PBIT CEO Amena Cheema, while welcoming the strong ties between China and Pakistan, expressed the hope that such agreements would bode well for the future. PHOTO: INP
In this regard, Balochistan Glass of Pakistan and Globallink Glass Technology and Equipment of China signed a joint-venture agreement at the headquarters of Punjab Board of Investment and Trade (PBIT) on Thursday.
Under the agreement, a manufacturing facility will be established near Lahore to produce and sell high-quality USP Type-1 neutral glass tubing, vial and ampoule using advanced technology and equipment.
The USP Type-1 neutral glass tubing is a new technology that has excellent chemical resistance and great mechanical strength. A new company will also be established which will be named Paidar Hong Glass.
It will produce high-quality glass tubes under the supervision of highly-skilled Chinese glass technologists and engineers.
Total capital commitment will be approximately $9 million. In addition to this, two furnaces each having a capacity of 24 tons per day will be installed along with glass tubing, glass vial and glass ampoule manufacturing machinery. These products are used by pharmaceutical companies for medical and research purposes.
The joint venture is expected to help Pakistan in import substitution. The country will benefit from the agreement because a fully air-conditioned workshop will be set up to ensure that pharmaceutical companies can produce high-quality medicines with clean and safe packaging.
The joint venture will also lead to the creation of 500 direct jobs and many indirect jobs. Commercial operations are expected to begin by June 30, 2017.
Speaking on the occasion, Globallink Glass Chief Executive Officer Ju Xin Hong expressed his appreciation over the PBIT’s commitment to facilitating the agreement and said similar ventures should be pursued for the benefit of both Pakistan and China.
PBIT CEO Amena Cheema, while welcoming the strong ties between China and Pakistan, expressed the hope that such agreements would bode well for the future.
Published in The Express Tribune, August 5th, 2016.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS (4)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ