Chinese entrepreneur signs agreement worth $50mn for seafood export

With a view to enhance business-to-business cooperation between Pakistan and China in the agricultural sector, a Chinese entrepreneur will make an initial investment of $50 million in Gwadar for the setting up of an end-to-end supply chain facility for the export of sea food to China.
A high-tech processing facility with technology transfer will be set up in the industrial zone in Gwadar for the export of fish from Pakistan to China. The facility will be a large scale production unit, infrastructure with upgradation for high quality processing, associated modern technologies, and robust cold chain logistics. The will enable the two companies to export in the large volumes and empower to command a premium price.
The project will also include a Chinese customs clearance facility through which all exports to China will get customs clearance while on Pakistani soil in Gwadar. Both companies will work with high quality wholesaler and using their own cold chain transport for export to China from Gwadar.
The Board of Investment facilitated the signing of a memorandum of understanding between Optima Integration Group of China and Asia-Pak Investments of Pakistan in Islamabad on Monday. The Chinese General Administration of Customs has already approved 79 species of fish for export from Pakistan to China.
According to the terms of agreement, the first phase of the investment will create more than 100 jobs in Gwadar and Karachi in fishing, power and logistics sectors.
In the second phase, the project will first expand from fish sector to livestock, commencing export of beef and goat to China through cold chain transport, and then scaling with Chinese standard breeding, feedlot operations, vaccinations, track and trace technology, and slaughter and pack facilities at Karachi.
The memorandum was signed by Sam Siu, Chairman, Optima Integration Group of China and Eusha Saleem Bajwa, Chief Executive Officer of Sino Pak Optima Technologies (SPOT) on behalf of their respective sides.
Federal Minister and Chairman of Board of Investment, Chaudhry Salik Hussain chaired the signing ceremony together with BOI Secretary BOI, Fareena Mazhar.
Salik Hussain welcomed the Chinese investment in agriculture and livestock sectors of Pakistan, particularly fish and seafood industry, and spoke about the establishment of Pakistan-China Business and Investment Forum (PCBIF) which is the result of joint efforts of Board of Investment (BOI), Chinese Embassy and All-Pakistan Chinese Enterprises’ Association (APCEA) and comprises of leading Pakistani and Chinese companies.
He congratulated both the companies on successful signing of the memorandum and encouraged Chinese companies to invest in Pakistan by assuring them of concerted efforts from BOI’s side to facilitate the potential investors.
- Advertisement -
Ghulam Abbas
The writer is a member of the staff at the Islamabad Bureau. He can be reached at [email protected]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Must Read

Exports surge by 25.5pc to $31.8bn in FY22

ISLAMABAD: Exports from the country witnessed an increase of 25.51 percent during the fiscal year 2021-22 (FY22) as compared to FY21, totaling $31.076 billion,...