Latest news with #ChallengeFashionPrivateLimited
Business Recorder
2 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
Express Tribune
3 days ago
- Business
- Express Tribune
PM inaugurates Chinese-led Special Economic Zone, welcomes $100m investment
Prime Minister Shehbaz Sharif meets the delegation of Chinese garments group, Challenge Fashion Private Limited, in Islamabad on August 15, 2025. Photo: Radio Pakistan Prime Minister Shehbaz Sharif on Friday inaugurated the Challenge Group Special Economic Zone (SEZ) and welcomed a $100 million investment by the Chinese garments giant, Challenge Fashion Private Limited, aimed at boosting Pakistan's textile exports and industrial capacity, Radio Pakistan reported. Speaking during a meeting with a delegation from the Chinese group, led by Chairman Huwang Weiguo, he expressed Pakistan's commitment to elevating its strategic and economic partnership with China to greater heights. 'Pakistan and China enjoy a time-tested friendship that has stood resilient through every challenge,' PM Shehbaz said. 'We are pleased to see our economic relations grow stronger, and we welcome more Chinese industries to set up operations in Pakistan,' he added. Also Read: Torrential rains claim 146 lives in K-P, five die in rescue helicopter crash Sharif lauded the Chinese firm's continued confidence in the Pakistani market, noting that Challenge Fashion Group has already invested $17 million in the country since 2014. The new Special Economic Zone, he said, will serve as a model for sustainable industrial development, facilitating technology transfer, skill enhancement, and job creation. He directed relevant authorities to extend all necessary support to ensure the swift operationalisation of the SEZ and reaffirmed the government's focus on advancing the industrial dimension of the China-Pakistan Economic Corridor (CPEC). The PM also highlighted Pakistan's keen interest in learning from China's expertise in the textile sector and announced that a China-Pakistan Business-to-Business Conference would soon be held in China to encourage private sector collaboration. Briefing the premier, the Challenge Group delegation shared that the $100 million investment over the next five years is expected to generate textile exports worth $400 million. Chairman Weiguo thanked the PM for the warm reception and hospitality, saying the group was committed to deepening its engagement with Pakistan's growing textile sector.
Business Recorder
4 days ago
- Business
- Business Recorder
CM Maryam meets CG: China's largest textile enterprises to invest $150m in Punjab
LAHORE: A new unique record of swift investment by China has been set in Punjab and an MoU has been signed between the Bank of Punjab and Challenge Fashion Private Limited. Under the agreement, 'Challenge Textile Group', one of China's largest textile enterprises, will invest $150 million in Punjab. A state-of-the-art special economic zone will be established on 100 acres in Punjab. The Challenge Group will produce two-to-eight million garments in Punjab by utilizing six million meters of fabric per month. Under Challenge Group, Pakistan's largest advanced and state-of-the-art textile industry will be set up in Punjab. The Challenge Group will export garments through well-known American brands. Through Challenge Group, 18,000 people will acquire jobs in eight months and 25,000 people in next 5 years. The Challenge Group will also obtain raw materials for garment production from Pakistan. The project is expected to generate more than $100 million in annual exports. Chief Minister Punjab Maryam Nawaz Sharif met Chinese Consul General Zhao Shiren in Lahore and Chairman Challenge Group Wego Hong. Matters pertaining to the promotion of textile industry and investment in Punjab were discussed in the meeting. On this occasion, the head of the Challenge Group delegation, Wego Hong, appreciated the investment-friendly policies of CM Punjab Maryam Nawaz Sharif. The CM said, 'Pakistan aims to enhance trade and business partnership to greater heights in the next few years. We are establishing a state-of-the-art and magnificent garment city in Punjab, and will benefit from the expertise and experience of Challenge Group.' She highlighted, 'The Punjab government intends to work with the Challenge Group for attaining the success of garment city in Punjab. The Punjab government will provide complete support for the promotion of investment in the province.' The CM outlined, 'We want to shift China's large textile factories and institutions to Punjab. The 'Challenge Special Economic Zone' will play an important role for brisk industrial development of Punjab. Under the modern textile project, plastic waste is being recycled and used in high-performance fabrics.' She revealed, 'The Punjab government is investing heavily for the promotion of technical skills among the youth through TEVTA. We want to provide market-based, human resources to cater the needs of industrial enterprises.' The Chairman of Challenge Group Wego Hong said that 'we want to bring better textile machinery and technology than China to Punjab. We want to create innovation in the textile market of Punjab.' He lauded that the policies and vision of CM Maryam are encouraging and persuasive for the promotion of foreign investment in Punjab. Chairman of Challenge Group further acknowledged that seeing pro-investment policies of CM Punjab, he was motivated to visit the Punjab province. He added that recent investment of China in Punjab depicts the investment-friendly vision of the CM during her previous visit to China. Copyright Business Recorder, 2025
