LAHORE: A memorandum of understanding (MoU) was signed between the Punjab government and a Chinese cement company, Yantai Baoqiao Jinhong, regarding the construction of modern cement plant in the Salt Range of Punjab.
Punjab Chief Minister Shahbaz Sharif was the chief guest at the signing ceremony held at Model Town. Under the agreement, the Chinese company would invest $350 million to set up a latest cement plant in the Salt Range.
Minerals Secretary Dr Arshad Mahmood and Yantai Baoqiao Jinhong Chairman Li Baolu signed the document.
Speaking on the occasion, CM Shahbaz Sharif said that the agreement between the Punjab government and the Chinese company would be an opportunity for Pakistan to benefit from the Chinese technology besides creation of job opportunities.
He said that the Punjab government welcomes the Chinese investment in the cement industry of the province, adding that all out facilities are being provided to foreign investors regarding investment in the province and the Punjab government would also extend maximum cooperation to the Chinese company in the establishment of the cement plant.
He said that establishment of the latest cement plant in the Salt Range would also result in transfer of modern technology.
The chief minister said that a number of Chinese companies are already making investment in Punjab due to which the economic cooperation and friendly relations between the two countries are strengthening. “China is investing billions of dollars in Pakistan under the historic China Pakistan Economic Corridor (CPEC). Mega projects are being established in energy, infrastructure and industry under the CPEC. A new era of economic cooperation between Pakistan and China has started after the visit of the Chinese president to Pakistan. China is a great friend of Pakistan and has provided to us when required,” he added.
The Yantai Baoqiao Jinhong chairman said that his company wants to set up a state of the art cement plant in Punjab, which would be environment-friendly and would be based on modern technology.
The Chinese delegation members said that Pakistan is their second home and they would be pleased to invest in the country.
Minerals Minister Chaudhary Sher Ali, Pak-China Yantai Chamber of Commerce President Cheng Xiaoyun, Yantai Baoqiao Jinhong President Luan Shengbo and other representatives of the company besides Chief Minister’s Press Secretary Shoaib bin Aziz were present on the occasion.