman, Muhammad Shafiq, Advisor Dr. Ijaz Nabi, MNA Asim Nazir, concerned officials and senior officials of Chinese Group were present on the occasion. Under the agreement, Chinese group will invest two billion dollars in textile and garments industry in Punjab whereas Chinese group will also invest in garments industrial zone being established near motorway.

Talking to the media on the occasion of signing ceremony of MoU, Chief Minister Muhammad Shahbaz Sharif said that the agreement of investment in textile sector between Punjab government and Shandong Ruyi Group is a welcome step.

He said that due to this agreement, not only new job opportunities will be created in textile sector but exports of the country will also increase considerably. He disclosed that Chinese group under a joint venture with Masood Textile, wants to invest two billion dollars in Punjab.

The Chief Minister said that vast opportunities of investment exist in textile and garments industry in Punjab and trade of billion dollars is being made in both the sectors. However, he said that Pakistan has still to do a lot in garments and textile sectors.

Therefore, Punjab government keeping in view the feature requirements has decided to establish garments industrial zone near motorway for which a board has been constituted and the persons associated with private sector have been included in this board, he added. Shahbaz Sharif said that 1500 acre land will be acquired for garments industrial zone and this project will be completed within one year and three months. He said that the work will soon be started at garments industrial zone. He expressed the pleasure that Chinese group has shown willingness to make investment in garments industrial zone. The Chief Minister said that besides Chinese companies, European, Turkish and Middle East companies will also be invited to invest in garments industrial zone. He said that only serious investors would be given land for setting up industry in garments industrial zone as after getting the status of GSP Plus, Pakistan has got duty free access to European markets. He said that after the status of GSP Plus, Pakistani textile and garments industry will have to improve their quality which will benefit in trade. He said that more than one lakh job opportunities will be created with the establishment of garments industrial zone. Replying to questions of journalists, Shahbaz Sharif said that planning is being made to provide uninterrupted electricity to garments industrial zone. He said that initially a plant of 25 megawatt will be set up while under long term planning, provision of uninterrupted electricity to the industries would also be ensured. He said that the project of garments industrial zone would be completed speedily and in a transparent manner. Replying to another question, the Chief Minister said that load-shedding will certainly be overcome and the foundation stone of power plants to be run through coal and solar will be laid in a few months. He said that in PML-N government, some projects will be completed within two and a half years while some in four to five years which will help in overcoming the load-shedding. Replying to another question, Shahbaz Sharif disclosed that more than 90 percent applications have received as compared to the land allocated for garments industrial zone due to which the success of this project can be fully judged. While mentioning Pak-China friendship, he said that China is a trustworthy friend of Pakistan which has always helped Pakistan in every hour of trial.
Reference URL's