#PakistanExports

Chinese Firm to Build Textile Parks in Pakistan, Targeting $5 Billion in Exports

Chinese Firm to Build Textile Parks in Pakistan, Targeting $5 Billion in Exports
Chinese Firm to Build Textile Parks in Pakistan, Targeting $5 Billion in Exports 820 615 D. I. Khan New City

In a major move to boost Pakistan’s textile exports, the Board of Investment (BOI) has signed a Memorandum of Understanding (MoU) with China’s RUYI Shandong. This collaboration aims to establish cutting-edge textile parks in Sindh and Punjab, with the goal of increasing Pakistan’s textile exports by $5 billion and creating around 500,000 new jobs.

The MoU was signed during a meeting between RUYI Group’s Chairman, Qiu Yafu, and Pakistan’s Prime Minister Shehbaz Sharif, following the Prime Minister’s recent visit to China. The parks are part of a larger effort to strengthen the economic ties between the two countries.

What makes these parks unique is their focus on sustainability. Powered by solar energy, they will feature zero-carbon, automated facilities, setting new standards for environmental responsibility in the textile industry. By utilizing solar energy, the parks will help lower carbon emissions and contribute to Pakistan’s renewable energy goals.

Around 100 Chinese textile companies are expected to be housed in these parks, which will modernize Pakistan’s textile industry while reducing its environmental footprint. Construction is set to begin by the end of this year, with the project slated for completion in three years.

This initiative positions Pakistan as a rising player in the global textile market and showcases the strengthening partnership between Pakistan and China, particularly in industrial and technological sectors.

Pakistani farmers harvest their wheat cr

Pakistan’s Rice Exports Surge by 74.8%, Reaching a Record $3.68 Billion
Pakistan’s Rice Exports Surge by 74.8%, Reaching a Record $3.68 Billion 2312 1321 D. I. Khan New City

Pakistan’s rice exports saw an impressive 74.8% increase, reaching a record $3.68 billion in the fiscal year 2023-24. This remarkable growth is attributed largely to India’s export restrictions during the same period.

According to the State Bank of Pakistan, rice exports surged from $2.11 billion the previous year, showing a substantial rise from the five-year average of $2.31 billion. India’s export restrictions, implemented to stabilize domestic prices ahead of elections, created an opportunity for Pakistan to become the largest rice exporter this year.

This boost in rice exports significantly contributed to Pakistan’s overall goods exports, which totaled $31.09 billion—a notable 11.5% increase from the previous year. The food sector, especially rice exports, played a crucial role in this growth.

With India’s export restrictions in place, international buyers turned to Pakistan for their rice needs, leading to increased demand and higher export volumes. This surge not only benefited the agricultural sector but also positively impacted the economy by bringing in more foreign exchange.

The strong performance in the rice export market underscores Pakistan’s potential to compete globally and highlights the importance of strategic market positioning. This growth is a positive indicator for the country’s economic future, showing that with the right conditions and policies, Pakistan can continue to expand its presence in international markets.

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