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04 April 2004
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Sunday
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13 Safar 1425
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Chinese to invest $500m in textile sector
By Our Staff Reporter
LAHORE, April 3: Chinese investors would launch joint projects in the textile sector by investing $500 million in the Punjab. This was stated by Punjab Industries Minister Ajmal Cheema on Saturday after a meeting with an eight-member Chinese trade delegation here.
He said the Punjab government decided to establish garment cities in Lahore and Faisalabad and provide modern facilities to the textile industry under one roof.
The leader of the Chinese delegation, Mr Wang Tankai, appreciated the role of textile sector in the province and said both Pakistan and his country would explore new avenues in the sector in future.
The Chinese investors would take advantage of the industrial facilities in Pakistan, Mr Tankai said.
Mr Cheema informed the members of the delegation that the Punjab government was introducing new policies for providing world level facilities to industrialists. It was also setting up export processing zones where tax-free industries could be established.
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