LAHORE - Efforts of Punjab Chief Minister Muhammad Shahbaz Sharif and the Punjab government with regard to promotion of foreign investment in the province have started yielding results. After the offer by Punjab Chief Minister Muhammad Shahbaz Sharif to foreign investors for providing conducive atmosphere for investment, investors of Turkey, China and Iran are taking keen interest in making investment in various sectors.
Pak-China friendship and long term policy of cooperation of PML-N government with China has also opened new avenues for Chinese investors in various sectors including textile sector. Chinese Investment Institution Shandong Ruyi Technology Group Company Limited has announced that it will purchase 52% controlling shares of Masood Textile Mills Limited in Pakistan. Masood Textile Mills Limited is the largest company of Pakistan with regard to exporting cotton yarn. Punjab Board of Investment and Trade and Pak-China Bureau have played an important role with regard to investment and sale and purchase of shares between both these companies.
Due to the role of both these institutions of Punjab government, new avenues with regard to investment by other foreign companies in textile sector will open.
A number of Chinese textiles companies have recently visited Pakistan with the collaboration of China Textile and Apparel Council. Similarly, a representative delegation of textile industry from Pakistan also visited China in October 2013 so that cooperation in textile sectors between both the countries could be promoted.