Latest news with #ChallengeGroup
Business Recorder
a day 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
3 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
Express Tribune
3 days ago
- Business
- Express Tribune
Chinese group plans Pakistan's largest textile unit
One of China's largest textile enterprises will invest $150 million in Punjab. Under a memorandum of understanding (MoU), the group will produce up to eight million garment items per month in Punjab by utilising six million metres of fabric. According to an official statement, a state-of-the-art special economic zone will be established on 100 acres and Pakistan's largest advanced textile industry will be set. The Chinese group will export garments through well-known American brands. Through the initiative, 18,000 people will get jobs in next eight months and 25,000 in five years. The group will obtain raw material for garment production from Pakistan and the project is expected to generate more than $100 million in annual exports. During a meeting with Punjab Chief Minister Maryam Nawaz Sharif along with Chinese Consul General Zhao Shiren, Challenge Group Chairman Wego Hong appreciated her investment-friendly policies. Matters pertaining to the promotion of the textile industry and investment in Punjab were discussed in the meeting. The chief minister said, "Pakistan aims to enhance the 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. The Punjab government intends to work with the Challenge Group for the success of garment city in Punjab. The Punjab government will provide complete support for the promotion of investment in the province." She 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." She said plastic waste was being recycled and used in high-performance fabrics under a modern textile project. The chief minister said, "The Punjab government is investing heavily for the promotion of technical skills among the youth through TEVTA (Technical Education and Vocational Training Authority). We want to provide market-based human resources to cater to the needs of industrial enterprises." Wego Hong said his group wanted to bring better textile machinery and technology than China to Punjab. He expressed the desire to create innovation in the textile market of the province. He said the policies and vision of Chief Minister Maryam Nawaz were encouraging for the promotion of foreign investment in Punjab. He said the pro-investment policies had motivated him to visit the province. He added that recent investment of China in Punjab depicted the investment-friendly vision of the chief minister shared during her last visit to China. Electric buses Chief Minister Maryam Nawaz also announced on Wednesday that another fleet of 100 electric buses is en route from China to Pakistan as part of an effort to expand public transport in districts of Punjab that have long lacked formal services. She stated in a social media post that the buses were being loaded at Yantai Port in China, and were expected to set sail at night. The new fleet will serve Mianwali, Okara, Nankana Sahib, Muzaffargarh, Vehari, Pakpattan and Dera Ghazi Khan.
Yahoo
09-06-2025
- Business
- Yahoo
Pittsburgh airport's new cargo facility welcomes first flights with Boeing 747 freighters
Pittsburgh International Airport's newest cargo facility got its first official use with four Boeing 747-400F freighters filling up before heading off to Europe. The 77,000-square-foot facility known as Cargo 4, which can unload and load two wide-body Boeing 747s or three Boeing 767s at the same time, was completed early this year. There aren't any cargo operators or freight forwarders who have set up shop there permanently, but two well-known international companies, Atlas Air and Challenge Group, used Cargo 4 for what was freight from the Northeast going to Europe. That included an Atlas Air flight from Anchorage, Alaska, to Pittsburgh, according to FlightRadar 24, a flight tracking site. Click here to read more from our partners at the Pittsburgh Business Times. Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
