Chinese firm to invest $50m in Gwadar, Karachi

Pakistan and China have joined hands to develop agriculture, power and logistics sectors in Gwadar and Karachi.

In that regard, Optima Integration Group of China and Asia Pak Investments of Pakistan have signed a memorandum of understanding (MoU) to invest $50 million in the first phase.

The agreement, facilitated by the Board of Investment, would create more than 100 jobs in Gwadar and Karachi, besides establishment of a high-tech processing facility along with technology transfer.

The pact, which was signed by Optima Integration Group Chairman Sam Siu and Sino Pak Optima Technologies chief, was aimed to enhance business-to-business (B2B) agricultural cooperation between the two sides.

Under the agreement, the two groups would set up an end-to-end supply chain of seafood.

The General Administration of Customs of the People’s Republic of China has approved 79 species of fish for importing from Pakistan.

In the long-run, the project would expand from fish to beef and goat – starting off with exporting beef with cold chain transport.

Published in The Express Tribune, May 24^th, 2022.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.