Staff Reporter
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.”
