Pakistan, Aug. 13 -- LAHORE - China has set a new record for the fastest foreign investment in Punjab. Major textile firm Challenge Textile Group will invest $150 million to build Pakistan's largest advanced textile mill in the province.

At a ceremony in Lahore, Bank of Punjab and Challenge Fashion Pvt Ltd signed an MoU to establish a high-tech Special Economic Zone on 100 acres. The project will use 6 million meters of fabric monthly to produce up to 208 million garments each year.

The initiative is expected to generate over $100 million annually in exports. It also aims to promote industrial innovation, including recycling plastic waste into high-performance fabric.

Earlier, Punjab Chief Minister Maryam Nawaz met with Chinese Consul ...