Chinese investment worth $60 MN in textiles, good for economy: Ambassador Nong

LAHORE: Chinese Ambassador to Pakistan Nong Rong has said that the startling success of Challenge Textile Factory with the Chinese investment of $60 million has paved the way for numerous investments under CPEC, a statement said on Friday.

He expressed these views during his visit to $60 million Challenge Textile Factory on Lahore-Multan Road where he was briefed by Karen Chen, managing director of the company. The ambassador said Pakistan and China are not only neighbours but also brothers and after CPEC, Pakistan has gained historical significance, as China now see many investment opportunities that will create thousands of jobs in Pakistan.

More Chinese companies are ready to invest billions of dollars in various sectors in Pakistan, which will see an improvement in Pakistan’s economy. Rong said with the resumption of export of textile products from the factory, Pakistan’s foreign exchange reserves will also increase.

Later, the ambassador visited various sectors of the textile factory and appreciated the arrangements made.

Chen briefed him on the investment in the textile sector. Employees have been provided with good pay, as well as transport, food and accommodation, he said, adding that after the $60 million Chinese investment, the group will now invest another $150 million in textiles.