LAHORE: A memorandum of understanding (MoU) was signed between the Punjab government and Chinese company Shandong Ruyi Group at the Chief Minister Office here on Thursday for $2 billion investment in the Quaid-i-Azam Apparel Park.

Chief Minister Shahbaz Sharif was the chief guest on the occasion. Besides the investment, the group will also cooperate in designing, planning and construction of the park, while the investor will be offered all facilities on a priority basis.

The Chinese group and the Punjab Industrial Estates Development and Management Company (PIEDMC) will jointly work on the project.

PIEDMC Chairman SM Tanvir and Chinese Group's Executive President Ms Arie Qiu signed the document.

Earlier, a delegation of the foreign group and Huaneng Shandong led by Luan Shun met the chief minister.

The group had also shown a keen interest in setting up two coal-fired power plants of 660 megawatt each in Sahiwal and as many plants of 135 megawatt in industrial estates, besides considering establishment of coal power plants near Salt Range.