Accords worth $110m inked with Chinese firms

They will set up manufacturing plants in M-3 Industrial Estate

FAISALABAD: A delegation of the Faisalabad Chamber of Commerce and Industry (FCCI) along with Punjab Chief Minister Shahbaz Sharif has inked four agreements worth $110 million with Chinese engineering companies during their visit to the neighbouring country.

Under these agreements, Chenab Engineering Works and Foundries and Chensin Enterprises will set up modern manufacturing plants in the M-3 Industrial Estate by adopting international manufacturing technology. China is currently providing this technology to some developed countries.



After signing the agreements, Chenab Engineering Works and Foundries Chief Executive Officer Ahmad Hasan said via phone from China the cost of land and infrastructure was not included in these agreements and under the arrangement Chinese counterparts would ensure technology transfer in addition to providing training facilities to the local youth.

Hasan added these agreements would also pave the way for the manufacturing of state-of-the-art machinery in Faisalabad, in addition to opening avenues for other Chinese companies to invest in similar projects in Pakistan.

“These agreements will also increase productivity in the manufacturing industry and make Pakistan more competitive in the world market,” he said and added it would help Pakistan save foreign exchange in the import of new machinery.



Meanwhile, speaking at a training workshop on “Online export marketing” organised by the Small and Medium Enterprises Development Authority (Smeda), Acting FCCI President Syed Zia Alamdar Hussain said globally online trade was rapidly increasing as its current volume was estimated at around $5 billion.

Published in The Express Tribune, July 29^th, 2016.

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