Pakistan invites Chinese companies to invest in textile sector and Solar plates manufacturing

Efforts made by government of Pakistan and SIFC brings fruits as China shows willingness to invest in Pakistan

News Desk (Saturday, June 8, 2024)-

Amidst prevailing economic crunch in Pakistan, the country desperately in need of foreign investment to boost local industries and overall economic situation of the country.
Government of Pakistan has constituted Special Investment Facilitation Council to attract foreign investments in Pakistan and the ongoing visit of Prime Minister Shahbaz Sharif to China brings dividends as Chinese companies has demonstrate willingness to invest in textile and solar plates manufacturing sectors in Pakistan.

One of leading Chinese Solar Company, Hanersun Technologies, has inked an agreement with a local company My Energy for joint venture for the provision of 500 MW solar system projects in Pakistan.

Under the terms, an investment of $700 million will be made for the joint venture involving different 500 MW solar projects.

Under this joint venture to manufacture Solar panels in Pakistan, Pakistan’s import bill will be reduced as Pakistan has been currently importing solar panels and solar plates of best quality from China.

Meanwhile Prime Minister Shehbaz Sharif has also invited leading Chinese Textile companies to invest in Pakistan in this very sector.
Owing to some unavoidable circumstances, Pakistan’s textile sector, which had been one of Pakistan’s leading exports oriented sectors has been in a state of closure. And it is being anticipated that foreign investments in this very sector can boost textile sector and subsequent exports of this very sector.