In a meeting attended by Jam Kamal Khan, Commerce Minister, and Awais Ahmed Khan Leghari, Power Minister, Pakistan’s Board of Investment signed an MoU with Chinese textile giant Ruyi Shandong to establish international-standard textile parks in Pakistan. The MoU signed in the presence of Shehbaz Sharif, Prime Minister and a nine-member delegation from the Ruyi Group, led by Qiu Yafu, Chairman, aims to boost Pakistan’s textile exports to $5 billion and create up to 500,000 jobs.

According to the terms of this agreement, Pakistan will develop textile parks in the provinces of Sindh and Punjab, with approximately 100 Chinese textile firms invited to invest in these parks. 

These textile parks' aim to position Pakistan as a leading global hub for textile and garment manufacturing, said Yafu at the meeting. They will be powered by solar energy and fully automated, with a goal of achieving $2 billion in exports during the first phase, followed by $5 billion in the second phase. The project is expected to generate between 300,000 and 500,000 jobs.

Construction on the textile parks will begin by the end of the year, with the project estimated to complete in around three years. Additionally, Ruyi plans to establish wholesale commodity centers in Karachi and Lahore.

The meeting also led to the creation of working groups in Islamabad and Beijing to fast-track the project’s development. Prime Minister Sharif appointed a special committee, led by Ishaq Dar, Finance Minister to oversee the process. The committee includes federal ministers for commerce, investment, industries, production, and privatisation, as well as senior officials from the Special Investment Facilitation Council and the Ministry of Foreign Affairs.

Yafu emphasised on Ruyi’s longstanding relationship with Pakistan, noting that the company's involvement extends beyond investment to friendship.