Chief Minister Shahbaz Sharif on Wednesday said setting up a textile park with an investment of Rs200 billion in M-III Industrial Estate with the collaboration of Chinese industrialists was the first step in the journey towards progress and prosperity.
The chief minister was addressing the foundation stone-laying ceremony of Ruyi Masood Textile Park as the chief guest.
He said the project would promote the textile sector and strengthen the national economy.
He said the project would allow an influx of modern technology and technical skills to Pakistan.
He said the government wanted to eliminate the energy crisis. He said ending the power crisis would result in trade and industrial activities in the country.
The chief minister said coal-powered plants of 270 megawatts were being set up at Ruyi Masood Textile Park.
Minister for Law and Local Government Rana Sanaullah Khan, Minister for Industries Chaudhry Muhammad Shafique, Masood Textile Mills Chief Executive Office Shahid Nazir, FIEDMC Chairman Asim Khursheed and Shangdong Ruyi Textile Group Chairman Yafu Qiu were also present.
Sharif said friendly relations between Pakistan and China had resulted in growing cooperation between the two countries in various sectors.
The chief minister said the park would generate thousands of jobs.
He said the Ruyi Textile Group was renowned in the garments, marketing, technology and export sectors.
He said Nandipur Power Project would become operational in a few days.
Masood Textile Chief Executive Shahid Nazir said collaboration of the prominent textile group from China for the project was an honour.
He thanked Prime Minister Nawaz Sharif and Chief Minister Shahbaz Sharif and said the dream of industrial progress was becoming a reality.
He said 35,000 new job opportunities would be created as a result of this venture.
FIEDMC Chairman Asim Khursheed said due to business-friendly policies of the government, new avenues for investment in industrial estates sectors had opened up and investment by a big textile group of China reflected its confidence in the government.
He said a modern and international-standard infrastructure would be provided by the FIEDMC in M-III Industrial Estate.
Shandong Ruyi Group Chairman Yafu Qiu said his group was making investments of billions of dollars in 11 countries of the world.
He also praised the development strategy of Prime Minister Nawaz Sharif and Chief Minister Shahbaz Sharif and said their cooperation and patronage had paved the way for investment.
Charge d’affaires of the Chinese Embassy in Pakistan Yang Wang said that setting up the textile park would create more opportunities for investment in the industrial sector as Pakistan had an important place in cotton production in the world.
Published in The Express Tribune, May 29th, 2014.