ISLAMABAD – Islamabad and Beijing have joined hands to grow agriculture,power, and logistics sectors in Gwadar and the country’s largest cityKarachi.
A Chinese firm has inked a memorandum of understanding (MoU) to make aninitial investment of $50 million in the industrial zone of Gwadar forsetting up an end-to-end supply chain facility for the export of seafood toChina.
A report of the Pakistani state-run news agency said Optima IntegrationGroup of China and Asia Pak Investments of Pakistan have signed anagreement to invest $50 million in the first phase.
The MoU, facilitated by the Board of Investment, would reportedly createmore than 100 jobs in the southwestern region and Karachi, besides theestablishment of a high-tech processing facility along with technologytransfer.
The General Administration of Customs of the People’s Republic of China hasapproved 79 species of fish for import from South Asian country. Officialsalso planned to expand the project from fish to beef and goat in the secondphase, starting off with exporting beef with cold chain transport.
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The report suggests that the project will power both firms to export inlarge volumes and empower them to command a premium price.
Sam Siu, Chairman of Optima Integration Group of China, and Eusha SaleemBajwa, Chief Executive Officer of Sino Pak Optima Technologies, signed theMoU on behalf of their respective sides.
Federal Minister and Chairman of Board of Investment, Chaudhry SalikHussain chaired the signing ceremony together with BOI Secretary BOI,Fareena Mazhar.
