Joint Venture: Pakistan, China groups join hands

LAHORE: Pakistan’s Ruba Group and China’s Chong Hong Group have formed an $11 million joint venture and an opening ceremony was held here on Saturday to mark the tie-up. Woo, Vice-Chairman of Chong Hong Group, the largest manufacturer of home appliances in China, said the project would prove a milestone in economic development of Pakistan and promotion of trade between the two countries. He said the joint venture would produce electronic appliances including TV sets, refrigerators, LCDs and air conditioners in Pakistan. Muhammad Ayub, President of Ruba Group, the maker of electronic products, said the project involved an investment of $11 million, which would be followed by another project of $100 million. He said though the environment was not much conducive for foreign investment but since China was Pakistan’s friend it decided to invest here. Construction of the factory on Raiwind Road will be completed shortly. press release

Published in The Express Tribune, November 27^th, 2011.