Prime Minister Shehbaz Sharif inaugurated on Friday the special economic zone of the Challenge Group (Sez) and welcomed an investment of $ 100 million by the giant of Chinese garments, Challenge Fashion Private Limited, aimed at promoting textile exports and industrial capacity of Pakistan, Radio Pakistan reported.
Speaking during a meeting with a delegation from the Chinese group, led by President Huwang Weiguo, he expressed Pakistan’s commitment to raise his strategic and economic association with China at greater heights.
“Pakistan and China enjoy a friendly friendship in the time that has remained resistant through each challenge,” said Prime Minister Shehbaz. “We are pleased to see that our economic relations are strengthened, and we welcome more Chinese industries to establish operations in Pakistan,” he added.
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Sharif praised the continuous confidence of the Chinese firm in the Pakistani market, noting that 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, facilitating the transfer of technology, the improvement of skills and employment creation.
He addressed the relevant authorities to extend all the necessary support to guarantee the rapid operationalization of the Sez and reaffirmed the government’s approach in advancing in the industrial dimension of the Economic Corridor of China-Pakistan (CPEC).
The prime minister also highlighted Pakistan’s great interest in learning from China’s experience in the textile sector and announced that a company to company from China-Pakistan will soon be held in China to encourage the collaboration of the private sector.
Informing the Prime Minister, the Challenge Group delegation shared that the investment of $ 100 million in 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, saying that the group was committed to deepen their commitment to the growing textile sector of Pakistan.
