Prime Minister Shehbaz Sharif on Friday opened a special economic zone (Sez) in Islamabad to be created by a Chinese textile group, projected to generate exports worth $ 400 million for the country, the Associated Press of Pakistan reported.
Pakistan has maintained strong bilateral relations with China, which have supported it through many development investments and projects, such as the Chinese-Pakistan economic corridor (CPEC), which, currently in its second phase, has been called “lifeguards” for the country’s economy. Phase II of the program is expected to focus on industrialization, special economic zones, clean energy, agriculture and living projects.
Prime Minister Shehbaz welcomed the establishment of a Sez, saying that the “initiative would facilitate technology transfer, skills development and sustainable industrial growth.”
The project will be created by the Chinese Textile Group Challenge Fashion Private Limited, which will invest $ 100 million for five years in the project.
Prime Minister Shehbaz met with the company’s delegation, directed by its president Huwang Weiguo, expressing Pakistan’s will to “bring bilateral ties to new heights”, Application He cited him as saying.
The federal ministers Ahsan Iqbal, Jam Kamal, Attaullah Tarar, Ali Pervez Malik, Sardar Awais Ahmad Leghari and the special assistant of Prime Minister Tariq Fatemi were also present at the meeting.
The Prime Minister assured the delegation the complete facilitation of his government to establish the area as part of the “industrial component of CPEC”, and thanked the delegation for having faith in the Pakistani market, Application reported.
Prime Minister Shehbaz expressed Pakistan’s desire to establish more units of this type throughout the country and hoped to benefit from the textile sector of China.
In that sense, he shared that “a company to company from China-Pakistan would soon be held in China, providing an opportunity for collaboration between private companies in both countries,” Application He denounced it by saying.
President Huwang said his goal is to establish a modern textile industry in Pakistan and thanked the prime minister for his support and hospitality.
In July, at a high -level meeting, the Minister of Planning, Ahsan Iqbal, said a Chinese delegation that the Sezs establishment remains the main priority of the federal government.
While earlier this year, the Sindh government signed an agreement with Chinese and local investors to establish the Dhabeji Sez under phase II of CPEC.
