LAHORE (Khyber Mail): In a significant boost to Pakistan’s textile sector, two major Chinese companies, Rainbow Industries Ltd. and Shaoxing Chemical Industry, have announced plans to establish textile manufacturing plants in the country. This initiative is facilitated by the Special Investment Facilitation Council (SIFC) and aims to produce affordable raw materials essential for the textile industry.
The joint venture between Rainbow Industries Ltd. and Shaoxing Chemical Industry is expected to bring millions of dollars in investment, targeting the revitalization of Pakistan’s textile sector. The project will focus on addressing key challenges such as high energy tariffs and external investment hurdles.
The Pakistani government has introduced several measures to support this initiative, including a 10-year duty-free machinery import scheme and the establishment of special economic zones for investors. These efforts are aimed at attracting advanced technology and fostering growth in the textile industry.
The announcement was made during the “Nine Color & Chem Expo,” a two-day event organized by Rainbow Group and the Punjab Dyes and Chemical Merchants Association. The expo attracted over 300 exhibitors from countries including China, Malaysia, Turkey, and Iran, providing a platform for industry stakeholders to discuss improvements in the sector.
This collaboration between Pakistani and Chinese companies, supported by government initiatives, marks a potential turning point for the country’s textile industry, which is a crucial component of Pakistan’s economy.