A Chinese firm called Challenge plans to build a $150M industrial park in Lahore to Increase exports.
However, This industrial park will be located near the Lahore-Kasur border and will have state-of-the-art fabric units, dyeing facilities, and clothing manufacturing facilities to increase sportswear exports to Pakistan.
It is also important to note that the Chinese company has been operating as a Challenge Apparel in Pakistan since 2017 and has a manufacturing unit on Multan Road, near Lahore.
Furthermore, According to Chen Yan, the company’s managing director, the company earned about $ 44 million in export earnings during the last fiscal year.
The Chinese company also expects its existing facility to increase exports to $ 54 million during this fiscal year.
In addition, Chen Yan also predicts that the Pakistani company’s sportswear exports will grow to $ 120 million in the first year and then to $ 400 million in the coming years, once Challenge Fashion Industrial Park becomes fully operational. functional.
Industrial Park Operating Date:
The industrial park is also expected to start operations in July 2022.
Although the Chinese company currently employs about 3,000 workers, which includes only 28 Chinese citizens, it expects to create around 10,000-11,000 new jobs in the market after the plant becomes functional.
Pakistan has also become an ideal place for Chinese companies to relocate their manufacturing units, as labor shortages and rising wages have become a major concern for their country’s textile industry.
In addition, other markets such as Vietnam, Bangladesh, India, and Myanmar have also become very crowded.
However, Chen Yan explained that finding the right land with electricity, gas, and other utilities is not easy in Pakistan, and it takes more time to secure these services before the company can start operations.
Therefore, as the Pakistani market becomes more attractive to foreign investors, it is important to support these foreign investors in relevant policies and initiatives to increase the country’s overall export potential.