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Business Recorder
7 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
7 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.
