FAISALABAD: The members of Faisalabad Chamber of Commerce and Industry (FCCI), who visited China along with Chief Minister Punjab Shahbaz Sharif, inked four agreements worth $110 million with Chinese engineering companies. Under these agreements the Chenab Engineering Works and Foundries and Chensin Enterprises will set up modern manufacturing plants in M-3 Industrial Estate by using international manufacturing technology. China was currently providing this technology to the developed countries of the world.
Chief Minister Punjab Shahbaz Sharif and Chairman Punjab Board of Investment were also present during the “signing ceremony” in Shandong Hotel China.
After signing the agreement, Ahmad Hasan told that the cost of land and infrastructure in not included in these agreements and under this arrangement the Chinese counterparts will ensure technology transfer in addition to providing training facilities to the local youth.
Ahmad Hasan told that these agreements will also pave way for the manufacturing of latest and sophisticated machinery in Faisalabad. He hoped that these agreements will also pave way for the other Chinese companies to come and invest in similar projects in Pakistan. “These agreements will also increase productivity in manufacturing industry and make Pakistan competitive in the world market”, he said and added that it will also help Pakistan to save precious foreign exchange in the import of new machinery.
Chaudahry Muhammad Nawaz President FCCI was heading the FCCI delegation that is the part of the Chief Minister delegation to China. The delegation includes Sheikh Abdul Qayyum, Dr. Khurram Tariq, Ajmal Farooq, Chaudhary Abdul Haq, Khalid Cheema, Rashid Munir and Rana Ikhlaq Ahmed in addition to Ahmed Hasan and Mujtiba Hasan.
