BEIJING: Two major Chinese companies have announced plans to establish plants in Pakistan to produce raw materials for the textile industry, facilitated by the Special Investment Facilitation Council (SIFC).
Rainbow Industries Ltd. from China is set to collaborate with Shaoxing Chemical Industry in a joint venture aimed at revitalizing Pakistan’s textile sector.
The project will bring in millions of dollars in investment, targeting the production of affordable raw materials for local textile manufacturers.
Energy tariffs and external investment challenges remain hurdles for the textile industry, but the Pakistani government is working on measures to mitigate these issues. The revival of the textile industry was highlighted during a two-day expo organized by Rainbow Group and the Punjab Dyes and Chemical Merchants Association. The “Nine Color & Chem Expo” attracted over 300 exhibitors from countries including China, Malaysia, Türkiye, and Iran, bringing together key industry stakeholders and business leaders to discuss improvements in the sector. Additionally, the federal government has already introduced a 10-year duty-free machinery import scheme and the establishment of units in special economic zones for foreign investors. –Agencies
