Chinese garment manufacturer Challenge Fashion Pvt. Ltd. will establish a Special Economic Zone (SEZ) in Pakistan with a projected investment of $100 million over the next five years, according to a statement from Prime Minister Shehbaz Sharif’s office.

 The investment is expected to generate $400 million in exports, an official briefing stated. The prime minister inaugurated the SEZ after a meeting with a delegation led by the company’s chairman, Huwang Weiguo, Gwadar Pro reported.

 During the meeting, Prime Minister Shehbaz Sharif said, "We appreciate Challenge Fashion Group’s confidence in the Pakistani market. We welcome Challenge Group’s establishment of a Special Economic Zone in Pakistan."

 According to Shehbaz, the increase in economic relations between the two countries is a source of satisfaction and the Government of Pakistan is keen to take China-Pakistan friendship to new heights.

“China and Pakistan’s friendship holds a unique place in the world and both countries have stood by each other in every difficulty,” said the Prime Minister who added that the SEZ will help in technology transfer, skill development, and sustainable industrial growth.

The Prime Minister instructed that all possible facilities be provided to Challenge Group with regard to the SEZ and added, “We are determined to promote the industrial component of the China–Pakistan Economic Corridor (CPEC) and Pakistan wishes to benefit from China’s progress and expertise in the textile sector”

Huwang Weiguo, the Chairman of Challenge Fashion Group thanked the Prime Minister for the warm hospitality in Pakistan. 

“Since 2014, Challenge Fashion Group has invested 17 million US dollars in Pakistan,” Huwang Weiguo said, adding, “Challenge Fashion Group is establishing a modern textile industry in Pakistan”.

Credit: Independent News Pakistan (INP) — Pak-China