Under the agreement, the Chinese company will set up a cement plant in the Salt Range with an investment of $350 million.
Punjab Chief Minister Shahbaz Sharif was the chief guest at the signing ceremony. Under the agreement, the Chinese company will set up a cement plant in the Salt Range with an investment of $350 million. Secretary Minerals Arshad Mahmood and YBJ Chairman Li Baolu signed the document. Sharif said that this will stimulate Chinese investment.
Sharif said the Punjab government welcomes investment by Chinese companies in the cement industry. He said that all facilities are being provided to promote foreign investment and Punjab government will extend maximum cooperation in the establishment of the cement plant. Sharif further noted that this agreement will result in transfer of technology to Pakistan.
“The Punjab government wishes to benefit from Chinese technology in other sectors as well,” said Sharif. “A number of Chinese companies are already investing in Punjab due to which economic cooperation and friendly relations between the two countries have strengthened.”
Sharif said that China is investing billions of dollars in Pakistan under historic investment agreements. He said that mega projects are being established in energy, infrastructure, industry and other sectors under the China-Pak Economic Cooperation (CPEC).
The Chief Minister said that since the visit of Chinese President to Pakistan, a new era of economic cooperation between Pakistan and China has taken off.
Li Baolu said that his company wants to set up a state of the art cement plant in Punjab which will be environment-friendly and based on modern technology.
Published in The Express Tribune, August 19th, 2015.
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