PM Launches Special Economic Zone with Chinese Investment

Prime Minister Shehbaz Sharif inaugurated a Special Economic Zone (SEZ) on Friday, backed by a $100 million investment from a Chinese textile conglomerate over the coming five years. The project anticipates generating $400 million in exports.

The SEZ is being developed by Challenge Fashion Private Limited, a Chinese apparel firm that has already invested $17 million in Pakistan since 2014.

The Prime Minister instructed officials to extend every possible assistance to Challenge Group for the zone’s establishment. He affirmed the government’s dedication to advancing the industrial aspects of the China-Pakistan Economic Corridor (CPEC) and leveraging China’s advancements and proficiency in the textile sector.

Minister Highlights Textile Factory Development

Prime Minister Shehbaz underscored the enduring friendship between Pakistan and China, expressing his government’s ambition to elevate bilateral relations. He noted the economic ties between the two nations were a significant source of contentment.

He conveyed Pakistan’s eagerness for Chinese industries to set up facilities within the country. He also acknowledged Challenge Fashion Group’s faith in the Pakistani market.

The Prime Minister informed the delegation about an upcoming China-Pakistan Business-to-Business Conference in China. This event will provide a platform for collaboration between private sector entities from both countries.

Challenge Fashion Group Chairman Huwang Weiguo stated his company is establishing an advanced textile industry in Pakistan. He confirmed the company’s commitment to investing $100 million in the SEZ over the next five years, with projected export revenues reaching $400 million.

The meeting saw the participation of federal ministers Ahsan Iqbal, Jam Kamal, Attaullah Tarar, Ali Pervez Malik, and Sardar Awais Ahmad Leghari, along with Special Assistant to the Prime Minister Tariq Fatemi, and various high-ranking government officials.