The Punjab government on Thursday signed a memorandum of understanding (MoU) with a Chinese company, Shandong Ruyi Group. Under the agreement, Shandong Ruyi Group will invest $2 billion in the Quaid-i-Azam Apparel Park.
It will also provide expertise for design, plan and construction of the park.
The Chinese group and the Punjab Industrial Estates Development and Management Company (PIEDMC) will jointly work on the project.
PIEDMC Chairman SM Tanvir and Shandong Ruyi Group Executive President Ms Arie Qiu signed the document at the chief minister’s house.
Earlier on the same day, a delegation of Shandong Ruyi Group and Huaneng Shandong led by Luan Shun had met the chief minister.
The Chinese group expressed interest in investment in the energy sector and expressed desire to set up two coal power plants of 660 megawatt in Sahiwal and two 135 megawatt plants in industrial estates.
They said they were also considering establishment of coal power plants near coal mines in the Salt Range.
Talking to the delegation, the chief minister expressed gratitude to the Ruyi Group for taking interest in investment in energy and textile sectors.
He said he was looking forward to further avenues of cooperation with Chinese investors. He welcomed the agreement between Shandong Group and PIEDMC regarding the apparel park project.
He said the Pakistani-China friendship had stood the test of time. He said the $32 billion investment package by Chinese government reflected the strong relationship between the two countries.
Shahbaz Sharif said that an agreement had been signed with Chinese company MCC for exploration of iron ore deposits in Chiniot.
He said the government wanted to modernise the mining sector. He said the mining sector could generate thousands of jobs.
The leader of Shandong Ruyi Group Luan Shun said he was impressed with the governance style of Chief Minister Shahbaz Sharif.
He said that there were opportunities of setting up coal power plants near mines in the Punjab. The chief minister also hosted a luncheon in the honour of the Chinese group.
Published in The Express Tribune, April 4th, 2014.
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