MAYCOM Group and Pakistan's TECNO Group have formalised a joint venture to build a fishmeal processing plant at Gwadar Port with a planned investment of $12 million. The agreement was signed at the 2nd China-Pakistan B2B Investment Conference in Beijing and includes a procurement deal for 10,000 tonnes of Pakistani sesame.
Under the venture, TECNO will hold a controlling stake and oversee resource procurement and production in Pakistan, while a third-party firm, CYCLON, is also part of the project. MAYCOM will provide technology and manage sales operations.
The plant will source sardines and other fish from the Arabian Sea to produce feed-grade fishmeal and fish oil for aquaculture markets in southeastern China. Phase I targets an annual output of 15,000 tonnes with $4 million investment.
The groups also agreed to boost trade by exporting Pakistani farm products such as sesame, peanuts, and cottonseed, as well as minerals, to China. In return, China will supply solar panels, energy storage systems, and other new energy products to Pakistan.
MAYCOM, a Xinjiang-based import-export firm active in Central Asia and Russia, was represented by President Gao Zhigang. TECNO, a Pakistani conglomerate with interests in mobile phones, solar energy, auto glass, and agriculture, was represented by CEO Aamir Allawala. Both companies had earlier carried out site inspections and confirmed alignment on long-term trade mechanisms.
COMMENTS (1)
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ