Chinese Fortune 500 company to invest $20m in Punjab

LAHORE: China’s state-owned Norinco Group is set to invest $20 million for the establishment of a state-of-the-art manufacturing unit in Punjab. In this regard, it has signed a memorandum of understanding (MoU) with the Punjab Board of Investment and Trade (PBIT) for establishment of the facility near Faisalabad Industrial Estate.



PBIT CEO Jahanzeb Burana said that PBIT would provide absolute facilitation to Norinco Group in a bid to promote valuable communication and coordination. He further assured assistance for complete utilisation of its resources and energies for the expansion of the group’s investment and commercial engagement in Punjab.



Norinco, one of the Fortune 500 companies, is owned by the Chinese government. It has been present in Pakistan since 1971. Its subsidiary, Norinco Auxin, is engaged in the business of manufacturing and supplies and global mining services. Norinco Auxin intends to invest $20 million phase-wise in Pakistan for the establishment of the manufacturing facility. PBIT and Faisalabad Industrial Estate Management Company will help Norinco Auxin acquire over 50 acres of land closer to the existing industrial hub.

Published in The Express Tribune, September 18^th, 2018.

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