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Business Recorder
4 days ago
- Business
- Business Recorder
PM reiterates support for CPEC's industrial component
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday reaffirmed Pakistan's commitment to advancing the industrial component of the China-Pakistan Economic Corridor (CPEC), underscoring the country's intent to leverage China's expertise and progress in the textile sector. During a meeting with a delegation from Chinese garments firm Challenge Fashion Private Limited, led by Chairman Huwang Weiguo, the prime minister announced that a China-Pakistan Business-to-Business conference would soon be held in China. The event aims to foster collaboration between private enterprises from both countries. Briefing the Prime Minister, Huwang Weiguo highlighted that Challenge Fashion Group has invested $17 million in Pakistan since 2014 and is currently establishing a state-of-the-art textile industry within the country. The group is also developing a special economic zone (SEZ) in Pakistan, with planned investments of $100 million over five years. This initiative is projected to generate exports worth $400 million. Following the meeting, Prime Minister Sharif inaugurated the Challenge Fashion Group's special economic zone. Addressing the delegation, Sharif described the China-Pakistan friendship as unique and resilient, noting that the two nations have consistently supported each other through challenges. He expressed the government's eagerness to elevate bilateral ties to new heights, particularly through enhanced economic cooperation. 'The growth in economic relations between China and Pakistan is a source of great satisfaction. We encourage Chinese industries to establish operations in Pakistan,' Sharif said. He also commended Challenge Fashion Group for its confidence in the Pakistani market. Highlighting the strategic importance of the SEZ, Sharif said it would facilitate technology transfer, skill development, and sustainable industrial growth. He directed all relevant authorities to extend full support and provide necessary facilities to the Challenge Group. The meeting was attended by Federal Minister for Planning Ahsan Iqbal, Federal Minister for Commerce Jam Kamal, Federal Minister for Information Ataullah Tarar, Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Power Division Awais Leghari, along with other senior government officials. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
PM Shehbaz launches Chinese textile group's economic zone, expecting $400m in exports
Prime Minister Shehbaz Sharif launched on Friday a Special Economic Zone (SEZ) to be set up by a Chinese textile group, with a $100 million investment over five years, projected to yield $400 million in exports. The SEZ will be established by the Chinese garments group Challenge Fashion Private Limited that has already invested $17 million in Pakistan since 2014. The prime minister directed to provide all possible facilities to Challenge Group for the zone, reiterating that his government was committed to promoting the industrial component of the China-Pakistan Economic Corridor (CPEC) and benefiting from China's progress and expertise in the textile sector. Chinese textile group keen to develop textile factory: minister Highlighting the time-tested Pakistan-China friendship, Prime Minister Shehbaz said his government desired to take the bilateral ties to new heights as the economic relations between the two countries were a source of great satisfaction. He said Pakistan desired the Chinese industries to establish their units in Pakistan and also appreciated the confidence of Challenge Fashion Group in the Pakistani market. The prime minister told the delegation that a China-Pakistan Business-to-Business Conference would soon be held in China, providing an opportunity for collaboration between private businesses of both countries. Meanwhile, Challenge Fashion Group chairman Huwang Weiguo said his company was establishing a modern textile industry in Pakistan. He said the company would invest $100 million in th SEZ over the next five years and expected to generate $400 million in exports. The meeting was attended by federal ministers Ahsan Iqbal, Jam Kamal, Attaullah Tarar, Ali Pervez Malik, and Sardar Awais Ahmad Leghari, Special Assistant to the Prime Minister Tariq Fatemi, and relevant senior government officials.
