Prime Minister Shehbaz Sharif on Friday inaugurated the Challenge Group Special Economic Zone (SEZ) and greeted a $ 100 million investment from Chinese clothing giant, Challenge Fashion Private Limited, aimed at increasing Pakistan’s textile exports and industrial capacity, Radio Pakistan reported.
When he spoke during a meeting with a delegation from the Chinese group, led by President Huwang Weiguo, he expressed Pakistan’s obligation to raise his strategic and economic partnership with China to greater heights.
“Pakistan and China enjoy a time -tested friendship that has been resistant through every challenge,” said Prime Minister Shehbaz. “We are pleased to see our financial connections become stronger, and we welcome more Chinese industries to set up operations in Pakistan,” he added.
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Sharif praised Chinese company’s continued confidence in the Pakistani market and noted that the Challenge Fashion Group has already invested $ 17 million in the country since 2014. The new special economic zone, he said, will serve as a model for sustainable industrial development, easy technology transfer, skills improvement and job creation.
He instructed relevant authorities to expand all the support necessary to ensure the rapid operationalization of SEZ and confirm the government’s focus on promoting the industrial dimension of the China-Pakistani economic corridor (CPEC).
PM also highlighted Pakistan’s great interest in learning from China’s expertise in the textile sector and announced that a China-Pakistan business-to-business conference would soon be held in China to encourage collaboration with the private sector.
The briefing of the Prime Minister shared the Challenge Group delegation that the $ 100 million investment over the next five years is expected to generate textile exports worth $ 400 million. President Weiguo thanked the Prime Minister for the warm reception and hospitality and said the group was obliged to elaborate on his commitment with Pakistan’s growing textile sector.
