Chinese cotton manufacturer to invest $2B in Pakistan

By VCPOST Staff Reporter

Jan 10, 2014 04:16 AM EST

Chinese firm Shandong Ruyi Technology Group Co Ltd will invest $2 billion in the energy and textile industries of Pakistan. The planned investment will be made in the next two years, according to The Nation.

Yafu Qiu, Chairman of the Ruyi Group, said their company would build two coal-fired power facilities in Pakistan. Each of those plants would have power generation capacity of around 300 megawatts (MW), the report detailed.

According to Prime Minister Nawaz Sharif, Pakistan is ranked among the world's emerging economies. The government is launching structural reforms to lure in both local and international investors. Sharif also said he investment would create job opportunities for the country's skilled youth. In addition, it would lead to the addition of new technology in the textile industry, the report explained.

Qiu said Pakistan has become an attractive investment target in the textile sector. He said Ruyi is taking advantage of available opportunities in the country. He also said they were encouraged by the assistance provided by Pakistan's government in the transaction. This encouraged the firm to invest in textiles aside from high quality yarn production, The Nation reported.

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