Prime Minister Shehbaz Sharif on Friday launched a Special Economic Zone to be set up by a Chinese textile group, with a $100 million investment over five years, projected to yield $400 million in exports.
The Special Economic Zone will be established by the Chinese garments group “Challenge Fashion Private Limited” that has already invested $17 million in Pakistan since 2014.
The prime minister, who met with the company’s delegation led by Chairman Huwang Weiguo before the groundbreaking, welcomed the establishment of a Special Economic Zone that would facilitate technology transfer, skill development, and sustainable industrial growth.
He directed to provide all possible facilities to Challenge Group for the Zone, reiterating that his government was committed to promoting the industrial component of the China-Pakistan Economic Corridor and benefiting from China’s progress and expertise in the textile sector. Highlighting the time-tested Pakistan-China friendship, Prime Minister Shehbaz said that his government desired to take the bilateral ties to new heights as the economic relations between the two countries were a source of great satisfaction.
He said that Pakistan desired the Chinese industries to establish their units in Pakistan and also appreciated the confidence of Challenge Fashion Group in the Pakistani market.
The prime minister told the delegation that a China-Pakistan Business-to-Business Conference would soon be held in China, providing an opportunity for collaboration between private businesses of both countries.
The chairman of Challenge Fashion Group, thanking the prime minister for the excellent hospitality in Pakistan, said that his company was establishing a modern textile industry in Pakistan. He said the company would invest $100 million in this Special Economic Zone over the next five years and expected to generate $400 million in exports.
The meeting was attended by federal ministers Ahsan Iqbal, Jam Kamal, Attaullah Tarar, Ali Pervez Malik, and Sardar Awais Ahmad Leghari, Special Assistant to the Prime Minister Tariq Fatemi, and relevant senior government officials.
Meanwhile, High Commissioner of Bangladesh to Pakistan Iqbal Hussain Khan called on prime minister Shehbaz Sharif.
During the meeting, the Prime Minister expressed satisfaction over the growing engagement between Pakistan and Bangladesh across various domains.
While fondly recalling his warm and productive interactions with Dr. Mohammad Yunus, Chief Advisor of Bangladesh, including their last meeting in Cairo on the sidelines of the D-8 Summit last December, he expressed satisfaction at the revival of various bilateral mechanisms between the two sides.
He stressed upon the importance of maintaining this momentum to carry forward their bilateral ties.
He emphasized that bilateral cooperation in political, economic, and cultural spheres needed to be further strengthened.
He also maintained that Pakistan was keen to enhance trade and people-to-people contacts with Bangladesh.
Noting the desire of the leadership of both the countries to strengthen bilateral ties, the Bangladesh High Commissioner briefed the Prime Minister on various steps being taken by both the countries to facilitate travel, trade and connectivity. He also expressed his desire to continue working hard for further strengthening of the historic bonds of friendship between Pakistan and Bangladesh.
The Prime Minister wished the High Commissioner success in his assignment, while assuring him of full support in the discharge of his responsibilities, and expressed confidence that his tenure would continue to witness positive developments in Pakistan-Bangladesh relations.
