Pakistan will soon see Chinese firm RUYI constructing textile parks

ISLAMABAD: Chinese investment company RUYI has announced plans to set up textile parks in Pakistan, inviting around 100 Chinese textile firms to invest in these facilities. The first park is to be inaugurated this year and will take three years to complete, the statement issued from Prime Minister Shehbaz Sharif’s office.

It will have an enormous economic impact in that the parks will export $2 billion in goods in the first phase and another $5 billion in the second phase. The development may yield between 300,000 and 500,000 jobs to locals.

The project shows the extended collaboration between Pakistan and China. Islamabad has been looking up to the former country for most of its development and economic projects. Solar energy will be utilized in powering zero-carbon automatic technology in the textile parks.

However, RUYI also has a coal power plant located in the Sahiwal district of Punjab. All these parks come as part of China’s investment policy in Pakistan, particularly in infrastructure development, under the $65 billion China-Pakistan Economic Corridor (CPEC), the Belt and Road Initiative of President Xi Jinping.