Chinese company to invest $2bn in Pakistan textile industry

A memorandum of understanding (MoU) was signed between Pakistan Punjab government and prominent Chinese Shandong Ruyi Group for investment of two billion dollars in textile sector and setting up textile industry in garments of industrial zone. Vice Chairman Punjab Investment Board Syed Maratab Ali on behalf of Punjab government, while Chairman Shandong Ruyi Group Yafu Qui signed the agreement.Under the agreement, Chinese group will invest $2 billion in textile and garments industry in Punjab whereas Chinese group will also invest in garments industrial zone being established near motorway.