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Punjab approves Rs 3,315 million for Apparel Park land acquisition - Salman - 03-31-2014 07:32 PM
Punjab approves Rs 3,315 million for Apparel Park land acquisition
The Punjab government has approved Rs 3315.668 million for acquisition of land for establishment of Quaid-i-Azam Apparel Park (Previously Garment Industrial Zone) in district Sheikhupura near Lahore. The approval was given in the 36th meeting of Provincial Development Working Party of current fiscal year 2013-14 presided over by the Punjab Planning and Development Board Chairman, Muhammad Irfan Elahi.
It may be added that the Punjab government was taking a number of measures for the promotion of textile industry and a modern park is being established with state-of-art facilities, for there would be a sharp increase in Pakistani exports, particularly textiles and apparel, as the EU has granted its GSP Plus status to Pakistan. The Pakistan products can now enter the EU markets at zero-duty.
The provincial government has vowed to complete the setting up of Apparel Park as early as possible to take full benefit of the EU's GSP Plus facility for improving textile and garment exports and for creating new employment opportunities.
According to official sources Shandong Ruyi Group has shown interest to cooperate in setting up of the Apparel Park and promotion of the textile sector and it would also be investing US $119 million in the Apparel Park.