Shanghai-based ‘Challenge’ investing $150 million in industrial park in Lahore
Shanghai-based Challenge is investing $150 million in an industrial park on Lahore’s border with Kasur. The investment will help Pakistan become one of the most preferred FDI destinations and will encourage others to invest in it.
While inaugurating the ‘Challenge Textile Park’in Lahorelast week,President Dr.ArifAlvisaidsuch initiatives would help attract further investment as it was needed to continuously learn and explore new ways of bringing foreign investment.
He said, “the government is ensuring ''ease of doing business'' for maximum foreign investment to revolutionize the industrial sector, which is vital for the uplift of the country.”
“Initiatives like 'Challenge Textile Park' would help attract further investment. Special economic zones are being established. The world is changing and no one can economically isolate a country", he added.
Currently, the company employs around 5,000 workers, including 35 Chinese nationals. Once the industrial park becomes fully functional, the company will end up creating around 20,000 new jobs.
The park will host fabric units, dyeing facilities, and garment manufacturing units for exporting sportswear from Pakistan to America, Europe, Asia-Pacific, and other regions.
Challenge has many global clothing and accessories brands like Adidas, Icebreaker, Polartec, The North Face, Smartwool, Uniqlo, and Reebok as customers. Known as one of the top three innovative textile companies in China, Challenge Fashion has a very creative product line.
The company has already set up a 370,000 sq. ft. stitching facility as a part of this project. Housing 4,000 employees, the facility exported products worth $70 million this year, which it hopes to increase to $100 million next year.