Chinese company to invest $2bn in Apparel Park

[Salman]

Chinese company to invest $2bn in Apparel Park

 

 MoU signed; firm will also cooperate with Punjab government in park’s designing, planning and construction

LAHORE: A memorandum of understanding (MoU) was signed between the Punjab government and a prominent Chinese company, Shandong Ruyi Group, at the Chief Minister’s Office on Thursday.

Punjab Chief Minister Shahbaz Sharif was the chief guest on the occasion. Under the agreement, the Shandong Ruyi Group will make an investment of $2 billion in the Quaid-i-Azam Apparel Park and will also cooperate in its designing, planning and construction. The Punjab government will provide all-out facilities to the Chinese group on a priority basis. The Chinese group and the Punjab Industrial Estates Development and Management Company (PIEDMC) will jointly work on the project.
PIEDMC Chairman SM Tanvir and Shandong Ruyi Group Executive President Arie Qiu signed the document.
Earlier, a delegation of Shandong Ruyi Group and Huaneng Shandong led by Luan Shun met the chief minister.
The Chinese group also showed keen interest in investment in the energy sector and expressed the desire to set up two coal power plants of 660 megawatts in Sahiwal and two similar plants of 135 megawatts in industrial estates, besides considering establishment of coal power plants near coal mines in Salt Range.
Talking to the delegation, Shahbaz expressed gratitude to the Ruyi Group for taking interest in investment in the energy and textile sectors. He said that Chinese companies were also extending cooperation to Pakistan in projects of generation of electricity from solar and other sources.
He said that maximum facilities were being provided to Chinese investors in Punjab. He welcomed the agreement between Shandong Group and PIEDMC regarding Quaid-i-Azam Apparel Park project. The Chinese group is also making investment of billions of dollars in the industrial estate in Faisalabad. Shahbaz Sharif said that Pakistan Muslim League-Nawaz government has provided a favourable atmosphere for investment and the country was moving forward in the right direction under the leadership of Prime Minister Nawaz Sharif.
He said that Pak-China friendship has stood the test of time and package of investment of $32 billion by China reflected strong relationship between the two countries. He said that Pak-China friendship was touching new heights in the current tenure of Muslim League-N. Referring to the iron ore reserves in Rajua, Shahbaz Sharif said that a historic agreement had been signed with a Chinese company MCC for exploration of iron ore deposits in Chiniot. He said that the Punjab government wanted to modernise mining sector and operate it in an organised manner for generating job opportunities. He said that cooperation of Chinese group in mining sector would be welcomed. Shandong Ruyi Group leader Luan Shun said that Chief Minister Shahbaz Sharif had executed glorious projects in Punjab and he was deeply impressed with his style of work. He said that there were opportunities for setting up coal power plants near coal mines in Punjab. The chief minister also hosted a luncheon in the honour of the Chinese group.
Meanwhile, Shahbaz Sharif presided over a meeting on nutrition, promotion of dairy products and potable water projects, during which he was briefed on nutrition, promotion of dairy products and drinking water projects by Nestle Pakistan. Speaking on the occasion, he said that Pakistan could earn huge foreign exchange through livestock and dairy development. He said that an effective strategy would be adopted for the promotion of livestock and development of dairy sector. He said that a substantial increase could be made in the export of milk products through improvement in the processing system. He said that Turkey had made unparalleled progress in dairy development during the last one decade and the Punjab government would consider Turkish model for promotion of dairy sector. He said that a delegation of the Punjab government would soon visit Turkey for this purpose. The chief minister said that nutrition has great importance for human health and a balanced diet is essential for the human body. He said that Punjab government had evolved a big project for providing clean drinking water to the citizens and a sum of Rs 12 billion has been allocated for Saaf Pani Project this year.
He said that the government had fixed the target of provision of clean drinking water to every citizen during next four-and-a-half years. He said that water was a blessing of Allah and there was a need to avoid its wastage. Shahbaz said that water resources could be saved through better water management.