Islamabad (TDI): Pakistan’s Prime Minister has inaugurated a Special Economic Zone by Chinese textile giant Challenge Fashion Private Limited, involving a $100 million investment over the next five years.
The SEZ is expected to generate $400 million in exports for Pakistan. This Chinese company is not entirely new in Pakistan’s business landscape. It has maintained a presence since 2014, and has invested $17 million over the years.
It will now use this newly inaugurated zone to promote technology transfer, skill development, and sustainable industrial growth.
Before the inauguration ceremony, the PM met with the company’s chairman, Huwang Weiguo, and welcomed the investment as a boost to Pakistan’s industrial and economic potential.
“We welcome the establishment of a Special Economic Zone (SEZ) by Challenge Group in Pakistan,” PM Shehbaz told the Chairman.
This development comes as Islamabad seeks to draw more Chinese investment into manufacturing and textiles under the industrial projects of the China-Pakistan Economic Corridor (CPEC).
Textile industry is one of the most lucrative sectors in Pakistan. China is already a trusted trading and manufacturing partner for Pakistan, and handing over this special economic zone to the Chinese company is a natural step in stepping up the existing industries to meet advanced tech.
Sohail Majeed
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
