Ittehad Chemicals, PBIT sign MoU for $40m unit

Development aims to facilitate efficiency, greater information sharing

LAHORE: Punjab Board of Investment and Trade (PBIT) and Ittehad Chemicals Limited (ICL) signed a Memorandum of Understanding (MoU) to establish a state of the art facility, valued at $40 million, as Punjab continued efforts to boost its economy by attracting investors, a PBIT press release stated on Friday.

The establishment of the facility for the production of vaccines for foot and mouth diseases is expected to boost Punjab’s status in terms of chemicals manufacturing.

According to the MoU, PBIT and ICL will work together for greater efficiency, common objectives and willingness to prosper.

PBIT CEO Jahanzeb Burana and ICL Executive Director Waqas Khatri signed the MoU at PBIT’s premises.

“PBIT is working proficiently to promote investment projects to potential investors worldwide and facilitate them in every possible way,” Jahanzeb said after signing the MoU.

According to the MoU, both organisations intend to share quality and consistent information and data essential for investors to make informed decisions.

PBIT assured them provision of absolute facilitation in order to acquire land in the special economic zone (SEZ), the MoU adds.

CEO PBIT affirmed the Executive Director of Ittehad Chemicals of the one window facility significantly reducing their time to market products by streamlining procedures and institutional processes through proactive policy advocacy within the government and linking ICL to other concerned departments as per requirements of the project.

Ittehad Chemicals Limited is one of the largest manufacturers of industrial chemicals in Pakistan and serves as a catalyst to deliver sustainable chemical products to its customers thus optimising returns for investors.

Published in The Express Tribune, December 9^th, 2017.

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