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LAHORE, Aug 13 (APP): Punjab Chief Minister Maryam Nawaz Sharif met with Chinese Consul General Zhao Shiren and Chairman Challenge Textile Group Wego Hong, here on Wednesday.
The meeting focused on boosting Punjab’s textile industry and exploring fresh avenues for investment. The meeting culminated in the signing of a memorandum of understanding (MoU) between the Bank of Punjab and Challenge Fashion Private Limited for a $150 million Chinese investment.
Under the agreement, Challenge Textile Group, one of China’s largest textile enterprises, will establish a state-of-the-art special economic zone on 100 acres in Punjab. This will house Pakistan’s largest and most advanced textile industry, producing 2 to 8 million garments per month using six million meters of fabric. The garments will be exported to leading American brands, generating over $100 million annually in exports. The project is expected to create 18,000 jobs within eight months and 25,000 jobs over the next five years, with raw materials for production sourced locally.
The CM highlighted the government’s commitment to industrial expansion, announcing plans for a “garment city” in Punjab and expressing the province’s intention to attract China’s large textile factories and institutions.
CM Maryam Nawaz added that the “Challenge Special Economic Zone” will accelerate industrial development and promote innovation, including recycling plastic waste for high-performance fabrics. She also emphasized heavy investment in technical skills through TEVTA to prepare market-ready human resources for the textile sector.
Wego Hong praised Punjab’s investment-friendly environment, saying the policies and vision of Maryam Nawaz Sharif were decisive in the company’s decision to invest. He said that the Challenge Group aims to bring textile machinery and technology superior to that in China, introducing innovation in Punjab’s textile market. He noted that the investment reflects the outcomes of Maryam Nawaz Sharif’s earlier visit to China and the Punjab government’s alignment with the group’s trade objectives.
Earlier, the CM extended a warm welcome to the Challenge Group delegation on its arrival in Lahore.